Plum Creek Q3 earnings rise
Plum Creek Timber Co. posted third-quarter earnings of $50 million, up 56% from $32 million in the third quarter of 2010. Revenues for the period totaled $293 million, up 13% from $259 million in the same period last year.
Earnings for the first nine months of 2011 were $132 million, down 14% from $154 million in the year-ago period. Revenues for the period totaled $852 million, up 2% from $834 million in the first nine month of 2010.
"Business conditions were largely unchanged during the past quarter, with relatively attractive pulpwood markets in most regions, healthy sawlog markets in the Northwest and Northeast and continued weak sawlog markets in the South,” said Rick Holley, president and CEO. “Our results for the quarter came in much as we anticipated.
"The company's balance sheet remains healthy and we continue to have excellent financial flexibility. We continue to manage our portfolio of timber and land assets to maximize the long-term value of the company on a per-share basis. Consistent with this strategy, we completed the acquisition of 50,000 acres of timberlands in Georgia and Alabama during the quarter in addition to repurchasing nearly $25 million of stock," Holley added.
During the third quarter, the company acquired 50,000 acres of timberlands in Georgia and Alabama for about $75 million.
Plum Creek expects fourth-quarter income to be between $0.37 and $0.42 per share, resulting in full-year 2011 income from continuing operations between $1.18 and $1.23 per share.