PotlatchDeltic Corporation reports results for 2018’s second quarter

PotlatchDeltic Corporation recently reported a net income of US$46.1 million, or US$0.73 per diluted share, on revenues of US$268.2 million for the quarter ended June 30, 2018.

They also reported a consolidated adjusted EBITDDA of US$94.2 million, and adjusted EBITDDA margin of 35.1 per cent, adjusted EBITDDA of US$51.5 million for wood products, and an adjusted EBITDDA margin of 26.6 per cent.

Moreover, the company is on track with US$50 million in after-tax annual cash synergy run rate in their second year after the merger with Deltic Timber, and achieved a US$40 million annual run rate as of June 30, 2018.

“Our merger with Deltic Timber was perfectly timed as the combined set of assets benefitted from the historic run in lumber prices in the second quarter,” said Mike Covey, chairman and CEO. “This was reflected by the significant increase in adjusted EBITDDA for wood products and the total company. Lumber prices are pulling back from an all-time peak but are still robust. This is shaping up to be an extremely strong year for PotlatchDeltic by many measures.”