分组1 - Potlatch (PCH) reported quarterly earnings of $0.09 per share, exceeding the Zacks Consensus Estimate of $0.07 per share, but down from $0.17 per share a year ago, representing an earnings surprise of +28.57% [1] - The company posted revenues of $274.99 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 6.61%, but down from $320.67 million year-over-year [2] - Potlatch has consistently surpassed consensus EPS estimates over the last four quarters [2] 分组2 - The stock has gained approximately 6.9% since the beginning of the year, compared to the S&P 500's gain of 8.6% [3] - The current consensus EPS estimate for the upcoming quarter is $0.08 on revenues of $264.13 million, and for the current fiscal year, it is $0.58 on revenues of $1.04 billion [7] - The Zacks Industry Rank for Building Products - Wood is currently in the bottom 12% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

Q2 2025 Financial & Operational Overview [Financial Highlights](index=1&type=section&id=Financial%20Highlights) PotlatchDeltic reported Q2 2025 net income of $7.4 million on revenues of $275.0 million, reflecting strong Timberlands and Real Estate performance despite Wood Products weakness, supported by share repurchases and robust liquidity Q2 2025 Key Financial Metrics | Metric (in millions, except per share data) | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Revenues | $275.0 | $268.3 | $320.7 | | Net income | $7.4 | $25.8 | $13.7 | | Net income per diluted share | $0.09 | $0.33 | $0.17 | | Total Adjusted EBITDDA | $52.0 | $63.4 | $103.2 | | Total Adjusted EBITDDA Margin | 18.9% | 23.6% | 32.2% | | Net cash from operations | $41.0 | $49.1 | $100.6 | - CEO Eric Cremers noted that overall financial results were solid despite economic uncertainty, with strong performance from the Timberlands and Real Estate businesses offsetting soft demand in the Wood Products segment[2](index=2&type=chunk) - The company executed its capital allocation strategy by repurchasing **1,418,800 shares** for **$55.9 million**, at an average price of **$39 per share**, and paid its regular quarterly dividend of **$0.45 per share**[2](index=2&type=chunk)[3](index=3&type=chunk)[4](index=4&type=chunk) - The company maintained strong liquidity of **$395 million** as of June 30, 2025[3](index=3&type=chunk) Business Segment Performance (Q2 2025 vs. Q1 2025) [Timberlands](index=2&type=section&id=Timberlands) The Timberlands segment saw a slight decrease in performance, with Adjusted EBITDDA falling by $2.8 million compared to Q1 2025, primarily due to lower harvest volumes and higher forest management costs, partially offset by increased Northern sawlog prices Timberlands Performance (Q2 2025 vs Q1 2025) | Metric (in millions) | Q2 2025 | Q1 2025 | Change (in millions) | | :--- | :--- | :--- | :--- | | Timberlands Revenues | $101.7 | $102.5 | $(0.8) | | Timberlands Adjusted EBITDDA | $39.6 | $42.4 | $(2.8) | - Northern sawlog prices increased, driven by higher cedar prices[7](index=7&type=chunk) - Southern harvest volumes decreased due to lower stumpage sales[7](index=7&type=chunk) - Forest management costs rose due to seasonally higher activity[7](index=7&type=chunk) [Wood Products](index=2&type=section&id=Wood%20Products) The Wood Products segment experienced a significant decline, with Adjusted EBITDDA decreasing by $10.0 million from the previous quarter, driven by lower lumber prices, increased log costs, higher inventory charges, and unfavorable manufacturing impacts Wood Products Performance (Q2 2025 vs Q1 2025) | Metric (in millions) | Q2 2025 | Q1 2025 | Change (in millions) | | :--- | :--- | :--- | :--- | | Wood Products Revenues | $171.8 | $164.6 | $7.2 | | Wood Products Adjusted EBITDDA | $1.7 | $11.7 | $(10.0) | - Average lumber price decreased **1%** to **$450 per thousand board feet (MBF)**[8](index=8&type=chunk) - Log costs increased, particularly due to higher indexed pricing in Idaho[8](index=8&type=chunk) - A **$3.0 million** higher lumber inventory charge compared to Q1[8](index=8&type=chunk) - Manufacturing costs were unfavorably impacted by **$2.8 million** due to an equipment upgrade and a power supply issue[8](index=8&type=chunk) [Real Estate](index=3&type=section&id=Real%20Estate) The Real Estate segment delivered stable results, with Adjusted EBITDDA remaining flat compared to Q1 2025, supported by significant rural land and residential lot sales Real Estate Performance (Q2 2025 vs Q1 2025) | Metric (in millions) | Q2 2025 | Q1 2025 | Change (in millions) | | :--- | :--- | :--- | :--- | | Real Estate Revenues | $29.1 | $27.6 | $1.5 | | Real Estate Adjusted EBITDDA | $22.7 | $22.7 | $— | - **7,457 acres** of rural land sold at an average price of **$3,108 per acre**[18](index=18&type=chunk) - **18 residential lots** sold at an average price of **$102,222 per lot**[18](index=18&type=chunk) Consolidated Financial Statements [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section presents the company's unaudited income statement for the three and six months ended June 30, 2025, compared to the