Mon, Jan. 26, 4:49 PM
- Q4 earnings of $66M or $0.38 per share (after excluding an insurance recovery) vs. $52M and $0.31 one year ago. Adjusted EBITDA of $605M vs. $502M.
- Northern Resources segment operating profit of $10M vs. $8M one year ago on harvest volume of 976K tons, about flat from last year. Northern sawlog prices of $5 per ton up 6%. Pulpwood prices up 5%.
- Southern Resources segment operating profit of $38M vs. $34M one year ago, with harvest volume up 11%. Southern sawlog prices up 5%. Pulpwood prices up more than $1 per ton.
- Real Estate segment sales of $120M vs. $59M one year ago, including the first phase of a significant conservation deal with The Nature Conservancy, selling 47.8K acres for $46M.
- Manufacturing segment operating profit of $14M vs. $8M one year ago.
- Guidance: U.S. residential construction to grow at "measured pace," with about 1.1M housing starts. Harvest volumes and mix to be similar to 2014 - 19M to 20M tons in 2015. Real Estate segment sales of $250M-$300M. 2015 EPS of $1.05-$1.30 vs. the Street at $1.27. Q1 EPS expected at $0.20-$0.25.
- Conference call at 5 ET
- Previously: Plum Creek Timber beats by $0.05, beats on revenue (Jan. 26)
- PCL flat after hours
Mon, Jan. 26, 4:06 PM| Comment!
Sun, Jan. 25, 5:35 PM
Nov. 4, 2014, 5:28 PM
Oct. 28, 2014, 11:06 AM
- The recovery in fundamentals (i.e., busier housing starts) is likely to be pushed further out, says analyst George Staphos, following the Q3 earnings report.
- CEO Rick Holley on the earnings call (transcript): "We did not grow our Southern harvest to the extent that we had planned for the third quarter. Some of the demand growth and price intention, we have forecast for the second half of this year has not materialized."
- Staphos: "The dividend increase at least as far as you can see, for '15 are probably on hold for now?"
- Holley: "I think that's a fair assessment."
- PCL -3%
- Previously: Plum Creek Timber beats by $0.02, misses on revenue
Oct. 27, 2014, 6:44 PM
- Core EPS of $0.32 vs. $0.46 prior.
- Residential construction markets continue to be sluggish.
- Expected Housing starts - FY'14 +8%; FY'15 +10% to 1.1M starts
- Q4 Harvest levels in the Northern and Southern Resources are expected to be similar to Q3 and 19.2 - 19.5M ton in FY'14.
- Expected Real Estate revenues - Q4 $105M - 125M; FY14 $275M - 295M.
- Expected EPS - Q4 $0.29 - 0.39; FY'14 $1.10 - 1.20 excl. any impacts from the Q2 MDF fire.
- Conference call at 5:00 PM ET
- PCL No trades AH
- Previous: Plum Creek Timber beats by $0.02, misses on revenue
Oct. 27, 2014, 4:09 PM| Comment!
Oct. 26, 2014, 5:35 PM
Aug. 4, 2014, 6:00 PM
Jul. 28, 2014, 5:36 PM
Jul. 28, 2014, 4:28 PM
- Full year 2014 guidance is cut to reflect lower harvest volumes, expectations for slower log price growth, and the anticipated composition of real estate transactions in H2. EPS is now expected at $1.05-$1.25, with Q3 EPS of $0.27-$0.32.
- "Residential construction activity in the first half of the year has not increased as initially projected. As a result, Southern lumber production has increased only modestly and sawlog demand and prices have grown at a slower pace than originally anticipated."
- Conference call at 5 ET
- PCL flat AH
- Previously: Plum Creek Timber beats by $0.01, beats on revenue
Jul. 28, 2014, 4:06 PM| 1 Comment
Jul. 27, 2014, 5:35 PM
Jul. 11, 2014, 7:37 AM| Comment!
May. 6, 2014, 5:58 PM| Comment!
Apr. 29, 2014, 1:37 PM
- Adjusted EBITDA of $93M fell from $128M one year ago. Timberlands and other assets acquired from MeadWestvaco late last year contributed $9M to adjusted EBITDA during Q1. Greater contributions are expected for rest of year.
- Northern Resources segment operating profit of $16M is up from $11M one year ago, with sawlog prices up 11%. Southern Resources segment operating profit of $31M is up $7M with increased harvest volumes (acquisitions) combining with a 6% boost in sawlog prices.
- Real Estate segment revenue of $23M and operating profit of $12M vs. $78M and $45M a year ago (included $53M sale of timberlands). Manufacturing segment operating income of $9M falls from $10M a year ago, with plywood sales volumes dropping 17%. Weather was an issue.
- Outlook: 20M-21M tons of timber expected to be harvested in 2014. Full-year Real Estate sales are expected between $240M-$280M. Full year income of $1.30-$1.50 per share and Q2 income of $0.27-$0.32.
- Commenting on the results, SA Pro's Stephen Simpson - who recently published a bullish piece on Plum Creek (PCL +1.9%) - likes the strong guidance (Q2 consensus is $0.28), but notes management pushed out the timeline for Southern sawlog price recovery, and pricing in the Northwest seems to be getting a little softer.
- Source: Press Release
- Previously: Plum Creek Timber Company, Inc. beats by $0.02, beats on revenue
PCL vs. ETF Alternatives
Plum Creek Timber Co Inc, is a real estate investment trust, which owns and manages timberlands in the United States. Its products include lumber products, plywood, medium density fiberboard, and related by-products, such as wood chips.
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