SPOKANE, Wash. — PotlatchDeltic Corp. reported net income of $3.3 million on revenues of $255.1 million for the third quarter ended September 30. In comparison, the company reported net income was $23.7 million on revenues of $265.5 million for the quarter ended September 30, 2023.

“During the third quarter, our businesses delivered solid operational performance while navigating a challenging lumber market as well as the broader economic environment,” said Eric Cremers, president and CEO. “Additionally, our Wood Products division achieved a significant milestone with the successful completion of the construction phase of our Waldo, Arkansas, sawmill expansion and modernization project. We believe this strategic investment positions the Waldo mill to be a top quartile sawmill, enabling it to generate an additional $25 million of Adjusted EBITDDA annually under a mid-cycle sales environment once the mill reaches its new capacity output…. Looking forward, we believe that lumber markets are stabilizing as supply and demand in the industry continue to align. We are also optimistic that reductions in interest rates will serve as a catalyst, creating positive momentum in the housing and repair and remodel markets, thereby driving demand in our business.”

PotlatchDeltic is a Real Estate Investment Trust (REIT) that owns more than 2.1 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina. 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.