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Westlake(WLK) - 2021 Q1 - Earnings Call Presentation
2025-07-11 12:01
Financial Performance - First quarter 2021 sales reached $2357 million, a 20% increase compared to the fourth quarter of 2020 and a 22% increase compared to the first quarter of 2020[11] - Operating income for the first quarter of 2021 was $346 million, a 94% increase compared to the fourth quarter of 2020 and a 154% increase compared to the first quarter of 2020[11] - EBITDA for the first quarter of 2021 was $553 million, a 43% increase compared to the fourth quarter of 2020 and a 64% increase compared to the first quarter of 2020[11] - Net income attributable to Westlake Chemical Corporation for the first quarter of 2021 was $242 million, compared to $113 million in the fourth quarter of 2020 and $145 million in the first quarter of 2020[8, 24] - Diluted earnings per share attributable to Westlake Chemical Corporation for the first quarter of 2021 was $1.87, compared to $0.87 in the fourth quarter of 2020 and $1.13 in the first quarter of 2020[8, 24] Segment Performance - Vinyls segment sales for the first quarter of 2021 were $1820 million, a 14% increase compared to the fourth quarter of 2020 and a 21% increase compared to the first quarter of 2020[15] - Vinyls segment EBITDA for the first quarter of 2021 was $367 million, a 10% increase compared to the fourth quarter of 2020 and a 58% increase compared to the first quarter of 2020[11, 15] - Olefins segment sales for the first quarter of 2021 were $537 million, a 43% increase compared to the fourth quarter of 2020 and a 26% increase compared to the first quarter of 2020[18] - Olefins segment EBITDA for the first quarter of 2021 was $216 million, a 266% increase compared to the fourth quarter of 2020 and a 120% increase compared to the first quarter of 2020[11, 18] Industry Outlook and Sustainability - The company is focused on sustainability, launching green caustic soda with a reduced CO2 impact of more than 30% compared to conventional caustic soda[4, 10]
PotlatchDeltic(PCH) - 2021 Q1 - Earnings Call Presentation
2025-07-11 11:25
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]
PotlatchDeltic(PCH) - 2019 Q1 - Earnings Call Presentation
2025-07-11 11:22
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]
PotlatchDeltic(PCH) - 2019 Q2 - Earnings Call Presentation
2025-07-11 11:17
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]
PotlatchDeltic(PCH) - 2019 Q3 - Earnings Call Presentation
2025-07-11 11:16
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]
PotlatchDeltic(PCH) - 2019 Q4 - Earnings Call Presentation
2025-07-11 11:15
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]
PotlatchDeltic (PCH) Earnings Call Presentation
2025-07-11 11:13
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]
PotlatchDeltic(PCH) - 2020 Q1 - Earnings Call Presentation
2025-07-11 11:11
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]
PotlatchDeltic(PCH) - 2020 Q2 - Earnings Call Presentation
2025-07-11 11:07
Financial Performance - Total Adjusted EBITDA for Q2 2020 was $353 million, a decrease of $123 million from Q1 2020[13, 16] - Cash Available for Distribution (CAD) for the trailing twelve months ended June 30, 2020, was $103 million[8] - The company returned $69 million to shareholders YTD 2020 through dividends and share repurchases[9] Segment Results - Timberlands Adjusted EBITDA was $256 million, with 13 million tons harvested[11] - Wood Products Adjusted EBITDA was $109 million, with 249 MMBF lumber shipped[11] - Real Estate Adjusted EBITDA was $93 million, with 5K rural acres and 17 residential lots sold[11] Timberlands - Northern Region - Northern Timberlands Adjusted EBITDA was $127 million in Q2 2020, down from $199 million in Q1 2020[24, 27] - Northern sawlog harvest volume decreased to 303 thousand tons in Q2 2020 from 434 thousand tons in Q1 2020[27] - Northern sawlog price increased to $101 per ton in Q2 2020 from $95 per ton in Q1 2020[27] Timberlands - Southern Region - Southern Timberlands Adjusted EBITDA was $129 million in Q2 2020, down from $151 million in Q1 2020[31, 35] - Southern sawlog harvest volume decreased to 491 thousand tons in Q2 2020 from 548 thousand tons in Q1 2020[30, 35] - Southern sawlog price decreased to $43 per ton in Q2 2020 from $44 per ton in Q1 2020[30, 35] Wood Products - Wood Products Adjusted EBITDA was $109 million in Q2 2020, down from $132 million in Q1 2020[11, 46] - Lumber shipment volume decreased to 249 MMBF in Q2 2020 from 283 MMBF in Q1 2020[11, 42, 46] - Average lumber price increased to $412 per MBF in Q2 2020 from $396 per MBF in Q1 2020, a 4% increase[16, 42, 46] Real Estate - Real Estate Adjusted EBITDA was $93 million in Q2 2020, up from $73 million in Q1 2020[11, 59] - The company sold 5537 rural acres at an average price of $1784 per acre in Q2 2020[16, 54, 59] - The company sold 17 residential lots at an average price of $97059 per lot in Q2 2020[11, 58, 59] - The company announced the sale of approximately 72000 acres in Minnesota for ~$48 million, expected to close in Q4 2020[12, 47]
PotlatchDeltic(PCH) - 2020 Q3 - Earnings Call Presentation
2025-07-11 11:05
Financial Highlights - Total Adjusted EBITDDA reached $1354 million, reflecting historic lumber prices and record quarterly harvest volume[13] - Cash Available for Distribution (CAD) was $174 million for the trailing twelve months ended September 30, 2020[7] - $96 million was returned to shareholders YTD 2020[9] - Liquidity stood at $528 million as of September 30, 2020[12] Segment Performance - Timberlands Adjusted EBITDDA was $597 million, driven by 17 million tons harvested[11] - Wood Products Adjusted EBITDDA was $817 million, with 291 MMBF lumber shipped[11] - Real Estate Adjusted EBITDDA was $134 million, including the sale of 11K rural acres and 26 residential lots[11] Timberlands - Northern Region - Northern Timberlands Adjusted EBITDDA increased to $428 million in Q3 2020[25] - Northern sawlog harvest volume increased to 555 thousand tons[23, 26] - Northern sawlog price increased to $131 per ton[23, 26] Timberlands - Southern Region - Southern sawlog harvest volume increased to 578 thousand tons[30, 35] - Southern pulpwood harvest volume increased to 463 thousand tons[34, 35] - Southern sawlog price increased to $44 per ton[30, 35] Wood Products - Average lumber price was $637 per MBF in Q3 2020, a 55% increase from Q2 2020[40] - Lumber shipments increased 17% to 291 MMBF in Q3 2020[40, 42] Real Estate - 11,048 rural acres were sold at an average price of $1,202 per acre[16, 51, 53] - 26 residential lots were sold at an average price of $83,000 per lot[16, 51, 58]