Plum Creek 2Q profit up slightly on one-time gain
SEATTLE — Plum Creek Timber Co., a real estate investment trust, said Monday its second-quarter net income rose slightly as it benefited from a $23 million gain stemming from the sale of Wisconsin timberland.
For the April to June period, Seattle based-company had net income of $32 million, or 19 cents a share, compared with net income of $31 million, or 18 cents a share, in the year-ago quarter.
The most recent results reflect a $23 million gain, or 14 cents a share, on the sale of 59,000 acres in Wisconsin. In the year-ago quarter, Plum Creek reported a $6 million after-tax charge related to its manufacturing business.
Revenue fell 28 percent to $272 million from $376 million in the second quarter of 2008.
Analysts surveyed by Thomson Reuters had forecast, on average, earnings of 2 cents a share on revenue of $227.3 million. Analyst estimates typically exclude one-time items.
Rick Holley, president and chief executive officer, said the results were better than they expected because of the closure of some manufacturing operations and higher sales.
In the first six months, Plum Creek reported net income of $189 million, or $1.15 a share, compared with net income of $69 million, or 40 cents a share, in the year-ago period. Revenue totaled $742 million, up from $739 million.
Plum Creek forecast earnings of 5 cents to 10 cents a share for the third quarter and earnings of between $1.25 and $1.40 a share for the full year.
Plum Creek released its results after the market closed. Shares of Plum Creek rose 82 cents, or 2.5 percent, to close Monday at $33.17.
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