PotlatchDeltic Corporation (Nasdaq: PCH) today announced that its Board of Directors has approved a new $200 million stock repurchase program. This program replaces the existing $100 million share buyback program authorized in August 2018.
“Returning cash to our shareholders through opportunistic share buybacks remains an important part of our capital allocation strategy,” said Jerry Richards, vice president and chief financial officer. “Today’s announcement reflects our Board of Directors’ confidence in our ability to continue to generate strong cash flow, as well as our commitment to increasing long-term shareholder value,” said Mr. Richards. .
About PotlatchDeltic
PotlatchDeltic (Nasdaq: PCH) is a leading real estate investment trust (REIT) that owns approximately 1.8 million acres of forest land in Alabama, Arkansas, Idaho, Louisiana 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. PotlatchDeltic, a leader in sustainable forestry practices, is committed to environmental and social responsibility and responsible governance. More information can be found at www.potlatchdeltic.com.
Forward-looking statements
This communication contains certain forward-looking statements regarding PotlatchDeltic that are intended to fall within the safe harbor provided by the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact are forward-looking statements. In some cases, you can identify forward-looking statements by words such as “anticipate”, “expect”, “will”, “intend”, “plan”, “target”, “project”, “believe”, “seek”, “continue”, “estimate”, “could”, “may”, “may” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to discussions of strategy, business outlook, cash flow and intended use of the stock repurchase authorization. You should carefully read forward-looking statements, including statements that contain these words, because they address future expectations or state other “forward-looking” information about PotlatchDeltic. A number of important factors could cause actual results or events to differ materially from those indicated by these forward-looking statements, many of which are beyond PotlatchDeltic’s control, including changes in our outlook and the other factors described in the annual report. of PotlatchDeltic on Form 10-K for the fiscal year ended December 31, 2021 and in the company’s other filings with the SEC. PotlatchDeltic assumes no obligation to update the information contained in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220831005689/en/
