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Plum Creek Timber Company, Inc. Reports Results for First Quarter 2010
SEATTLE, Apr 26, 2010 (BUSINESS WIRE) --Plum Creek Timber Company, Inc. (NYSE:PCL) today announced first quarter earnings of $87 million, or $0.54 per diluted share, on revenues of $317 million. Results for the first quarter of 2010 include an $11 million ($0.07 per diluted share) after-tax gain on the sale of certain natural gas assets. As a result, income from continuing operations for the first quarter was $76 million, or $0.47 per diluted share. Earnings for the first quarter of 2009 were $157 million, or $0.95 per diluted share, on revenues of $470 million.
Results for the first quarter of 2009 include the effect of a $7 million after-tax ($12 million pre-tax) impairment charge related to the company's lumber manufacturing business, which reduced net income by $0.04 per diluted share; and approximately $2 million after-tax ($3 million pre-tax) of severance costs, which reduced net income by $0.01 per share. The 2009 first quarter's results benefited from the reversal of prior period tax expenses and a reduction in deferred tax liability. These changes resulted in a one-time tax benefit of approximately $8 million, or $0.05 per share.
Cash provided by operating activities for the first quarter totaled $129 million. The company ended the quarter with $304 million in cash and cash equivalents.
"Our first quarter results exceeded our expectations in each of our business lines," said Rick Holley, president and chief executive officer. "Each segment reported improved performance relative to the same period of 2009 with the exception of our real estate segment. The first-quarter 2009 real estate results were particularly strong as the result of a $250 million conservation sale.
"We are encouraged by improving prices for lumber, structural panels, and pulp and paper products. This should lead to improving demand and prices for our timber as the economic recovery takes hold. Interest and activity in rural land markets have improved from the low levels we experienced in 2009; and the right-sizing of our manufacturing businesses has returned the segment to profitability. In addition, our debt reduction and cost management efforts have reduced interest costs and overhead expenses. We remain conservatively positioned as the pace and timing of the recovery remains uncertain; however, we expect each of our businesses to benefit as markets improve."
Review of Operations
The Northern Resources segment reported operating profit of $4 million during the first quarter, a $2 million improvement compared to the first quarter of 2009. Lower costs and recovering sawlog markets improved profits compared to the year-ago period. Northern harvests were 1.15 million tons, similar to the harvest level of the first quarter of 2009. Northern sawlog prices continued to recover from the trough levels set during the first half of 2009. Average sawlog prices were $2 per ton, or about 4 percent, higher than the prices of the first quarter of 2009. Northern pulpwood prices have been stable at $38 per ton since the second quarter of 2009, but were down $5 per ton, or 11 percent, compared to the first quarter of 2009.
Operating profit in the Southern Resources segment was $30 million, compared to $20 million reported for the same period of 2009. Exceptionally strong pulpwood prices and higher sawlog harvest volumes helped to improve first quarter results. Pulpwood shortages were brought on by extremely wet winter weather in the region. As a result, southern pulpwood prices increased approximately $3 per ton, or 30 percent, to $13 per ton during the quarter and were $2 per ton higher than the first-quarter 2009 levels. The company responded to the strong demand for pulpwood, increasing its harvest above its initial plans. As a result, the pulpwood harvest was approximately 3 percent higher than the first quarter of 2009. Southern sawlog prices were influenced by the wet weather as well. Throughout the region, sawmills found it difficult to maintain adequate log inventories. Southern sawlog prices were up 10 percent from the fourth quarter of 2009, but were off slightly from first quarter 2009. As planned, the sawlog harvest increased 330,000 tons from its record-low 940,000 ton harvest during the first quarter of 2009.
The Real Estate segment reported revenue of $99 million and operating income of $62 million; below the results for the first quarter of 2009 when the company completed a $250 million sale of conservation lands in Montana. First quarter 2009 operating income was $170 million, of which $162 million was from the Montana sale.
The first quarter 2010 results include the sale of 24,000 acres of large, non-strategic timberlands located in the South for $32 million, or approximately $1,300 per acre. In addition, the company completed the sale of 35,000 acres of conservation lands located in Wisconsin and Arkansas for $19 million, or approximately $550 per acre. Small, non-strategic timberland sales of nearly 30,000 acres captured values of approximately $900 per acre while sales of 9,000 acres of recreation lands captured average values of more than $2,100 per acre. The 730 acres of development properties sold for approximately $3,100 per acre. Consistent with the experience of recent quarters, the lands sold during the quarter were concentrated in the lower-value Lake States and Gulf South regions.
The Manufacturing segment reported operating income of $4 million, up significantly from the $22 million operating loss reported during the first quarter of 2009. The first quarter 2009 loss included a $12 million pre-tax impairment charge of certain lumber manufacturing operations and $2 million of severance costs related to staff reductions in the segment. Operating results in each product line improved from the low levels of the first quarter of 2009. Plywood and medium density fiberboard sales volumes increased 27 percent and 4 percent, respectively, while average sales prices were approximately 3 percent lower for both products compared to the first quarter of 2009. Lumber results improved significantly over the past year, as the company's right-sizing efforts returned the business to profitability.
