PotlatchDeltic(PCH) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $5.2 million, or $0.07 per diluted share, compared to a net loss of $0.1 million in Q4 2023[1][2] - Full year 2024 net income was $21.9 million, or $0.28 per diluted share, down from $62.1 million, or $0.77 per diluted share in 2023[2] - Operating income for Q4 2024 was $13.3 million, compared to $7.2 million in Q3 2024 and $29,000 in Q4 2023, with total operating income for the year at $33.2 million, down from $85.8 million in 2023[20] - Net income for Q4 2024 was $5.2 million, an increase from $3.3 million in Q3 2024, while the annual net income decreased to $21.9 million from $62.1 million in 2023[20] - Basic and diluted net income per share for Q4 2024 was $0.07, compared to $0.04 in Q3 2024 and no earnings in Q4 2023, with annual earnings per share at $0.28, down from $0.78 in 2023[20] - Total Adjusted EBITDDA for 2024 was $232.1 million, with a margin of 22%[4] - Total Adjusted EBITDDA for Q4 2024 reached $53.3 million, up from $45.9 million in Q3 2024 and $40.7 million in Q4 2023, indicating a year-over-year increase of 31%[31] Revenue Breakdown - Revenues for Q4 2024 were $258.1 million, an increase from $254.5 million in Q4 2023[5] - Revenues for Q4 2024 reached $258.1 million, a slight increase from $255.1 million in Q3 2024 and $254.5 million in Q4 2023, resulting in a total revenue of $1.062 billion for the year, up from $1.024 billion in 2023[20] - Wood Products revenues increased by $20.9 million to $160.3 million in Q4 2024, with average lumber prices rising 11% to $445 per thousand board feet[7][8] - Timberlands revenue for Q4 2024 was $95.3 million, down 9.4% from $105.1 million in Q3 2024 and a decrease of 2.1% from $97.4 million in Q4 2023[28] - Real Estate revenues decreased to $25.1 million in Q4 2024 from $38.7 million in Q3 2024[9] - Real Estate revenue for Q4 2024 was $25.1 million, a decrease of 35% from $38.7 million in Q3 2024, but an increase from $27.9 million in Q4 2023[28] Assets and Liabilities - Total current assets decreased to $299.1 million in Q4 2024 from $376.9 million in Q4 2023, primarily due to a reduction in cash and cash equivalents[22] - Total assets decreased to $3.305 billion in Q4 2024 from $3.431 billion in Q4 2023, reflecting a decline in timber and timberlands[22] - Total liabilities increased slightly to $1.268 billion in Q4 2024 from $1.260 billion in Q4 2023, with long-term debt rising to $935.1 million from $858.1 million[22] Cash Flow and Dividends - Cash flows from operating activities for Q4 2024 were $45.4 million, up from $26.5 million in Q3 2024, while total cash from operating activities for the year was $188.5 million, compared to $159.1 million in 2023[25] - The company declared dividends of $0.45 per share for both Q4 2024 and Q3 2024, maintaining the same level as in Q4 2023, with total dividends for the year at $1.80[20] Shareholder Actions - The company repurchased 847,000 shares for $35 million, averaging $41 per share[4] - The company sold 34,100 acres of Southern timberlands for $57 million, averaging $1,700 per acre, and acquired 16,000 acres for $31 million, averaging $1,900 per acre[4] Market Outlook - The company is optimistic about improving lumber markets despite ongoing challenges to housing affordability[4] - The company plans to continue focusing on market expansion and new product development to drive future growth[28] Other Financial Metrics - Interest expense for the year ended December 31, 2024, was $28.9 million, compared to $24.2 million in the previous year, reflecting a year-over-year increase of 19%[31] - The company reported a total depreciation, depletion, and amortization expense of $113.1 million for the year ended December 31, 2024, down from $121.2 million in 2023[31] - The company reported a significant gain on fire damage in previous periods, which impacted net income, with no such gains reported in Q4 2024[20]