PLUM CREEK TIM REIT

Published : July 28th, 2015

Plum Creek's (PCL) Q2 Earnings Beat Estimates, Down Y/Y - Analyst Blog

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Keywords :   Debt | Growth | Real Estate |

Plum Creek's (PCL) Q2 Earnings Beat Estimates, Down Y/Y - Analyst Blog

Plum Creek Timber Company Inc.’s PCL second-quarter 2015 earnings came in at 12 cents per share, comfortably beating the Zacks Consensus Estimate of 8 cents.

Earnings for the prior-year quarter were recorded much higher at 31 cents per share, due to sale of more than 49,000 acres of timberlands located in Wisconsin.
 

Plum Creek Timber Company Inc. - Earnings Surprise | FindTheBest

Total revenue for the quarter was $302 million, down 15.2% year over year. Further, the figure lagged the Zacks Consensus Estimate of $304 million.

Segmental Performance

Operating income at the company’s Northern Resources segment declined to $3 million from $5 million recorded in the year-ago quarter.

The Southern Resources segment posted an operating income of $32 million, lower by $1 million year over year.

Operating income at Real Estate segment was $11 million for second-quarter 2015, much lower than $45 million in second-quarter 2014.
 
Operating income at Manufacturing segment increased 40% year over year to $14 million; while the same at Energy and Natural Resource segment was $5 million, down 16.7% year over year.

Liquidity

Plum Creek ended second-quarter 2015 with $83 million in cash and cash equivalents, down from $94 million at the end of the prior quarter. Total long-term debt stood at $2.0 billion, flat on a sequential basis.

Outlook

For 2015, Plum Creek projects timber harvest volumes in the lower end of the range of 19–20 million tons.

The company projects Real Estate segment sales to be around $300 million in 2015, with third-quarter sales within $125–$135 million. For third-quarter 2015, Plum Creek expects earnings from the Manufacturing segment Energy and Natural Resources segment to be similar to second-quarter levels.

The company projects 2015 net income in the range of $1.05–$1.20 per share and third-quarter 2015 income within $0.50–$0.55 per share.

Share Repurchase

During second-quarter 2015, Plum Creek bought back shares worth around $31 million at an average price of $41.16 a share. As of Jun 30, 2015, the company had $75 million of shares remaining under its repurchase authorization.

 Our Viewpoint

We are encouraged by Plum Creek’s earnings beat. However, moderate growth in harvest volumes keeps us apprehensive regarding this Zacks Rank #4 (Sell) stock.

We currently look forward to other REIT stocks that are scheduled to release second-quarter 2015 results next week. These include General Growth Properties, Inc GGP, Vornado Realty Trust VNO and Highwoods Properties Inc. HIW.

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PLUM CREEK TIM REIT is a exploration company.

PLUM CREEK TIM REIT is listed in United States of America. Its market capitalisation is US$ 3 065.9 billions as of today (€ 2 653.6 billions).

Its stock quote reached its lowest recent point on October 25, 2018 at US$ 1 049.25, and its highest recent level on October 06, 2021 at US$ 1 494.97.

PLUM CREEK TIM REIT has 2 050 830 080 shares outstanding.

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