Outlook
During the second quarter, Northern harvests are typically at their lowest level of the year as thawing spring weather restricts harvesting activities. Both sawlog and pulpwood harvests in the Northern Resources segment will be lower than the first quarter's level and slightly lower than those during the second quarter of 2009. As a result of the seasonally low harvest levels, the company expects to report a modest operating loss during the quarter in the Northern Resources segment.
The Southern harvest is expected to be similar to the first quarter's level.
Second quarter Real Estate segment sales are expected to be between $35 million and $40 million. As in years past, the segment's results are expected to exhibit a seasonal pattern of higher activity and sales levels in the second half of the year. The company expects full-year Real Estate segment sales to be between $350 million and $370 million, including the $89 million third-phase of the Montana conservation sale which will close in December.
Manufacturing results are expected to improve further as higher prices and higher seasonal demand results in improved profitability.
Reflecting the better-than-expected first quarter results and the outlook for the remainder of the year, the company now expects 2010 income from continuing operations to be between $1.30 and $1.50 per share. The company anticipates second quarter income from continuing operations to be between $0.10 and $0.15 per share.
"During the economic downturn, and through a recovery, we continue to focus on our most important job: disciplined, effective capital allocation," continued Holley. "We believe this is the most important tool we have for long-term shareholder value creation. Active portfolio management has reduced financial risk, reduced our cash obligations, and improved the productivity and long-term financial returns from our asset base. We will continue to manage our portfolio of timberlands, and the capital they generate to produce the best possible long-term value outcome for our shareholders."
Plum Creek Timber Company, Inc. Reports Results for First Quarter 2010
SEATTLE, Apr 26, 2010 (BUSINESS WIRE) --Plum Creek Timber Company, Inc. (NYSE:PCL) today announced first quarter earnings of $87 million, or $0.54 per diluted share, on revenues of $317 million. Results for the first quarter of 2010 include an $11 million ($0.07 per diluted share) after-tax gain on the sale of certain natural gas assets. As a result, income from continuing operations for the first quarter was $76 million, or $0.47 per diluted share. Earnings for the first quarter of 2009 were $157 million, or $0.95 per diluted share, on revenues of $470 million.
Results for the first quarter of 2009 include the effect of a $7 million after-tax ($12 million pre-tax) impairment charge related to the company's lumber manufacturing business, which reduced net income by $0.04 per diluted share; and approximately $2 million after-tax ($3 million pre-tax) of severance costs, which reduced net income by $0.01 per share. The 2009 first quarter's results benefited from the reversal of prior period tax expenses and a reduction in deferred tax liability. These changes resulted in a one-time tax benefit of approximately $8 million, or $0.05 per share.
Cash provided by operating activities for the first quarter totaled $129 million. The company ended the quarter with $304 million in cash and cash equivalents.
"Our first quarter results exceeded our expectations in each of our business lines," said Rick Holley, president and chief executive officer. "Each segment reported improved performance relative to the same period of 2009 with the exception of our real estate segment. The first-quarter 2009 real estate results were particularly strong as the result of a $250 million conservation sale.
"We are encouraged by improving prices for lumber, structural panels, and pulp and paper products. This should lead to improving demand and prices for our timber as the economic recovery takes hold. Interest and activity in rural land markets have improved from the low levels we experienced in 2009; and the right-sizing of our manufacturing businesses has returned the segment to profitability. In addition, our debt reduction and cost management efforts have reduced interest costs and overhead expenses. We remain conservatively positioned as the pace and timing of the recovery remains uncertain; however, we expect each of our businesses to benefit as markets improve."
Review of Operations
The Northern Resources segment reported operating profit of $4 million during the first quarter, a $2 million improvement compared to the first quarter of 2009. Lower costs and recovering sawlog markets improved profits compared to the year-ago period. Northern harvests were 1.15 million tons, similar to the harvest level of the first quarter of 2009. Northern sawlog prices continued to recover from the trough levels set during the first half of 2009. Average sawlog prices were $2 per ton, or about 4 percent, higher than the prices of the first quarter of 2009. Northern pulpwood prices have been stable at $38 per ton since the second quarter of 2009, but were down $5 per ton, or 11 percent, compared to the first quarter of 2009.
Operating profit in the Southern Resources segment was $30 million, compared to $20 million reported for the same period of 2009. Exceptionally strong pulpwood prices and higher sawlog harvest volumes helped to improve first quarter results. Pulpwood shortages were brought on by extremely wet winter weather in the region. As a result, southern pulpwood prices increased approximately $3 per ton, or 30 percent, to $13 per ton during the quarter and were $2 per ton higher than the first-quarter 2009 levels. The company responded to the strong demand for pulpwood, increasing its harvest above its initial plans. As a result, the pulpwood harvest was approximately 3 percent higher than the first quarter of 2009. Southern sawlog prices were influenced by the wet weather as well. Throughout the region, sawmills found it difficult to maintain adequate log inventories. Southern sawlog prices were up 10 percent from the fourth quarter of 2009, but were off slightly from first quarter 2009. As planned, the sawlog harvest increased 330,000 tons from its record-low 940,000 ton harvest during the first quarter of 2009.
