Plum Creek Profit Falls; Cuts Top End Of FY Earnings Guidance

(RTTNews) - Plum Creek Timber Co Inc (PCL) on Monday reported second-quarter net earnings of $21 million or $0.12 per share. This compares with a profit of $55 million or $0.31 per share last year.

Revenues for the quarter were lower at $302 million compared with $356 million in the prior year.

The company said the prior year benefited from the sales of more than 49,000 acres of Wisconsin timberlands.

Commenting on the results, CEO Rick Holley said, "Second quarter earnings were slightly better than we initially thought. All of our business segments performed well... Improving consumer confidence, employment, and residential construction activity are encouraging and leading indicators of future demand growth."

For the third quarter, the company expects earnings of $0.50 to $0.55 per share.

For the full year 2015, the company now expects earnings of $1.05 to $1.20 per share compared with prior guidance of $1.05 to $1.30 per share.

The company expects harvest volumes to be in the lower half of its 19 to 20 million ton target range for 2015.