PotlatchDeltic ( NASDAQ: PCH ) Q2 earnings on Monday came in stronger than expected as “we continue to capitalize on attractive lumber prices, which we expect to remain higher than long-term averages for the rest of 2022," said CEO and President Eric Cremers.
Q2 adjusted EPS of $1.62 topped the average analyst estimate of $1.53, but slid from $2.35 in the prior quarter and $2.77 in the year-ago period.
Revenue of $359.6M at June 30 also surpassed the consensus of $341.4M, though drifted down from $411.4M at March 31 and $447.5M at June 30, 2021.
Timberlands revenue of $105.5M in Q2 vs. $123.7M in Q1. The decrease comes as the average lumber price fell 20% to $865 per MBF during the second quarter amid a broader selloff in commodities.
Adjusted EBITDA was $175.1M in Q2, down from $245.6M in Q1 and $275.0M in Q2 a year ago.
Q2 operating income of $157.7M compared with $214.9M in Q1 and $250.2M in Q2 2021.
Conference call on July 26 at 9:00 a.m. ET.
In the beginning of June, PotlatchDeltic invested $131M in Waldo, Arkansas Sawmill expansion .
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PotlatchDeltic Q2 earnings strengthened by 'attractive lumber prices'