The Real Estate segment reported revenue of $99 million and operating income of $62 million; below the results for the first quarter of 2009 when the company completed a $250 million sale of conservation lands in Montana. First quarter 2009 operating income was $170 million, of which $162 million was from the Montana sale.
The first quarter 2010 results include the sale of 24,000 acres of large, non-strategic timberlands located in the South for $32 million, or approximately $1,300 per acre. In addition, the company completed the sale of 35,000 acres of conservation lands located in Wisconsin and Arkansas for $19 million, or approximately $550 per acre. Small, non-strategic timberland sales of nearly 30,000 acres captured values of approximately $900 per acre while sales of 9,000 acres of recreation lands captured average values of more than $2,100 per acre. The 730 acres of development properties sold for approximately $3,100 per acre. Consistent with the experience of recent quarters, the lands sold during the quarter were concentrated in the lower-value Lake States and Gulf South regions.
The Manufacturing segment reported operating income of $4 million, up significantly from the $22 million operating loss reported during the first quarter of 2009. The first quarter 2009 loss included a $12 million pre-tax impairment charge of certain lumber manufacturing operations and $2 million of severance costs related to staff reductions in the segment. Operating results in each product line improved from the low levels of the first quarter of 2009. Plywood and medium density fiberboard sales volumes increased 27 percent and 4 percent, respectively, while average sales prices were approximately 3 percent lower for both products compared to the first quarter of 2009. Lumber results improved significantly over the past year, as the company's right-sizing efforts returned the business to profitability.
Outlook
During the second quarter, Northern harvests are typically at their lowest level of the year as thawing spring weather restricts harvesting activities. Both sawlog and pulpwood harvests in the Northern Resources segment will be lower than the first quarter's level and slightly lower than those during the second quarter of 2009. As a result of the seasonally low harvest levels, the company expects to report a modest operating loss during the quarter in the Northern Resources segment.
The Southern harvest is expected to be similar to the first quarter's level.
Second quarter Real Estate segment sales are expected to be between $35 million and $40 million. As in years past, the segment's results are expected to exhibit a seasonal pattern of higher activity and sales levels in the second half of the year. The company expects full-year Real Estate segment sales to be between $350 million and $370 million, including the $89 million third-phase of the Montana conservation sale which will close in December.
Manufacturing results are expected to improve further as higher prices and higher seasonal demand results in improved profitability.
Reflecting the better-than-expected first quarter results and the outlook for the remainder of the year, the company now expects 2010 income from continuing operations to be between $1.30 and $1.50 per share. The company anticipates second quarter income from continuing operations to be between $0.10 and $0.15 per share.
"During the economic downturn, and through a recovery, we continue to focus on our most important job: disciplined, effective capital allocation," continued Holley. "We believe this is the most important tool we have for long-term shareholder value creation. Active portfolio management has reduced financial risk, reduced our cash obligations, and improved the productivity and long-term financial returns from our asset base. We will continue to manage our portfolio of timberlands, and the capital they generate to produce the best possible long-term value outcome for our shareholders."
Antwort auf Beitrag Nr.: 39.579.089 von R-BgO am 25.05.10 14:40:39Auch Jeremy Grantham vom GMO Fonds empfiehlt Anlagen in Holz und holzproduzierende Unternehmen als weniger stark mit den breiten Aktienmärkten korrelierte Anlagen.
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Dazu ein Link mit weiteren aktuell propagierten Stock Picks: http://finance.yahoo.com/retirement/article/109687/stock-pic…
04.06.2010 14:31
Plum Creek Completes $50 Million of Share Repurchases
Plum Creek Timber Company, Inc. (NYSE: PCL) announced today that it repurchased $50 million of its common stock, completing its previously announced $200 million open-market share repurchase program. The company expects to seek authorization of a new open-market share repurchase program at its next scheduled Board of Directors meeting. During the second quarter, the company repurchased approximately 1.37 million shares at an average price of $36.37 per share. As of June 1, 2010, Plum Creek had approximately 161.6 million shares outstanding.
"Disciplined capital allocation is at the heart of Plum Creek's long-term strategy for shareholder value creation. We are convinced that the most compelling timber investment available in today's market is our own stock," said Rick Holley, president and chief executive officer.
Plum Creek is the largest and most geographically diverse private landowner in the nation with approximately 7 million acres of timberlands in major timber-producing regions of the United States and wood products manufacturing facilities in the Northwest. For more information, visit www.plumcreek.com
Plum Creek Completes $50 Million of Share Repurchases
Plum Creek Timber Company, Inc. (NYSE: PCL) announced today that it repurchased $50 million of its common stock, completing its previously announced $200 million open-market share repurchase program. The company expects to seek authorization of a new open-market share repurchase program at its next scheduled Board of Directors meeting. During the second quarter, the company repurchased approximately 1.37 million shares at an average price of $36.37 per share. As of June 1, 2010, Plum Creek had approximately 161.6 million shares outstanding.
"Disciplined capital allocation is at the heart of Plum Creek's long-term strategy for shareholder value creation. We are convinced that the most compelling timber investment available in today's market is our own stock," said Rick Holley, president and chief executive officer.
