PotlatchDeltic Corporation reported net income of $6.6 million, or $0.10 per diluted share, on revenues of $181.7 million for the 1Q ended March 31, 2019. Excluding after-tax special items consisting of a gain on the sale of the legacy Deltic MDF facility and a loss on the extinguishment of debt, adjusted net income was $5.3 million, or $0.08 per diluted share for the 1Q 2019.
“Our 1Q results reflect seasonally lower activity and challenging operating conditions,” said Mike Covey, chairman and CEO. “We continue to expect improvement in lumber prices as the building season gets underway in earnest. Meanwhile, our balance sheet remains strong and provides the flexibility to drive shareholder value,” stated Mr. Covey.
PotlatchDeltic is a leading Real Estate Investment Trust (REIT) that owns nearly 1.9 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, Minnesota and Mississippi. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program.