Plum Creek Timber Co. (PCL) Tops Q1 EPS by 2c; Guides In-Line

Plum Creek Timber Co. (NYSE: PCL) reported Q1 EPS of $0.17, $0.02 better than the analyst estimate of $0.15. Revenue for the quarter came in at $317 million versus the consensus estimate of $314.01 million.

Plum Creek Timber Co. sees Q2 2014 EPS of $0.27-$0.32, versus the consensus of $0.28.

Plum Creek Timber Co. sees FY2014 EPS of $1.30-$1.50, versus the consensus of $1.40..

“We’re pleased with the results of the first quarter of 2014,” said Rick Holley, Chief Executive Officer. “Results from our timber resources segment continue to grow with higher log prices and additional harvest volumes from our recently acquired timberlands. Earnings were in line with our initial expectations despite difficult weather conditions that hampered both log deliveries in the South and production and shipments from our Manufacturing facilities. As expected, first quarter’s income was lower than last year. This was solely the result of a large non-strategic timberland sale that contributed 21 cents to earnings per share in the first quarter of 2013.

“The timberlands and other assets we acquired from MeadWestvaco in December 2013 have been integrated into our portfolio and contributed $4 million in operating income and $9 million to adjusted EBITDA during the first quarter. As harvests increase and real estate activity grows, we expect greater contributions from these assets during the remainder of the year. We expect the acquisition to be cash accretive on a per share basis in 2014.

“We are on track to achieve our goal of growing Plum Creek’s non-real estate adjusted EBITDA by more than $80 million this year,” said Rick Holley, chief executive officer.

For earnings history and earnings-related data on Plum Creek Timber Co. (PCL) click here.

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