Plum Creek is the largest and most geographically diverse private landowner in the nation with approximately 7 million acres of timberlands in major timber-producing regions of the United States and wood products manufacturing facilities in the Northwest. For more information, visit www.plumcreek.com
SEATTLE, Jul 26, 2010 (BUSINESS WIRE) --
Plum Creek Timber Company, Inc. (NYSE: PCL) today announced second quarter earnings of $35 million, or $0.21 per diluted share, on revenues of $258 million. Earnings for the second quarter of 2009 were $32 million, or $0.19 per diluted share, on revenues of $272 million.
Earnings for the first six months of 2010 were $122 million, or $0.75 per diluted share, on revenues of $575 million. Results for the first six months of 2010 include an $11 million ($0.07 per diluted share) after-tax gain on the first-quarter sale of certain natural gas assets. As a result, income from continuing operations for the first six months was $111 million, or $0.68 per diluted share.
Earnings for the first six months of 2009 were $189 million, or $1.15 per diluted share, on revenues of $742 million. Results for the first six months of 2009 included the effect of a $7 million after-tax ($12 million pre-tax) impairment charge related to the company's lumber manufacturing business, which reduced net income by $0.04 per diluted share, and approximately $2 million after-tax ($4 million pre-tax) of severance costs, reducing net income by $0.01 per diluted share. The results for the first six months also benefited from the reversal of prior period tax expenses and a reduction in the deferred tax liability. These changes resulted in a one-time tax benefit of approximately $8 million, or $0.05 per diluted share.
Cash provided by operating activities for the second quarter of 2010 totaled $78 million. The company ended the quarter with $250 million in cash and cash equivalents.
"Our second quarter results were better than expected," said Rick Holley, Plum Creek's president and chief executive officer. "Northern sawlog prices, both softwood in the Pacific Northwest and hardwood in the Lake States and Northeast improved more than we had initially anticipated. Pulpwood markets throughout the country remained attractive, and improved demand from industrial panel customers led to solid gains in our manufacturing segment. In addition, activity in our real estate segment was better than expected."
Review of Operations
The Northern Resources segment reported a $3 million profit for the quarter, up $10 million from the $7 million operating loss it reported during the second quarter of 2009. Sawlog demand and pricing improved from the extreme lows experienced during the second quarter of 2009. Average sawlog prices improved more than $15 per ton, or 30 percent, from the lows they reached during the second quarter of 2009. The company's second-quarter sawlog harvest of 484,000 tons was 113,000 tons, or 30 percent, higher than the same period of 2009 as lumber customers increased demand in response to attractive lumber prices. Average pulpwood prices were unchanged, and pulpwood harvest volumes were approximately 12 percent, or 49,000 tons, lower compared to the second quarter of 2009.
Operating profit in the Southern Resources segment was $24 million compared to a $23 million profit reported during the second quarter of 2009. Higher prices for the company's timber offset the impact of lower harvest volumes compared to the second quarter of 2009. Sawlog prices were $1 per ton, or about 5 percent higher, while sawlog harvest volumes were approximately 8 percent lower. Pulpwood prices were $12 per ton, or $3 per ton (31 percent), higher than the prices during the second quarter of 2009. The second quarter pulpwood harvest was approximately 400,000 tons lower than the volume harvested during the second quarter of 2009 as part of the company's plan to reduce the pulpwood harvest by 1 million tons from 2009's level.
The Real Estate segment reported total revenue of $43 million and operating income of $26 million. Second quarter 2009 Real Estate segment revenue was $78 million resulting in operating income of $44 million. The 2009 results included a $38 million sale of Wisconsin timberlands that contributed approximately $23 million to the segment's income.
Approximately 20,000 acres were sold during the second quarter of 2010. These rural land sales consisted of approximately 18,000 acres of recreation lands and approximately 2,000 acres of small, non-strategic timberlands. The recreation lands captured average values of $2,200 per acre, consistent with those of the past 18 months. The small, non-strategic timberlands captured approximately $1,100 per acre. Conservation land sales of 215 acres captured average values of $1,450 per acre, and 60 acres of development land were sold at approximately $6,000 per acre.
The Manufacturing segment reported $10 million of operating income for the second quarter, significantly above the breakeven results for the segment during the second quarter of 2009. The segment results benefitted from $2 million of income from the sale of equipment from its closed Pablo lumber mill. Improved industrial demand drove price and volume gains for both the plywood and medium density fiberboard product lines. Lumber sales volumes were significantly lower as the result of the permanent closure of two lumber mills in 2009. Lumber prices were higher than the extreme lows set in the second quarter of 2009. While our average lumber price realization increased 54 percent over the 2009 second quarter average, a portion of the increase resulted from the favorable mix shift that occurred with the sawmill closures. The remaining sawmill produces higher-priced pine boards which had a 30 percent improvement in price.
Share Repurchase
During the second quarter, the company used $50 million of cash sourced from strategic timberland dispositions made in 2009 and the first quarter of 2010 to repurchase approximately 1.37 million shares at an average price of $36.37 per share. As of June 30, 2010 Plum Creek had approximately 161.6 million shares outstanding.
