PotlatchDeltic Corporation reported a revenue of $1.062 billion for the fiscal year ending December 31, 2024, marking an increase of $38 million compared to $1.024 billion in 2023. The company's net income for the year was $21.9 million, a significant decline from $62.1 million in the previous year. This decrease in profitability was attributed to lower lumber prices and reduced sawlog volumes, particularly in the Northern region, which negatively impacted the Timberlands segment's performance. The company’s Total Adjusted EBITDDA rose to $232.1 million, up from $200.2 million in 2023, driven primarily by increased rural real estate sales.
In terms of operational changes, PotlatchDeltic completed the expansion and modernization of its Waldo, Arkansas sawmill, which is expected to enhance production capacity and reduce operating costs significantly. The sawmill is projected to reach an annual capacity of 275 million board feet by mid-2025. Additionally, the company executed a notable sale of 34,100 acres of timberland for $56.7 million, contributing to the Real Estate segment's revenue growth, which surged to $170.6 million from $88 million in 2023.
The Timberlands segment experienced a revenue decline to $392.2 million from $411.1 million in 2023, primarily due to decreased sawlog prices and volumes. The total harvest volume for 2024 was approximately 7.6 million tons, slightly lower than the previous year. In contrast, the Wood Products segment's revenue fell to $601.9 million from $635.7 million, reflecting challenges in the lumber pricing environment. The company shipped over 1.1 billion board feet of lumber during the year, with expectations to increase shipments to approximately 1.2 billion board feet in 2025.
PotlatchDeltic's workforce comprised 1,383 employees as of December 31, 2024, with the Wood Products segment employing the majority. The company remains committed to sustainable practices, managing 2.1 million acres of timberland across nine states. Looking ahead, PotlatchDeltic anticipates continued challenges in the lumber market but remains optimistic about long-term housing demand and the potential for growth in natural climate solutions markets, including carbon credits and renewable energy projects. The company plans to invest approximately $60 million to $65 million in capital expenditures during 2025, focusing on enhancing operational efficiency and expanding its timberland portfolio.
About POTLATCHDELTIC CORP
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