The company expects its full-year harvest to approximate 17.5 million tons, including approximately 700,000 tons from our recent timber deed acquisition. This is at the high end of the company’s original harvest projection of 16.5 to 17.5 million tons for 2012. The increase is comprised of pulpwood, primarily the result of increased yields from the thinning of young timber stands.
During the third quarter, harvests in the Northern Resources segment are expected to increase seasonally from their second quarter low while the Southern harvest is expected to be similar to the second quarter’s level.
Third quarter Real Estate segment sales are expected to be between $90 million and $100 million. The company expects full-year Real Estate segment sales to be between $275 million and $325 million.
Manufacturing results are expected to decline slightly from the second quarter’s level.
“Our operations are performing well and we look forward to continued growth in the second half of the year, but believe a stronger recovery in the nation’s economy is more likely in 2013,” continued Holley. “We’re maintaining our earnings guidance for the year at $1.00 to $1.25 per share. We expect to report third quarter earnings between $0.32 and $0.37 per share.
“We continue to manage the company to maximize the long-term value of our shareholders’ investment. To accomplish this, nothing is more important than continued disciplined capital allocation. We will continue to evaluate all our opportunities to maximize shareholder value through share repurchase, debt reduction, or timberland acquisition; whatever creates the most value for our shareholders,” concluded Holley.
Earnings Conference Call and Supplemental Information
Plum Creek will hold a conference call today, Jul. 30, at 5:00 p.m. ET (2:00 p.m. PT). A live webcast of the conference call may be accessed through Plum Creek’s Internet site at
by clicking on the “Investors” link.
Investors without Internet access should dial 1-800-572-9852 at least 10 minutes prior to the start of the call, referencing Plum Creek’s earnings conference call. Those wishing to access the call from outside the United States and Canada should dial 1-706-645-9676, also referencing Plum Creek’s earnings conference call. Replay of the call will be available for 48 hours after completion of the live call and can be accessed at 1-855-859-2056 or 1-404-537-3406 (international calls), using the code 21136767.