Outlook
Business conditions have improved over the past year but the pace of recovery is slow. Pulpwood customers' end markets remain healthy and industrial end-market demand for solid-wood products has improved. However, demand for sawlogs remains relatively weak as repair and remodel end-use markets and residential construction markets remain near historic lows.
During the second quarter, Northern harvests are typically at their lowest level of the year as thawing spring weather restricts harvesting activities. Both sawlog and pulpwood harvests in the Northern Resources segment are expected to increase during the third quarter and approach the harvest levels of the first quarter of 2010.
The Southern sawlog harvest is expected to be similar to the first quarter's level while the Southern pulpwood harvest is expected to approach 1.65 million tons during the third quarter.
Third quarter Real Estate segment sales are expected to be between $50 million and $55 million. As in years past, the segment's results are expected to exhibit a seasonal pattern of higher activity and sales levels in the second half of the year. The company expects full-year Real Estate segment sales to be between $350 million and $370 million, including the $89 million third-phase of the Montana conservation sale which will close in December.
Manufacturing results are expected to approximate the first quarter's level as lumber prices have corrected from the strong levels experienced earlier in the year and demand for medium density fiberboard is expected to moderate during the second half of the year.
Reflecting the second quarter results and the outlook for the remainder of the year, the company now expects 2010 income from continuing operations to be between $1.35 and $1.50 per share. The company anticipates third quarter income from continuing operations to be between $0.20 and $0.25 per share.
"Disciplined capital allocation is one of the most important tools we have for long-term shareholder value creation," continued Holley. "We continue to capture attractive arbitrage opportunities by sourcing capital from the sale of non-strategic properties at attractive private-market values and repurchasing our own stock at a significant discount to private-market value. Our proactive management of our timberland portfolio has allowed us to protect long-term shareholder value, and our conservative capital structure has provided the financial flexibility needed to make value-maximizing operating decisions."
Plum Creek Timber Company, Inc. (NYSE: PCL) today announced second quarter earnings of $35 million, or $0.21 per diluted share, on revenues of $258 million. Earnings for the second quarter of 2009 were $32 million, or $0.19 per diluted share, on revenues of $272 million.
Earnings for the first six months of 2010 were $122 million, or $0.75 per diluted share, on revenues of $575 million. Results for the first six months of 2010 include an $11 million ($0.07 per diluted share) after-tax gain on the first-quarter sale of certain natural gas assets. As a result, income from continuing operations for the first six months was $111 million, or $0.68 per diluted share.
Earnings for the first six months of 2009 were $189 million, or $1.15 per diluted share, on revenues of $742 million. Results for the first six months of 2009 included the effect of a $7 million after-tax ($12 million pre-tax) impairment charge related to the company's lumber manufacturing business, which reduced net income by $0.04 per diluted share, and approximately $2 million after-tax ($4 million pre-tax) of severance costs, reducing net income by $0.01 per diluted share. The results for the first six months also benefited from the reversal of prior period tax expenses and a reduction in the deferred tax liability. These changes resulted in a one-time tax benefit of approximately $8 million, or $0.05 per diluted share.
Cash provided by operating activities for the second quarter of 2010 totaled $78 million. The company ended the quarter with $250 million in cash and cash equivalents.
"Our second quarter results were better than expected," said Rick Holley, Plum Creek's president and chief executive officer. "Northern sawlog prices, both softwood in the Pacific Northwest and hardwood in the Lake States and Northeast improved more than we had initially anticipated. Pulpwood markets throughout the country remained attractive, and improved demand from industrial panel customers led to solid gains in our manufacturing segment. In addition, activity in our real estate segment was better than expected."
Review of Operations
The Northern Resources segment reported a $3 million profit for the quarter, up $10 million from the $7 million operating loss it reported during the second quarter of 2009. Sawlog demand and pricing improved from the extreme lows experienced during the second quarter of 2009. Average sawlog prices improved more than $15 per ton, or 30 percent, from the lows they reached during the second quarter of 2009. The company's second-quarter sawlog harvest of 484,000 tons was 113,000 tons, or 30 percent, higher than the same period of 2009 as lumber customers increased demand in response to attractive lumber prices. Average pulpwood prices were unchanged, and pulpwood harvest volumes were approximately 12 percent, or 49,000 tons, lower compared to the second quarter of 2009.
Operating profit in the Southern Resources segment was $24 million compared to a $23 million profit reported during the second quarter of 2009. Higher prices for the company's timber offset the impact of lower harvest volumes compared to the second quarter of 2009. Sawlog prices were $1 per ton, or about 5 percent higher, while sawlog harvest volumes were approximately 8 percent lower. Pulpwood prices were $12 per ton, or $3 per ton (31 percent), higher than the prices during the second quarter of 2009. The second quarter pulpwood harvest was approximately 400,000 tons lower than the volume harvested during the second quarter of 2009 as part of the company's plan to reduce the pulpwood harvest by 1 million tons from 2009's level.
The Real Estate segment reported total revenue of $43 million and operating income of $26 million. Second quarter 2009 Real Estate segment revenue was $78 million resulting in operating income of $44 million. The 2009 results included a $38 million sale of Wisconsin timberlands that contributed approximately $23 million to the segment's income.