same periods in 2024 and the prior quarter, detailing revenues, costs, operating income, and net income Income Statement Highlights (Three Months Ended June 30) | Metric (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenues | $274,985 | $320,671 | | Operating income | $13,846 | $17,446 | | Net income | $7,354 | $13,678 | | Diluted EPS | $0.09 | $0.17 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides the company's unaudited balance sheet as of June 30, 2025, compared to December 31, 2024, outlining the company's assets, liabilities, and stockholders' equity Balance Sheet Highlights | Metric (in thousands) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $95,277 | $151,551 | | Total current assets | $258,854 | $299,130 | | Total assets | $3,184,703 | $3,305,443 | | Total liabilities | $1,262,776 | $1,267,773 | | Total stockholders' equity | $1,921,927 | $2,037,670 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the company's cash inflows and outflows from operating, investing, and financing activities for the three and six months ended June 30, 2025, showing a net decrease in cash for the quarter Cash Flow Summary (Three Months Ended June 30, 2025) | Activity (in thousands) | Amount | | :--- | :--- | | Net cash from operating activities | $40,999 | | Net cash from investing activities | $(554) | | Net cash from financing activities | $(91,969) | | **Change in cash and cash equivalents** | **$(51,524)** | [Segment Information](index=9&type=section&id=Segment%20Information) This section provides a detailed breakdown of revenues and Adjusted EBITDDA by business segment (Timberlands, Wood Products, Real Estate) for the three and six-month periods ended June 30, 2025 and 2024 Segment Revenues (Three Months Ended June 30) | Segment (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Timberlands | $101,664 | $98,802 | | Wood Products | $171,819 | $153,579 | | Real Estate | $29,096 | $95,732 | Segment Adjusted EBITDDA (Three Months Ended June 30) | Segment (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Timberlands | $39,566 | $34,124 | | Wood Products | $1,723 | $(6,805) | | Real Estate | $22,720 | $89,568 | | **Total Adjusted EBITDDA** | **$52,025** | **$103,173** | Supplementary Information [Non-GAAP Measures & Reconciliations](index=3&type=section&id=Non-GAAP%20Measures) This section defines and explains the rationale for using non-GAAP financial measures such as Total Adjusted EBITDDA and Adjusted Net Income, providing reconciliations to comparable GAAP measures to reflect core business operations - Management uses non-GAAP measures like Total Adjusted EBITDDA and Adjusted Net Income to evaluate operational performance and enhance comparability period-over-period[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) Reconciliation of Net Income to Total Adjusted EBITDDA (Q2 2025) | Item (in thousands) | Amount | | :--- | :--- | | Net income (GAAP) | $7,354 | | Interest expense, net | $10,412 | | Income taxes | $(3,530) | | Depreciation, depletion and amortization | $26,370 | | Basis of real estate sold | $11,481 | | Other adjustments | $(119) | | **Total Adjusted EBITDDA** | **$52,025** | [Other Information](index=3&type=section&id=Other%20Information) This section contains details about the upcoming investor conference call, an overview of the company's REIT operations, and important forward-looking statements outlining potential risks and uncertainties - The company is a leading Real Estate Investment Trust (REIT) owning **2.1 million acres** of timberlands across seven states and operates **six sawmills** and an **industrial-grade plywood mill**[16](index=16&type=chunk) - A conference call to discuss Q2 2025 results is scheduled for July 29, 2025, at 9:00 a.m. Pacific Time[14](index=14&type=chunk) - Forward-looking statements are subject to numerous risks, including changes in the U.S. housing market, timber prices, interest rates, trade policies, and production capacity in the forest products industry[19](index=19&type=chunk)

Company Overview - Appia Rare Earths & Uranium Corp. is a publicly traded Canadian company focused on the rare earth element and uranium sectors [3] - The company holds the right to acquire up to a 70% interest in the PCH Ionic Adsorption Clay Project, which spans 42,932.24 hectares in Goiás State, Brazil [3] - Appia is also engaged in delineating high-grade critical rare earth elements and gallium on the Alces Lake property, and exploring for high-grade uranium in the Athabasca Basin across multiple properties [3] Recent Developments - On July 17, 2025, Appia announced the issuance of 500,000 common shares as part of the Quotaholders Agreement with Beko Invest Ltd. and Antonio Vitor Junior [1] - The shares issued are subject to a hold period that will expire on November 18, 2025 [2] - The company can earn up to a 70% interest in Appia Brasil, with further details referenced in a previous press release dated December 4, 2023 [2] Share Structure - Appia has 168 million common shares outstanding and 205 million shares fully diluted [4]

