PotlatchDeltic announces $100M share repurchase

PotlatchDeltic Corp.’s board of directors has approved a new $100 million share repurchase program, the company announced this week.

“Returning cash to our shareholders is an important part of our capital allocation strategy,” said Mike Covey, chairman and CEO of the Spokane-based company. “Our board has confidence in our business outlook and our ability to continue generating strong cash flows.”

PotlatchDeltic is a real estate investment trust that owns nearly 2 million acres of timberland in Idaho, Minnesota and four Southern states. Through its taxable subsidiary, the company also operates six sawmills, a plywood plant, fiberboard operation, real estate development business and a rural timberland sales program.