Company Overview - PotlatchDeltic (PCH) possesses a well-balanced portfolio that offers significant upside potential in lumber prices through its manufacturing operations while also benefiting from the stability and predictability of its timberlands [1]. Market Position - PCH is strategically positioned to capitalize on favorable market conditions in the lumber industry, leveraging its dual focus on manufacturing and timberland management [1].

Financial Data and Key Metrics Changes - Total adjusted EBITDA for Q3 2025 was $89 million, up from $52 million in Q2 2025, primarily driven by strong real estate activity [5][16] - Adjusted EBITDA for the timberland segment increased from $40 million in Q2 to $41 million in Q3 [16] - The wood products segment reported an EBITDA loss of $2 million in Q3, compared to a positive $2 million in Q2, due to lower lumber prices [8][18] Business Line Data and Key Metrics Changes - Timberlands harvested 1.9 million tons in Q3, with Idaho producing its highest quarterly volume of 411,000 tons [7][16] - The wood products segment shipped 333 million board feet in Q3, an increase of 30 million board feet from Q2 [8][18] - Real estate generated adjusted EBITDA of $63 million in Q3, up from $23 million in Q2, with significant sales in rural real estate [10][19] Market Data and Key Metrics Changes - Sawlog prices in Idaho declined by 5% per ton compared to Q2, while average southern sawlog prices increased by just over 1% [17] - The overall demand in the U.S. housing market remains constrained, but mortgage rates have fallen to 6.1%, improving affordability [13] - The repair and remodel market is experiencing muted activity due to economic uncertainty, but demand for home improvement is expected to remain stable [14] Company Strategy and Development Direction - The proposed merger with Rayonier is expected to create significant strategic and financial benefits, including increased scale and operational efficiencies [6][7] - The company is focused on expanding its natural climate solutions portfolio, including opportunities in solar and lithium development [11][12] - Capital allocation remains disciplined, with a focus on executing the strategic plan and maintaining a solid financial position [13][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term fundamentals driving demand in the industry, despite near-term headwinds [15] - Lumber prices are expected to stabilize, supported by a more balanced supply-demand dynamic [10][15] - The company anticipates a decline in total adjusted EBITDA in Q4 due to fewer rural real estate acres sold and seasonally lower harvest volumes [24] Other Important Information - The company repurchased $60 million of common stock in the first half of the year, but share repurchases will be limited prior to the merger closing [12] - The company maintains $388 million in liquidity, including $89 million in cash [21] Q&A Session Summary Question: Insights on pulpwood markets in the U.S. South - Management acknowledged recent mill closures affecting pulpwood prices but emphasized their scale and customer relationships allow them to maintain steady log takeaway [25][26] Question: Performance in wood products and cash margins - Management indicated that while there was a loss in wood products, operational execution was strong, and they expect prices to move slightly higher in Q4 [29][30] Question: Factors driving better-than-expected real estate performance - Management noted that larger conservation sales significantly contributed to the outperformance in real estate, with strong demand for rural properties [33] Question: Outlook for supply constraints and pricing - Management mentioned that curtailments in production are expected to support improved pricing in 2026, despite a slow period in Q4 [38][39] Question: Revenue from conservation sales - Management indicated that conservation sales contributed about 25% of total rural revenues, with prices up approximately 10% year-over-year [40][41]

Q3 2025 Financial Performance - Total Adjusted EBITDDA reached $89.3 million, driven by strong Real Estate segment performance[10] - Timberlands Adjusted EBITDDA was $41.0 million, reflecting seasonally higher harvest volumes[10, 19] - Wood Products Adjusted EBITDDA was negative $(2.5) million, impacted by lower lumber prices[10] - Real Estate Adjusted EBITDDA significantly increased to $63.1 million due to rural real estate sales and increased Chenal Valley sales[10, 51] Timberlands Segment - Northern Timberlands Adjusted EBITDDA was $21.2 million with sawlog harvest volume at 403 thousand tons and an average price of $128 per ton[30] - Southern Timberlands Adjusted EBITDDA was $19.8 million with sawlog harvest volume at 614 thousand tons and an average price of $47 per ton[36] Wood Products Segment - Lumber shipment volume increased to 333 MMBF, but the average lumber price decreased by 12% to $396 per MBF[10, 44, 46] Real Estate Segment - Rural land sales involved 15,636 acres at an average price of $3,280 per acre[10, 53, 55] - Development segment sold 55 residential lots at an average price of $138,938 per lot and 13 commercial acres at $532,942 per acre[10, 53, 57] Capital Allocation and Liquidity - Cash Available for Distribution (CAD) was $118.5 million for the trailing twelve months[10] - The company maintains a strong liquidity position with $388 million available and a net debt to enterprise value of 23.1%[11]

