Plum Creek Timber Co. (PCL) Tops Q2 EPS by 1c; Cuts Outlook
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Plum Creek Timber Co. (NYSE: PCL) reported Q2 EPS of $0.31, $0.01 better than the analyst estimate of $0.30. Revenue for the quarter came in at $356 million versus the consensus estimate of $355.08 million.
Plum Creek Timber Co. sees Q3 2014 EPS of $0.27-$0.32, versus the consensus of $0.46.
Plum Creek Timber Co. sees FY2014 EPS of $1.05-$1.25, versus the consensus of $1.39, to reflect lower harvest volumes, expectations for slower log price growth, and the anticipated composition of real estate transactions in the second half of the year.
“Our second quarter results were much as we anticipated despite lower-than-planned harvest volumes in the South,” said Rick Holley, Plum Creek’s chief executive officer. “So far this year, the operating income and cash flow from our timber resources segments are up nearly 30 percent due to improving log prices and the additional harvest from the lands we acquired in December. Our Real Estate segment continues to perform as expected and our Manufacturing segment is on track to deliver a strong performance in 2014. Our Energy and Natural Resources segment results have grown too, as the assets we acquired over the past year are providing attractive cash-on-cash returns for our shareholders."
“We are still expecting meaningful growth this year, and the second half will be sequentially better than the first half,” said Holley. “The long-term trends in the timber industry give us confidence that timber markets will improve as lumber demand grows, although the recovery in 2014 has been more muted than we and other industry participants initially expected. Most of the adjustments to our outlook reflect non-cash items or deliberate choices related to harvest timing. Cash flow remains strong, and we now expect adjusted EBITDA for 2014 to grow in excess of $60 million, or more than 12 percent, from our 2013 adjusted EBITDA of $502 million.”
For earnings history and earnings-related data on Plum Creek Timber Co. (PCL) click here.
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