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
Jul. 27, 2014, 5:35 PM
Jul. 11, 2014, 7:37 AM| Jul. 11, 2014, 7:37 AM | Comment!
May 6, 2014, 5:58 PM
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
Apr. 28, 2014, 4:25 PM
Apr. 27, 2014, 5:35 PM
Feb. 4, 2014, 4:35 PM
Jan. 28, 2014, 8:59 AM
- Northern Resources unit operating profit of $8M gains from $5M a year ago thanks to stronger sawlog prices offsetting modestly lower harvest volumes. Southern Resources unit operating profit of $34M vs. $10M a year ago.
- Real Estate unit revenue and operating profit of $59M and $31M, respectively, falls sharply from $109M and $74M a year ago.
- Manufacturing unit operating profit of $8M up from $1M a year ago as lumber sales volume grew 40% thanks to the restarting of the company's stud lumber mill this year.
- $1.1B purchase of timberland, real estate, and related from MeadWestvaco closed in Q4, financed with 13.9M share issuance and the taking on of about $480M in debt.
- The 2014 outlook is shy of consensus: Real estate segment sales are expected at $240M-$280M. Net income is expected at $1.30-$1.50 per share, with Q1 net income of just $0.12-$0.17 per share thanks to the timing of real estate sales.
- DA Davidson upgrades to Buy with $50 price target.
- PCL -4.8% premarket
- Press release, Q4 results
Jan. 27, 2014, 4:04 PM
Jan. 27, 2014, 12:10 AM
Jan. 26, 2014, 5:35 PM
Jan. 4, 2014, 5:10 PM
- "It's the only timber REIT not earning its payout," Sandra Ward writes, adding that Plum Creek Timber's (PCL) "generous dividend ... amounts to about 130% of earnings."
- At 30X earnings, PCL looks expensive, something Barron's says may be "the reward for stewarding its capital and managing the business well."
- Nevertheless, the article says investors "worry about quality of [the dividend] coverage."
- With PCL leaning on real-estate sales to raise money, the company "is at a disadvantage in that its landholdings are considered less valuable than rivals," Ward notes, adding that "creative" royalty and rights arrangements generate cash that "isn't considered of the same quality as that produced by operations."
PCL vs. ETF Alternatives
Plum Creek Timber Co Inc is a real estate investment trust. It 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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