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Plum Creek Reports Results For Second Quarter 2013

Stocks in this article: PCL

Operating profit in the Southern Resources segment was $23 million, up $1 million from the $22 million reported for second quarter of 2012. Higher prices for both sawlogs and pulpwood offset lower harvest volumes. Sawlog prices increased $1 per ton, or 5 percent, and pulpwood prices increased $1 per ton, or 10 percent, compared to the second quarter of 2012. Overall the Southern harvest declined about 500,000 tons, or 14 percent, compared to the second quarter of 2012. While our full-year 2013 Southern harvest is planned to be similar to 2012’s harvest level, the 2013 harvest is weighted to the second half of the year to capture the expected improvement in log prices.

The Real Estate segment reported revenue of $53 million and operating income of $30 million in the second quarter of 2013. Second quarter 2012 revenue was $47 million and operating income was $29 million. During the quarter the company sold 9,800 acres of HBU/recreation lands for $1,925 per acre and 17,100 acres of small, non-strategic timberlands at an average price of $1,185 per acre. The company also sold about 17,500 acres of conservation land at an average price of $835 per acre.

The Manufacturing segment reported operating income of $14 million, a $5 million improvement over the second quarter of 2012. Strong demand and pricing continued to benefit each of the company’s manufactured product lines. Plywood prices increased 13 percent compared to the second quarter of 2012 on strong industrial demand. Plywood sales volume declined 6 percent compared to the same period of 2012 due to reduced log availability. MDF prices were up 8 percent compared to second quarter 2012 while sales volume grew 15 percent. In April of this year, the company re-opened its Evergreen lumber mill, boosting lumber sales volume by 21 percent compared to the second quarter of 2012. Average lumber prices declined approximately one percent as the product mix shifted to include lower-priced stud lumber from the re-opened mill.

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