Financial Performance - PotlatchDeltic Corporation reported net income of $25.9 million, or $0.33 per diluted share, on revenues of $314.2 million for Q3 2025, compared to net income of $3.3 million, or $0.04 per diluted share, on revenues of $255.1 million for Q3 2024[2][5] - Net income for the three months ended September 30, 2025, reached $25,893,000, a substantial increase from $7,354,000 in the previous quarter, marking a growth of 252.5%[21] - Basic and diluted net income per share for the three months ended September 30, 2025, was $0.33, compared to $0.09 in the previous quarter, reflecting a 266.7% increase[21] - Total Adjusted EBITDDA for Q3 2025 was $89.263 million, up 71.5% from $52.025 million in Q2 2025 and 94.5% from $45.902 million in Q3 2024[29] - Operating income for the three months ended September 30, 2025, was $35,058,000, compared to $13,846,000 in the previous quarter, representing a significant increase of 153.5%[21] Segment Performance - The Real Estate segment generated revenues of $69.6 million, a significant increase of $40.5 million compared to Q2 2025, with Adjusted EBITDDA rising by $40.4 million[10][18] - The Timberlands segment reported revenues of $108.0 million, an increase of $6.3 million from Q2 2025, with Adjusted EBITDDA of $41.0 million[6][8] - The Wood Products segment experienced a revenue decline to $165.9 million, down $5.9 million from Q2 2025, with Adjusted EBITDDA dropping to $(2.5) million[7][9] - Timberlands segment revenues increased to $107,989,000 in Q3 2025 from $101,664,000 in Q2 2025 and $105,132,000 in Q3 2024[27] - Wood Products segment reported revenues of $165,881,000 in Q3 2025, a decrease from $171,819,000 in Q2 2025 but an increase from $139,412,000 in Q3 2024[27] - Real Estate segment revenues surged to $69,582,000 in Q3 2025, significantly up from $29,096,000 in Q2 2025 but down from $38,701,000 in Q3 2024[27] Cash Flow and Liquidity - Net cash from operations for Q3 2025 was $65.7 million, compared to $26.5 million in Q3 2024[5] - Cash and cash equivalents decreased to $88,773,000 as of September 30, 2025, from $151,551,000 as of December 31, 2024, a decline of 41.5%[23] - Net cash from operating activities for the nine months ended September 30, 2025, was $155,710,000, compared to $143,062,000 for the same period in 2024, an increase of 8.8%[25] Debt and Liabilities - Long-term debt increased to $1,007,594,000 as of September 30, 2025, from $935,100,000 as of December 31, 2024, an increase of 7.7%[23] - The company reported a total current liabilities of $130,204,000 as of September 30, 2025, down from $200,278,000 as of December 31, 2024, a decrease of 34.8%[23] Mergers and Acquisitions - The company entered into a definitive merger agreement with Rayonier Inc., expected to close in late Q1 or early Q2 2026, aimed at creating a leading U.S. land resources owner[3][4] - The company incurred merger-related expenses of $1,903,000 in Q3 2025, which impacted net income but were accounted for in the Adjusted Net Income calculation[29] Market Conditions - Average lumber prices decreased by 12% to $396 per thousand board feet in Q3 2025, impacting the Wood Products segment's performance[9] - Interest expense for Q3 2025 was $11,461,000, compared to $10,412,000 in Q2 2025 and $9,635,000 in Q3 2024, indicating rising borrowing costs[29] Dividends - The company declared dividends per share of $0.45 for both the three months ended September 30, 2025, and June 30, 2025, maintaining consistency[21]

Core Insights - PotlatchDeltic Corporation reported a net income of $25.9 million, or $0.33 per diluted share, on revenues of $314.2 million for Q3 2025 [1] - Adjusted net income, excluding after-tax special items, was $27.8 million, or $0.36 per diluted share for the same quarter [1] - For the quarter ended September 30, 2024, the company reported a net income of $3.3 million, or $0.04 per diluted share, on revenues of $255.1 million [1] Financial Performance - The revenue for Q3 2025 was $314.2 million, showing an increase compared to $255.1 million in the same quarter of the previous year [1] - The adjusted net income for Q3 2025 was $27.8 million, indicating a stronger performance when excluding special items [1] - The diluted earnings per share increased from $0.04 in Q3 2024 to $0.33 in Q3 2025, reflecting significant growth in profitability [1] Special Items - The reported net income for Q3 2025 included after-tax special items related to merger expenses [1] - The adjusted figures provide a clearer view of the company's operational performance by excluding these one-time costs [1]

