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    Gregory Andreopoulos • Citigroup

    Gregory Andreopoulos's questions to Potlatchdeltic Corp (PCH) leadership

    Gregory Andreopoulos's questions to Potlatchdeltic Corp (PCH) leadership • Q4 2024

    Question

    Gregory Andreopoulos from Citigroup asked for the 2025 outlook on Southern log prices, comparing coastal versus inland markets, and how that view informs harvest plans. He also inquired about 2025 goals for solar option contracts and their conversion timeline.

    Answer

    Executive Wayne Wasechek stated that the more tensioned coastal timberland markets have a greater opportunity for price appreciation in 2025 compared to stable inland markets. He clarified the harvest plan is based on a long-term sustainable yield strategy, not short-term price movements. For solar, the goal is to add 10,000-12,000 acres under option in 2025, with the first conversions to full leases not expected until 2026 at the earliest.

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    Gregory Andreopoulos's questions to Rayonier Inc (RYN) leadership

    Gregory Andreopoulos's questions to Rayonier Inc (RYN) leadership • Q3 2024

    Question

    Gregory Andreopoulos, on for Anthony Pettinari, asked about the impact of the Oklahoma timberland sale on the Southern portfolio's quality and log pricing. He also requested a breakdown of the cost components in the Southern and Pacific Northwest timber segments and the outlook for costs in the fourth quarter.

    Answer

    President and CEO Mark McHugh explained that the Oklahoma sale, representing about 5% of the Southern portfolio, is not expected to have a pronounced impact on overall log pricing but is viewed as an upgrade to the portfolio's quality. Regarding costs, Mr. McHugh noted that costs in the U.S. South have been relatively stable, while the Pacific Northwest has seen cost reductions due to the disposition of higher-cost Oregon operations, lower fuel prices, and the sale of steeper, higher-cost ground in Washington.

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    Gregory Andreopoulos's questions to Masco Corp (MAS) leadership

    Gregory Andreopoulos's questions to Masco Corp (MAS) leadership • Q3 2024

    Question

    Gregory Andreopoulos from Citigroup inquired about the performance of the wholesale and trade channels within the plumbing segment, specifically asking about sentiment and inventory levels.

    Answer

    CEO Keith Allman stated that inventory levels in the trade channel are appropriate for the season and largely unchanged. He characterized the channel as stable but feeling some pressure, with customer sentiment reflecting the broader market's unpredictability. He noted optimism about long-term fundamentals and a focus on being ready to respond when demand turns.

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