PotlatchDeltic Corporation (NASDAQ:PCH) Q3 2024 Earnings Conference Call October 29, 2024 12:00 PM ET
Company Participants
Wayne Wasechek - Vice President and Chief Financial Officer
Eric Cremers - President and Chief Executive Officer
Conference Call Participants
Anthony Pettinari - Citi
Ketan Mamtora - BMO
George Staphos - Bank of America
Matthew McKellar - RBC Capital Markets
Mark Weintraub - Seaport Research Partners
Niccolo Piccini - Truist Securities
Operator
Good morning. My name is John, and I'll be your conference operator today. At this time, I would like to welcome everyone to the PotlatchDeltic Third Quarter 2024 Conference Call. [Operator Instructions]
I would now like to turn the call over to Mr. Wayne Wasechek, Vice President and Chief Financial Officer, for opening remarks. Sir, you may proceed.
Wayne Wasechek
Good morning, and welcome to PotlatchDeltic's third quarter 2024 earnings conference call. Joining me on the call is Eric Cremers, PotlatchDeltic's President and Chief Executive Officer. This call will contain forward-looking statements. Please review the cautionary statements in our press release, on the presentation slides, and in our filings with the SEC regarding the risks associated with these forward-looking statements. Also, please note that a reconciliation of non-GAAP measures can be found in the appendix to the presentation slides and on our website at www.potlatchdeltic.com.
I'll turn the call over to Eric for some comments, and then I will then review our third quarter results and our outlook.
Eric Cremers
Well, thank you, Wayne. Good morning, everyone. Thanks for joining us.
Yesterday, after the market closed, we reported third quarter total adjusted EBITDDA of $46 million. These are solid results, given the challenging lumber markets and the macroeconomic environment we are operating in. I appreciate our team's focus and strong operational execution to date this year, especially amidst several company initiatives highlighted by our modernization and expansion project at our Waldo, Arkansas sawmill. Turning to our third quarter business results.
Our Timberlands division generated adjusted EBITDDA of $36 million in the third quarter. In total, we harvested $2 million across our Northern and Southern regions in the third quarter. In Idaho, although strong cedar prices supported our aggregate sawlog prices, the overall softness in lumber markets continued to exert downward pressure on indexed sawlog prices. Meanwhile, Southern sawlog prices remained relatively stable despite the typical seasonal increase in log supply and measured mill consumption.
At the end of September, Hurricane Helene made a historic landfall in the U.S. Southeast, causing widespread damage to timberland throughout the region. Based on our initial assessment of our Georgia timberlands, we estimate the damage to be limited to approximately 2,000 acres, which will not have a significant impact to our operations. We have already secured log and haul crews and commenced salvage operations to monetize the downed timber, which will minimize the financial impact of the storm on our business.