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Core Points - Appia Rare Earths & Uranium Corp. has signed a 30-day investor awareness campaign agreement with ShareholdersIPR LLC, which will include a research report and social media dissemination [1][2] - The campaign is set to begin on November 6, 2025, at a cost of USD $2,950, with no shares or options issued to ShareholdersIPR as part of the engagement [2] - Appia is proceeding with a transaction involving Ultra Rare Earth Inc., where Ultra will acquire a 50% interest in Appia Brasil Rare Earths Mineracao Ltda, which holds the PCH Project in Brazil [4][5] - The transaction is expected to close on October 31, 2025, with Ultra investing USD $2 million in a private placement at a price of $0.50 (Cdn) per unit [5] - The company has accelerated the expiry date of certain common share purchase warrants due to the stock closing at a price of at least $0.25 for ten consecutive trading days [6] - Appia holds rights to acquire up to a 70% interest in the PCH Ionic Adsorption Clay Project in Brazil and is also focused on high-grade critical rare earth elements and uranium exploration in various locations [7] - The company has 177 million common shares outstanding and 213.9 million shares fully diluted [8]

Core Insights - Wall Street anticipates a year-over-year increase in earnings for Potlatch (PCH) due to higher revenues, with a focus on how actual results compare to estimates impacting stock price [1][2] - The earnings report is set to be released on November 3, and better-than-expected results could drive the stock higher, while disappointing results may lead to a decline [2] Earnings Estimates - Potlatch is expected to report quarterly earnings of $0.15 per share, reflecting a significant year-over-year increase of +275% [3] - Revenue projections stand at $289.5 million, indicating a 13.5% increase from the previous year [3] Estimate Revisions - The consensus EPS estimate has been revised down by 508.33% over the last 30 days, indicating a reassessment by analysts [4] - The Most Accurate Estimate for Potlatch aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [12] Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative reading indicates the likelihood of actual earnings deviating from consensus estimates, with a strong predictive power for positive readings [9][10] - Potlatch's current Zacks Rank is 4, which complicates predictions of an earnings beat [12] Historical Performance - In the last reported quarter, Potlatch exceeded expectations by delivering earnings of $0.09 per share against an expected $0.07, resulting in a surprise of +28.57% [13] - Over the past four quarters, Potlatch has beaten consensus EPS estimates three times [14] Market Context - The earnings performance of Potlatch may not solely dictate stock movement, as other factors can influence investor sentiment [15] - Despite not appearing as a compelling earnings-beat candidate, other market factors should be considered when evaluating Potlatch ahead of its earnings release [17]

Core Insights - Longleaf Partners Fund reported a return of -0.33% in Q3 2025, underperforming the S&P 500's 8.12% and the Russell 1000 Value's 5.33% [1] - The fund focuses on investments in real assets and brands that generate growing free cash flow (FCF) per share, with expectations of an increase in FCF multiple from ~10x to the mid-teens [1] - The fund highlighted PotlatchDeltic Corporation as a key investment, which has a market capitalization of $3.27 billion and a one-month return of 5.57% [2] Investment Highlights - PotlatchDeltic Corporation is a Real Estate Investment Trust (REIT) owning nearly 2.1 million acres of timberlands, with shares gaining 0.50% over the last 52 weeks [2] - The fund expressed excitement over the merger of PotlatchDeltic Corporation and Rayonier, viewing it as a win/win scenario with real synergies that enhance the value per share of the combined entity [3] - Both PotlatchDeltic and Rayonier were acquired at large discounts, presenting multiple avenues for growth [3]

Core Points - Appia Rare Earths & Uranium Corp. has initiated a diamond drilling program at Target IV in Goiás State, Brazil, aiming to extend and delineate high-grade rare-earth elements (REE) mineralization [1][3] - The diamond drilling program will consist of at least 600 meters across three drill holes, each 200 meters deep, expected to be completed within approximately 25 days [3][4] - The company plans to update its Mineral Resource Estimate (MRE) following the completion of the current drilling programs, with an updated MRE anticipated by the end of Q1 2026 [4] Company Developments - The company has accelerated the expiry date of remaining common share purchase warrants, with 456,250 warrants already exercised and 12,150,000 remaining warrants set to expire if unexercised by November 19, 2025 [5][8] - Appia is involved in a transaction with Ultra Rare Earth Inc., which will acquire a 50% interest in Appia Brasil Rare Earths Mineracao Ltda, with closing scheduled for October 31, 2025 [9][10] - Ultra is required to invest US$2 million into a private placement, which will be used for general working capital [10] Technical Information - The high-grade mineralization previously discovered included 92,758 ppm or 9.28% Total Rare Earth Oxides (TREO) over 2 meters [3] - The company is also conducting drilling in the Ionic Clay zone with two auger drills, with assay results to be released after analysis [3][4] - The technical information has been reviewed by a Qualified Person as defined by National Instrument 43-101 [5]