Plum Creek Timber Company, Inc. (NYSE: PCL) today announced fourth quarter earnings of $79 million, or $0.49 per diluted share, on revenues of $354 million. Earnings for the fourth quarter of 2011 were $61 million, or $0.38 per diluted share, on revenues of $315 million.
Earnings for the full year of 2012 were $203 million, or $1.25 per diluted share, on revenues of $1.34 billion. Earnings for the full year of 2011 were $193 million, or $1.19 per diluted share, on revenues of $1.17 billion.
“We were able to post a five percent growth in full-year net income, ending 2012 on a strong note,” said Rick Holley, president and chief executive officer. “We exceeded our initial expectations for the fourth quarter, benefitting from continued strong demand for well-managed timberlands. In 2012 we grew adjusted EBITDA to $530 million, or an increase of 19 percent, exceeding our goal for the year.
“During the year, we continued to position ourselves to benefit from the emerging recovery in residential construction. We’ve worked closely with logging contractors over the past several years to ensure we are in preferred positions to serve the growing demand from our traditional customers as well as emerging bioenergy customers.
“We maintained our capital discipline. We sold non-strategic timberlands when we could lock-in very attractive returns for those properties today. We also invested more than $195 million in timber and non-timber resources that will add to our earnings and cash flow for years to come. Financially we’re in great shape to take advantage of opportunities to grow the long-term value of Plum Creek.
“We’re excited about the prospects for continued recovery and growth in 2013 and expect that the opportunities beyond are even more compelling. Over the past year, housing has moved from being a drag on the economy to being a bright spot. We are seeing improving demand for lumber and wood panels that is expected to translate into higher demand and pricing for logs in 2013.”