Financial Highlights - Total Adjusted EBITDDA reached a record of $195 million, driven by strong lumber markets[4] - The company's Cash Available for Distribution (CAD) for the trailing twelve months ended March 31, 2021, was $4131 million[7] - The company has a strong liquidity position with $761 million available[13] Segment Performance - Timberlands Adjusted EBITDDA was $679 million, with 13 million tons harvested[12] - Wood Products Adjusted EBITDDA was $1255 million, with 258 MMBF of lumber shipped[12] - Real Estate Adjusted EBITDDA was $166 million, including the sale of 7K rural acres, 51 residential lots, and 11 commercial acres[12] Timberlands - Northern Timberlands Adjusted EBITDDA was $542 million, with sawlog harvest volume of 427 thousand tons and a price of $178 per ton[26, 29] - Southern Timberlands Adjusted EBITDDA was $137 million, with sawlog harvest volume of 508 thousand tons and a price of $44 per ton[34, 37] Wood Products - Wood Products Adjusted EBITDDA was $1255 million, with lumber shipments of 258 MMBF and an average lumber price of $890 per MBF[12, 44] - The average lumber price realizations increased 41% to $890 per MBF in Q1 2021[42] Real Estate - Real Estate Adjusted EBITDDA was $166 million, with 7,083 acres of rural land sold at an average price of $1,415 per acre[12, 53] - 51 residential lots were sold at an average price of $99,000 per lot[53] Outlook - The company anticipates Q2 2021 Total Adjusted EBITDDA will be higher than Q1 2021, potentially setting a new quarterly record[68]

Financial Performance - Total Adjusted EBITDDA was $283 million with a margin of 16%[13] - Cash Available for Distribution (CAD) was $1094 million for the trailing twelve months ended March 31 2019[7] - The company repurchased 278947 shares at an average price of $3639 per share totaling $102 million[15] - The dividend payout was $160 per share resulting in a 42% yield[10] Segment Results - Resource Adjusted EBITDDA was $269 million with a harvest volume of 13 million tons[13] - Wood Products Adjusted EBITDDA was $72 million with lumber shipments of 238 MMBF and an average lumber price of $380 per MBF[13] - Real Estate Adjusted EBITDDA was $27 million[13] Q1 2019 vs Q4 2018 Comparison - Total Adjusted EBITDDA decreased by $81 million from Q4 2018 levels[21] - Wood Products Adjusted EBITDDA increased by $36 million due to an increase in lumber prices[21] - Real Estate Adjusted EBITDDA decreased by $99 million due to fewer residential lots and no commercial acres sold in Q1 2019[21]

Q2 2019 Financial Performance - Total Adjusted EBITDDA was $49 million with a 23% margin[10] - Cash Available for Distribution (CAD) reached $936 million[10] - Real Estate segment sold 1,800 HBU acres at $11,000 per acre and 44 residential lots averaging $85,000 per lot[10] Timberlands Segment - Timberlands Adjusted EBITDDA was $261 million[10] - Northern sawlog prices increased by 8% due to higher lumber prices[17] - Southern Timberlands Adjusted EBITDDA increased $1 million from Q1 2019 to $142 million in Q2 2019[17, 28] - Northern sawlog harvest volume decreased from 374,000 tons in Q1 2019 to 325,000 tons in Q2 2019[22] - Southern sawlog harvest volume increased from 413,000 tons in Q1 2019 to 449,000 tons in Q2 2019[28] Wood Products Segment - Wood Products Adjusted EBITDDA was negative $(20) million[10] - Lumber shipments increased by 14% to 273 MMBF[33] - Average lumber price was $378 per MBF[10] Real Estate Segment - Real Estate Adjusted EBITDDA increased by $286 million from Q1 2019 to $313 million in Q2 2019[15, 40] - Rural land sales involved 12,375 acres at an average price of $2,450 per acre[43] - 44 residential lots were sold at an average price of $85,000 per lot[10, 43]

