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Plum Creek Posts Higher 1Q Results

The Associated Press

SEATTLE (AP) — Real estate investment trust Plum Creek Timber Co. said Monday its first-quarter profit grew fourfold, boosted by higher real estate revenue.

The company earned $157 million, or 95 cents per share, up from net income of $38 million, or 22 cents per share, in the year-earlier period.

Revenue rose 29 percent to $470 million from $363 million.

Analysts, on average, were expecting a profit of 94 cents per share on revenue of $506.4 million, according to a poll by Thomson Reuters.

The company said the latest quarter's results included 5 cents per share in impairment and severance charges, as well as a tax gain of 5 cents per share.

Plum Creek posted $268 million in real estate revenue in the latest quarter, up from $52 million a year earlier.

Looking ahead, the company said it expects second-quarter results to be about break-even. It expects income from continuing operations between $1.20 and $1.45 per share for the full year.

Analysts are expecting 2009 earnings of $1.45 per share.

Shares fell $1.45, or 4 percent, to close at $34.90 before earnings were issued.