Approximately 20,000 acres were sold during the second quarter of 2010. These rural land sales consisted of approximately 18,000 acres of recreation lands and approximately 2,000 acres of small, non-strategic timberlands. The recreation lands captured average values of $2,200 per acre, consistent with those of the past 18 months. The small, non-strategic timberlands captured approximately $1,100 per acre. Conservation land sales of 215 acres captured average values of $1,450 per acre, and 60 acres of development land were sold at approximately $6,000 per acre.
The Manufacturing segment reported $10 million of operating income for the second quarter, significantly above the breakeven results for the segment during the second quarter of 2009. The segment results benefitted from $2 million of income from the sale of equipment from its closed Pablo lumber mill. Improved industrial demand drove price and volume gains for both the plywood and medium density fiberboard product lines. Lumber sales volumes were significantly lower as the result of the permanent closure of two lumber mills in 2009. Lumber prices were higher than the extreme lows set in the second quarter of 2009. While our average lumber price realization increased 54 percent over the 2009 second quarter average, a portion of the increase resulted from the favorable mix shift that occurred with the sawmill closures. The remaining sawmill produces higher-priced pine boards which had a 30 percent improvement in price.
Share Repurchase
During the second quarter, the company used $50 million of cash sourced from strategic timberland dispositions made in 2009 and the first quarter of 2010 to repurchase approximately 1.37 million shares at an average price of $36.37 per share. As of June 30, 2010 Plum Creek had approximately 161.6 million shares outstanding.
Outlook
Business conditions have improved over the past year but the pace of recovery is slow. Pulpwood customers' end markets remain healthy and industrial end-market demand for solid-wood products has improved. However, demand for sawlogs remains relatively weak as repair and remodel end-use markets and residential construction markets remain near historic lows.
During the second quarter, Northern harvests are typically at their lowest level of the year as thawing spring weather restricts harvesting activities. Both sawlog and pulpwood harvests in the Northern Resources segment are expected to increase during the third quarter and approach the harvest levels of the first quarter of 2010.
The Southern sawlog harvest is expected to be similar to the first quarter's level while the Southern pulpwood harvest is expected to approach 1.65 million tons during the third quarter.
Third quarter Real Estate segment sales are expected to be between $50 million and $55 million. As in years past, the segment's results are expected to exhibit a seasonal pattern of higher activity and sales levels in the second half of the year. The company expects full-year Real Estate segment sales to be between $350 million and $370 million, including the $89 million third-phase of the Montana conservation sale which will close in December.
Manufacturing results are expected to approximate the first quarter's level as lumber prices have corrected from the strong levels experienced earlier in the year and demand for medium density fiberboard is expected to moderate during the second half of the year.
Reflecting the second quarter results and the outlook for the remainder of the year, the company now expects 2010 income from continuing operations to be between $1.35 and $1.50 per share. The company anticipates third quarter income from continuing operations to be between $0.20 and $0.25 per share.
"Disciplined capital allocation is one of the most important tools we have for long-term shareholder value creation," continued Holley. "We continue to capture attractive arbitrage opportunities by sourcing capital from the sale of non-strategic properties at attractive private-market values and repurchasing our own stock at a significant discount to private-market value. Our proactive management of our timberland portfolio has allowed us to protect long-term shareholder value, and our conservative capital structure has provided the financial flexibility needed to make value-maximizing operating decisions."
Plum Creek Timber Company, Inc. (NYSE:PCL) today announced third quarter earnings of $32 million, or $0.20 per diluted share, on revenues of $259 million. Earnings for the third quarter of 2009 were $19 million, or $0.12 per diluted share, on revenues of $294 million. Results for the third quarter of 2009 include a $2 million after-tax ($4 million pre-tax) pension settlement charge resulting from personnel reductions in 2009, primarily within the company's manufacturing operations. The expense, net of tax, reduced earnings by $0.02 per share.
Earnings for the first nine months of 2010 were $154 million, or $0.94 per diluted share, on revenues of $834 million. Results for the first nine months of 2010 include an $11 million ($0.07 per diluted share) after-tax gain on the first-quarter sale of certain natural gas assets. As a result, income from continuing operations for the first nine months was $143 million, or $0.88 per diluted share.
Earnings for the first nine months of 2009 were $208 million, or $1.27 per diluted share, on revenues of $1.04 billion. Results for the first nine months of 2009 include approximately $13 million of after-tax ($21 million pre-tax) charges primarily associated with the downsizing of the company's manufacturing operations somewhat offset by $8 million of unrelated one-time tax benefits. Combined, these two items reduced net income by $5 million, or approximately $0.03 per diluted share.
Cash provided by operating activities during the first nine months of 2010 totaled $312 million. The company ended the third quarter with $267 million in cash and cash equivalents.
"Our timber resource segments and Manufacturing segment reported improved financial performance, and profit from our Real Estate segment was similar to last year's. While interest in rural lands remains steady, we did not see the growth in real estate revenue we were expecting as individual and family buyers remained cautious in reaction to increased economic uncertainty," said Rick Holley, president and chief executive officer.
