Plum Creek Timber Company, Inc. Announces Quarterly Cash Dividend, Payable on August 29, 2014
Aug 4 14
Plum Creek Timber Company Inc. announced a quarterly cash dividend of $0.44 per share. The dividend is payable on August 29, 2014, to shareholders of record as of August 15, 2014.
Plum Creek Timber Company Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Third Quarter and Full Year of 2014; Provides Production Guidance for 2014
Jul 28 14
Plum Creek Timber Company Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net income of $85 million or $0.47 per diluted share on total revenues of $673,000 compared to net income of $102 million or $0.62 per diluted share on total revenues of $643 million a year ago. Operating income was $139 million compared to $140 million a year ago. Earnings from unconsolidated entities, net was $29 million compared to $31 million a year ago. Income before income tax was $85 million compared to $101 million a year ago. Adjusted EBITDA was $233 million compared to $232 million a year ago.
For the six months, the company reported net income of $55 million or $0.31 per basic and diluted share on total revenues of $356,000 compared to net income of $46 million or $0.28 per basic and diluted share on total revenues of $303 million a year ago. Operating income was $82 million compared to $62 million a year ago. Earnings from unconsolidated entities, net was $15 million compared to $17 million a year ago. Income before income tax was $55 million compared to $44 million a year ago. Net cash provided by operating activities was $189 million compared to $140 million a year ago. Capital expenditures, excluding Timberland acquisitions (includes $4 million fire replacement capital in 2014) were $40 million compared to $31 million a year ago. Adjusted EBITDA was $140 million compared to $104 million a year ago. For the first six months of 2014, non-real estate adjusted EBITDA increased $30 million year over year driven by growth in the timber resources segments and Energy and Natural Resources segment.
The company has revised its earnings outlook for 2014 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. The company now expects 2014 income to be between $1.05 and $1.25 per share, and third quarter income between $0.27 and $0.32 per share. Most of the adjustments to the outlook reflect non-cash items or deliberate choices related to harvest timing. Cash flow remains strong, and the company now expect adjusted EBITDA for 2014 to grow in excess of $60 million, or more than 12%, from the 2013 adjusted EBITDA of $502 million. The company is maintaining its full-year Real Estate segment sales estimates of between $240 million and $280 million. However, the company expects the properties sold in the second half of the year to have higher book values than initially anticipated. These expectations have no impact on expected cash flow but are expected to reduce the reported operating income for the segment by approximately $31 million, or 18 cents per share. The company expects Manufacturing segment earnings will improve from the second quarter of 2014 as full production resumed at the company's medium density fiberboard (MDF) facility in mid-July. The temporary financial impacts from the June 10 fire are expected to be offset by insurance proceeds during the second half of the year. The company continues to expect strong cash flow and earnings in its Manufacturing segment in 2014 as a result of good demand and strong product pricing for the company's industrial plywood, MDF and lumber products.
Reflecting the views, the company has adjusted its harvest plans in certain local markets and now expects its 2014 timber harvest to come in at the low end of the 20 and 21 million ton range. The harvest deferral shifts approximately $15 million of cash flow to the future, and reduces the earnings outlook by $13 million, or 7 cents per share. During the third quarter, harvest levels in the Northern Resources segment are expected to seasonally rebound from second quarter lows when spring weather conditions limit timberland access. Southern Resources harvest volumes should increase from second quarter levels as Southern lumber production grows.
Plum Creek Timber Co. Inc. to Report Q2, 2014 Results on Jul 28, 2014
Jul 2 14
Plum Creek Timber Co. Inc. announced that they will report Q2, 2014 results at 5:00 PM, Eastern Standard Time on Jul 28, 2014