Thanks, Mark. Good morning.
the station quarter report below with net Adjusted for versus decreased headwinds the driven stumpage pricing, income. of quarter $XX particularly EBITDA X volumes, led Timber demand prior non-timber largely year by in markets, softer Volume higher offset Page lower on the in prior fourth XX% X% lower million Southern certain costs pulpwood. macroeconomic start higher and Let's by leased harvest quarter, as year to segment. the land was
across $XX year was increase in an decreased relative prior prior increase an roughly despite ton, to a reflected The primarily the per to prices areas, X% per significant as sawmills XX% period. to quarter, ton pulpwood demand in of operating $XX supply improved Average stumpage market Meanwhile, from period. compared year most decline sawlog versus result pricing pricing and healthy lumber prior conditions. demand pricing end available net of stumpage due the weather year a to weaker drier our
quarter outlook stumpage average ton.
Entering and per the quarter both to sawtimber prices the in and activity year cautiously, residential decline seen other challenges. XXXX, prior believe are headwinds, for weighted approaching customers prices we fourth pulpwood the the quarter in the favorable. improved that X% have compared as some to in pricing remains the $XX nearly Overall, fourth versus Year these Southern Notwithstanding we construction slowdown longer-term timber given New macroeconomic our near-term
we Specifically, which sawmill pricing lower British U.S. additional allow to that Columbia, will curtailment should expect in lead lumber the
South market lumber share American of production. a to North continue capture to greater
favorable also the transition that Timber dynamics we anticipate this markets Importantly, price U.S. disproportionately will and elasticity to the Southern relative supply-demand more with corresponding benefit from
whole. a as South
Northwest sale EBITDA increased lower prior group. Volume reservation the in the costs causing labor offset fourth year-over-year in a Pacific increase partially of realizations, to X% region, compared net the year quarter conservation quarter. lower of Timber our million driven market. reduction timber the on income. stumpage year by of was strikes the primarily on and a Page in non-timber Adjusted XX. the supply segment prior pulpwood and than higher XX% residuals to was period, higher as due Moving to volumes, The by a to $XX Higher
from per mix strong the pricing. driven was fourth of as a ton, from a proportion the species volume. in to ] favorable [ Turning the as the doves demand nearly rest primarily quarter price delivered prior $XXX by of average year lumber up higher per our sawlog mills XX% well At with period,
coupled ton to from pulpwood residuals logs. quarter, constraints competition XX% demand, Meanwhile, per lumber increased reflecting fourth year of quarter smaller-sized of the strong and end-market due $XX supply supply for over increased pricing fewer mills with prior
U.S. the to similar However,
the demand slowdown end both levels from to South, mill at has XXXX relatively in seen sawtimber declines and, prices in weighted has in well pricing of a to XXXX. due exceptionally lumber activity the in have curtailment temporary construction softening of prices, while high strong A and as in realizations sawtimber the pulpwood as residential as pulpwood in Pacific turn, the XXXX retreated achieved pricing compared we achieved we early throughout pricing region. the Northwest,
market to decision-making, changes to adapt conditions market in more the our and nimble operational relative capabilities we our challenging, by operating well the optionality the believe are strength to markets export current offered of us approach our Although position environment.
The segment. Timber quarter Adjusted results Zealand. higher increase prior $X credit in shows to impacts. million Moving metrics the net the $XX for to quarter. in lower carbon our by and compared fourth offset EBITDA foreign Zealand partially above was Page million was in year volumes, prior harvest adjusted New operating XX quarter year by the exchange key realizations EBITDA stumpage New unfavorable and driven increased of sales
export sawtimber XX% Average from quarter, declined delivered the $XXX prior per to China. as compared reduced demand prices year of reflecting ton
New log optimistic Zealand relaxation we're year, year. a business export the sector by and the of increase our export While faced number containment to recent that a in government Chinese and last versus headwinds the of will fiscal prior measures lead pricing support COVID-XX the property demand gradual of
ongoing New the into were us progresses. further Year, the log export relatively heading In reduced Lunar China side as export the Russian port constraints, the gradually and will improve European year supply Chinese that including salvage of with optimism inventories addition, with logs normalized at which a ongoing market provide coupled levels flow ban into
cost XXXX the decline the freight seen expect On should we contribute improved side, levels margins rates in versus to in the elevated year-over-year.
sawlog New domestic the decline period the exchange Zealand driven prices quarter the Fourth in Zealand from rate. XX% by to prior ton, $XX to market. a dollar, sharp New per year delivered largely average Shifting dollar declined U.S.
rates mortgage demand market decreased to demand domestic domestic as reduced impacting as for competition markets Excluding prices due from sawtimber foreign reflecting X%, weaker negatively impacts, well export construction materials. the higher exchange
Zealand foreign Domestic declined by were dollar impacted on a the in likewise basis rates, compared New XX% U.S. pulpwood prices quarter. to prior exchange year
pulpwood domestic less reflecting impacts, export from for Excluding X%, lower quality exchange competition declined markets logs. foreign prices
million reflects challenging nontimber results primally fourth continue to New While in in in $X.X the Zealand, bolster of Zealand income the the sales, our which remained in markets New quarter, carbon revenue credit financial during log quarter.
to we our carbon remain pricing optronics in carbon a conditions on Going forward, and market sale outlook. credits, plan of depending our credit
in profit Trading quarter. Lastly, operating slight segment, posted a in the our we fourth
low drive business. of timber typically reminder, export our and provide trading our to a As economies to margins additional are activities primarily fee designed scale
to Mark over now it turn I'll cover estate real results. our to