"Despite the slow pace of economic recovery, we remain excited about the long-term prospects for significant growth in our cash flows as the economy recovers, Canadian lumber supply becomes constrained, and bioenergy demand grows. We continue to sustainably manage our business to maximize the long-term value of our assets and our company," continued Holley.
Review of Operations
The Northern Resources segment reported a $5 million operating profit during the quarter compared to the $3 million profit for the same period of 2009. Sawlog prices have recovered from the low levels experienced during 2009. Average Northern Resources sawlog prices were $10 per ton higher, or 18 percent higher, than the prevailing prices of the third quarter of 2009. While prices have improved from their lows, the company continues to restrict its sawlog harvest in the Pacific Northwest due to relatively unattractive sawlog prices in the region. Average pulpwood prices in the segment were $1 per ton higher than those experienced during 2009. As planned, the segment's total harvest volume was 1,050,000 tons, approximately 270,000 tons lower than the 2009 level.
Operating profit in the Southern Resources segment was $25 million for the third quarter of 2010 compared to $21 million for the same period of 2009. Prices for both sawlogs and pulpwood have improved, $1 per ton and $2 per ton, respectively, from the levels experienced during the same period of 2009. The company's harvest plan for 2010 called for a shift in harvest emphasis from first thinnings that produce exclusively pulpwood to second thinnings that produce a mix of pulpwood and small-diameter sawlogs. As a result, the company's Southern pulpwood volumes were 340,000 tons lower than they were during the same period of 2009. Total third-quarter harvest volumes in the segment were approximately 2.9 million tons, 380,000 tons lower than those of the third quarter of 2009.
The Real Estate segment reported total revenue of $39 million and operating income of $19 million. Third quarter 2009 Real Estate segment revenue was $73 million resulting in operating income of $20 million. The $73 million of 2009 revenue included a $25 million land exchange with the Washington State Department of Natural Resources. This non-cash, value-for-value exchange had no impact to earnings or cash flow.
The company sold approximately 23,000 acres of lands during the quarter at values similar to those of the past several quarters. Sales consisted of nearly 10,000 acres of recreation lands with average values of $2,335 per acre and 10,270 acres of small, non-strategic lands valued at approximately $1,025 per acre. Nearly 3,000 acres of conservation lands captured values of nearly $1,900 per acre.
The Manufacturing segment reported a $7 million operating profit. The segment reported a $1 million operating loss for the third quarter of 2009 including the effect of the $4 million pension settlement charge mentioned above. Profitability in each of the segment's product lines improved from 2009's third quarter. Product prices increased year-over-year. Lumber prices increased an average of 9 percent while plywood and medium density fiberboard (MDF) prices increased approximately 7 percent and 6 percent respectively. Sales volumes for plywood and MDF increased 7 and 14 percent respectively. Lumber sales volumes were 28 percent lower during 2010 as the result of the permanent closure of two lumber mills in 2009.
Outlook
Overall timber markets are expected to be fairly stable during the fourth quarter. Sawlog prices should remain at third quarter levels and compare favorably to the fourth quarter of 2009. Pulpwood demand and prices remain at historically attractive levels, and customer operating rates, and therefore pulpwood demand, are expected to remain healthy during the fourth quarter.
During the fourth quarter the Northern segment's harvest is expected to decline from third quarter levels. The company continues to defer its Oregon sawlog harvest due to unattractive pricing in the region and plans to seasonally reduce its hardwood pulpwood production in the Northeast and Lake States regions during the fourth quarter. The Southern harvest is expected to be slightly higher than the third quarter's level. As a result, the company expects its 2010 total harvest to be approximately 15.2 million tons, 4 percent below the 2009 harvest level.
The fourth-quarter Real Estate segment sales are expected to be between $140 million and $160 million. This includes the $89 million third phase of the Montana conservation sale scheduled to close in the fourth quarter. As a result, the company expects full-year Real Estate segment sales to be between $320 million and $340 million, approximately 8 percent below previous estimates.
We expect our Manufacturing segment to remain profitable at slightly above breakeven performance during the seasonally weak fourth quarter.
The company expects to report fourth-quarter income between $0.40 and $0.47 per share, resulting in full-year 2010 income from continuing operations between $1.28 and $1.35 per share.
"Business conditions have slowly improved over the past twelve months, but remain challenging in every segment. In our day-to-day operations, we never lose sight of our goal to maximize the net present value of our asset base. We will continue to defer the harvest of our most valuable sawlogs. Likewise, we are holding our most valuable lands for future opportunities while capturing good value in lower-value markets where prices remain the most attractive," Holley continued.
"Successfully managing such long-lived assets requires conviction about long-term business opportunities and consistent, disciplined capital allocation. We are well positioned with a valuable asset base, long-term growth of our harvests, and conservative capital structure," concluded Holley.
Earnings for the first nine months of 2010 were $154 million, or $0.94 per diluted share, on revenues of $834 million. Results for the first nine months of 2010 include an $11 million ($0.07 per diluted share) after-tax gain on the first-quarter sale of certain natural gas assets. As a result, income from continuing operations for the first nine months was $143 million, or $0.88 per diluted share.
