Timberland Operations - PotlatchDeltic Corporation owns 2.1 million acres of timberland across nine states, with a significant portion of its operations focused on timberland management and wood products manufacturing[14]. - The Timberlands segment generated approximately 26% of its revenues from internal log sales to Wood Products facilities in 2024, indicating a strong integration between segments[21]. - Approximately 29% of the total harvest volume was sold under long-term log supply agreements with third parties in 2024, with expectations to maintain similar percentages in 2025[22]. - The estimated volume of current standing merchantable timber inventory is updated annually, reflecting increases from young growth and decreases from harvests, with significant reliance on statistical methods for estimation[26]. - Estimated standing timber inventory as of December 31, 2024, is 111.3 million tons, a decrease of 2.1 million tons (1.85%) from 2023[27]. - Total timber harvested in 2024 was 7.636 million tons, with the Northern region contributing 1.467 million tons and the Southern region contributing 6.169 million tons[29]. - The projected total harvest for 2025 is approximately 7.4 million tons, based on constant timberland holdings and market conditions[29]. - The Timberlands segment's revenues are influenced by domestic production of wood-based building products and the overall health of the U.S. housing market[17]. - The company has identified approximately 135,000 acres of non-core timberland real estate intended for sale over time, indicating a strategy to optimize asset value[18]. Wood Products Segment - The company ranks as a top-10 softwood lumber producer in the U.S. with a capacity of approximately 1.2 billion board feet and an industrial-grade plywood mill with 150 million square feet of capacity[18]. - The Wood Products segment has a capacity of 1.2 billion board feet (MMBF) for softwood lumber and 150 million square feet (MMSF) for plywood[31][34]. - Actual sawmill production for 2024 was 1.120 billion board feet, indicating operational efficiency[34]. - In 2024, 100% of timber consumption at Wood Products facilities was SFI Fiber Sourcing certified, reflecting commitment to sustainable sourcing[38]. - Wood Products segment revenues also decreased to 601,924in2024from635,672 in 2023, a decline of 5.3%[388]. Financial Performance - PotlatchDeltic Corporation reported revenues of 1,062,076,000fortheyearendedDecember31,2024,a3.71,024,075,000 in 2023[314]. - Operating income decreased significantly to 33,192,000in2024,comparedto85,750,000 in 2023, marking a decline of 61.2%[314]. - Net income for 2024 was 21,876,000,downfrom62,101,000 in 2023, representing a decrease of 64.8%[314]. - The company’s total assets decreased to 3,305,443,000in2024from3,431,256,000 in 2023, a decline of 3.7%[318]. - Comprehensive income for 2024 was 32,985,000,downfrom67,481,000 in 2023, a decrease of 51.1%[316]. - Cash flows from operating activities increased to 188,470,000in2024,up18.4159,111,000 in 2023, but down from 491,901,000in2022[320].EnvironmentalandSustainabilityInitiatives−Thecompanyiscommittedtocorporateresponsibility,focusingonenvironmentalstewardshipandsustainablemanagementofitstimberlands[18].−Attheendof2023,thecompany′sforestsstoredapproximately487millionmetrictonsofCarbonDioxideEquivalent(CO2e),withabout93millionmetrictonsofCO2einmerchantableabove−groundportions[65].−In2023,totalnetabove−groundcarbonremovalwasapproximately6.4millionmetrictonsofCO2e,includingharvestandotherinventoryadjustments[67].−Thecompanyaimstoachievea42170,629 in 2024 from 87,988in2023,agrowthof94176,000,000 in long-term debt in 2024, significantly higher than 40,000,000in2023[320].−TheCatchMarkmergerresultedinanallocationof782.3 million to timber and timberlands, 3.0milliontointangibleassets,and32.0 million to other assets[333]. - The company assumed 323.1millionofliabilities,including300.0 million of outstanding long-term debt, in the CatchMark merger[333].
PotlatchDeltic(PCH)2025-02-13 19:30