Potlatch Stock Earnings Reports

PotlatchDeltic reported Q3 2025 total adjusted EBITDA of $89 million, a sequential increase driven primarily by strong real estate performance (both rural and development). Timberlands delivered planned harvests (1.9 million tons) with mixed regional log price dynamics: Idaho sawlog prices softened while southern prices remained relatively stable. Wood Products produced 333 million board feet but recorded a modest EBITDA loss (~$2M) due to weak lumber prices despite strong operational execution and historically low manufacturing costs per MBF. Management believes lumber prices have likely bottomed for the year and expect stabilization heading into Q4, supported by higher Canadian duties, recent Section 232 tariffs, and ongoing mill curtailments, though near-term improvement may be modest. Real estate was a standout: rural sales included two large Georgia transactions and Chenal Valley development sales (55 lots at ~$139k/lot), and the company expects continued real estate contribution in Q4 (guiding ~5,000 rural acres at ~$3,200/acre and ~46 Chenal lots at ~$95k/lot). Natural climate solutions are advancing: 34,000 acres are under solar option agreements (targeting 40k–45k by year-end) and >5,000 surface acres in the Smackover formation are under mineral leases for lithium, including a new lease with ExxonMobil’s Saltwerx. Capital allocation: $60M of share repurchases occurred in H1 but are limited due to the pending merger with Rayonier; the companies expect ~ $40M of run-rate synergies and aim to close in late Q1/early Q2 2026. Q4 adjusted EBITDA is expected to be lower than Q3, mainly due to seasonally lower rural real estate volume, reduced development activity, and seasonally lower Timberlands harvests and Idaho log pricing.