Q3 2019 Financial Performance - Total Adjusted EBITDDA was $550 million with a 24% margin[12] - Cash Available for Distribution (CAD) was $758 million for the trailing twelve months ended September 30, 2019[7] - The dividend was $160 per share, representing a 39% yield based on the September 30, 2019 closing stock price[9] Timberlands Segment - Timberlands Adjusted EBITDDA was $430 million[12] - Harvest volume reached 16 million tons[12] - Northern Timberlands Adjusted EBITDDA increased by $125 million from Q2 2019 to $244 million in Q3 2019[26] - Southern Timberlands Adjusted EBITDDA increased by $44 million from Q2 2019 to $186 million in Q3 2019[31] Wood Products Segment - Wood Products Adjusted EBITDDA was $59 million[12] - Lumber shipments totaled 299 MMBF[12] - The average lumber price was $363 per MBF[12] - Wood Products Adjusted EBITDDA increased $79 million from Q2 2019 levels[35] Real Estate Segment - Real Estate Adjusted EBITDDA was $147 million[12] - 6 commercial acres were sold for $512500 per acre[12] - 42 residential lots were sold for $110500 per lot[12]

Financial Performance - Total Adjusted EBITDA for 2019 was $179 million, the 3rd highest since becoming a REIT in 2006 [4] - Cash Available for Distribution (CAD) was $82 million [8] - $133 million was returned to shareholders through dividends and share repurchases [9] - Real Estate segment's EBITDA was $63 million in 2019 [12, 51] Segment Results - Timberlands Adjusted EBITDA was $134 million with 5.6 million tons harvested [12] - Wood Products Adjusted EBITDA was $13 million with 1.07 BBF lumber shipped [12] - Real Estate sold 24,000 rural acres, 148 residential lots, and 38 commercial acres [12] - Northern Timberlands Adjusted EBITDA in Q4 2019 was $20.6 million, compared to $24.4 million in Q3 2019 [27, 30] - Southern Timberlands Adjusted EBITDA in Q4 2019 was $17.4 million, compared to $18.6 million in Q3 2019 [35, 38] Capital Structure - $190 million of debt was refinanced, lowering the weighted average interest rate by 80 bps [13] - Net debt was reduced by $35 million [13] - The company had $460 million of liquidity at year-end [13] - Net debt to enterprise value was 18.8% [66]

Company Strategy & Fundamentals - PotlatchDeltic has the highest direct leverage to lumber prices among timber REITs[4] - The company's strategy leverages favorable fundamentals in US housing, including housing starts, building permits, and existing home sales[4] - Timberlands provide stability, capturing incremental land value and offering working forest benefits[4] Timberlands Segment - PotlatchDeltic owns 1.9 million acres of high-quality timberlands[6,7] - The company plants approximately 25 million seedlings every year, managing timberlands on a long-term sustainable basis[7] - The company has 86 million tons of merchantable timber inventory, with 64% being sawlogs[11,12] - In Idaho, sawlogs represent 90% of the harvest volume, and about 70% of sawlog prices are indexed to lumber prices[16] Wood Products Segment - PotlatchDeltic ranks as a top-10 lumber producer in the U S with 1 2 billion board feet of capacity[6,20] - Lumber shipments have increased by 60% in six years due to high-return capital projects and acquisitions[20] Real Estate Segment - The company has identified approximately 210,000 rural acres for sale at a premium to timberland value[23] - The company owns a 4,800-acre master-plan community in Little Rock, Arkansas, with approximately 65% of residential lots sold and 54% of commercial acres sold[23] Capital Allocation - Returning cash to shareholders through a sustainable and growing dividend is a key capital allocation strategy[25] - The company repurchased $25 million of shares in the first half of 2019 at $37 per share[28] - The dividend per share has increased by 29% since 2012, reaching $1.60 in 2019[27]

Financial Performance - Total Adjusted EBITDA for Q1 2020 was $47.6 million[16], compared to $46.6 million in Q4 2019[16], reflecting seasonally lower harvest volumes and real estate sales, but higher lumber prices and shipments[14] - Cash Available for Distribution (CAD) for the trailing twelve months ended March 31, 2020, was $105 million[8] - The company returned $39 million to shareholders in Q1 2020, including $27 million in dividends (5.1% yield) and $12 million in share repurchases[13] Segment Results - Timberlands Adjusted EBITDA for Q1 2020 was $35 million[12], 30% higher than Q1 2019[18], with 1.5 million tons harvested[12] - Wood Products Adjusted EBITDA for Q1 2020 was $13.2 million[48], with lumber shipments of 283 MMBF[12] and an average lumber price of $396 per MBF[43] - Real Estate Adjusted EBITDA for Q1 2020 was $7.3 million[58], with 4,439 non-strategic acres sold[12] Liquidity and Capital Structure - The company had $460 million of liquidity as of March 31, 2020[13] - The company plans to refinance $46 million of debt maturing in December 2020 and has locked interest rates on $654 million of refinances planned through January 2029[13] - A $101 million pension obligation was annuitized in Q1 2020[13] Outlook - The company anticipates lumber shipments between 230 and 240 MMBF for Q2 2020[69] - The company expects to sell approximately 5,500 rural acres and 15 development lots in Q2 2020[69]