Earnings for the first nine months of 2009 were $208 million, or $1.27 per diluted share, on revenues of $1.04 billion. Results for the first nine months of 2009 include approximately $13 million of after-tax ($21 million pre-tax) charges primarily associated with the downsizing of the company's manufacturing operations somewhat offset by $8 million of unrelated one-time tax benefits. Combined, these two items reduced net income by $5 million, or approximately $0.03 per diluted share.
Cash provided by operating activities during the first nine months of 2010 totaled $312 million. The company ended the third quarter with $267 million in cash and cash equivalents.
"Our timber resource segments and Manufacturing segment reported improved financial performance, and profit from our Real Estate segment was similar to last year's. While interest in rural lands remains steady, we did not see the growth in real estate revenue we were expecting as individual and family buyers remained cautious in reaction to increased economic uncertainty," said Rick Holley, president and chief executive officer.
"Despite the slow pace of economic recovery, we remain excited about the long-term prospects for significant growth in our cash flows as the economy recovers, Canadian lumber supply becomes constrained, and bioenergy demand grows. We continue to sustainably manage our business to maximize the long-term value of our assets and our company," continued Holley.
Review of Operations
The Northern Resources segment reported a $5 million operating profit during the quarter compared to the $3 million profit for the same period of 2009. Sawlog prices have recovered from the low levels experienced during 2009. Average Northern Resources sawlog prices were $10 per ton higher, or 18 percent higher, than the prevailing prices of the third quarter of 2009. While prices have improved from their lows, the company continues to restrict its sawlog harvest in the Pacific Northwest due to relatively unattractive sawlog prices in the region. Average pulpwood prices in the segment were $1 per ton higher than those experienced during 2009. As planned, the segment's total harvest volume was 1,050,000 tons, approximately 270,000 tons lower than the 2009 level.
Operating profit in the Southern Resources segment was $25 million for the third quarter of 2010 compared to $21 million for the same period of 2009. Prices for both sawlogs and pulpwood have improved, $1 per ton and $2 per ton, respectively, from the levels experienced during the same period of 2009. The company's harvest plan for 2010 called for a shift in harvest emphasis from first thinnings that produce exclusively pulpwood to second thinnings that produce a mix of pulpwood and small-diameter sawlogs. As a result, the company's Southern pulpwood volumes were 340,000 tons lower than they were during the same period of 2009. Total third-quarter harvest volumes in the segment were approximately 2.9 million tons, 380,000 tons lower than those of the third quarter of 2009.
The Real Estate segment reported total revenue of $39 million and operating income of $19 million. Third quarter 2009 Real Estate segment revenue was $73 million resulting in operating income of $20 million. The $73 million of 2009 revenue included a $25 million land exchange with the Washington State Department of Natural Resources. This non-cash, value-for-value exchange had no impact to earnings or cash flow.
The company sold approximately 23,000 acres of lands during the quarter at values similar to those of the past several quarters. Sales consisted of nearly 10,000 acres of recreation lands with average values of $2,335 per acre and 10,270 acres of small, non-strategic lands valued at approximately $1,025 per acre. Nearly 3,000 acres of conservation lands captured values of nearly $1,900 per acre.
The Manufacturing segment reported a $7 million operating profit. The segment reported a $1 million operating loss for the third quarter of 2009 including the effect of the $4 million pension settlement charge mentioned above. Profitability in each of the segment's product lines improved from 2009's third quarter. Product prices increased year-over-year. Lumber prices increased an average of 9 percent while plywood and medium density fiberboard (MDF) prices increased approximately 7 percent and 6 percent respectively. Sales volumes for plywood and MDF increased 7 and 14 percent respectively. Lumber sales volumes were 28 percent lower during 2010 as the result of the permanent closure of two lumber mills in 2009.
Outlook
Overall timber markets are expected to be fairly stable during the fourth quarter. Sawlog prices should remain at third quarter levels and compare favorably to the fourth quarter of 2009. Pulpwood demand and prices remain at historically attractive levels, and customer operating rates, and therefore pulpwood demand, are expected to remain healthy during the fourth quarter.
During the fourth quarter the Northern segment's harvest is expected to decline from third quarter levels. The company continues to defer its Oregon sawlog harvest due to unattractive pricing in the region and plans to seasonally reduce its hardwood pulpwood production in the Northeast and Lake States regions during the fourth quarter. The Southern harvest is expected to be slightly higher than the third quarter's level. As a result, the company expects its 2010 total harvest to be approximately 15.2 million tons, 4 percent below the 2009 harvest level.
The fourth-quarter Real Estate segment sales are expected to be between $140 million and $160 million. This includes the $89 million third phase of the Montana conservation sale scheduled to close in the fourth quarter. As a result, the company expects full-year Real Estate segment sales to be between $320 million and $340 million, approximately 8 percent below previous estimates.
We expect our Manufacturing segment to remain profitable at slightly above breakeven performance during the seasonally weak fourth quarter.
The company expects to report fourth-quarter income between $0.40 and $0.47 per share, resulting in full-year 2010 income from continuing operations between $1.28 and $1.35 per share.
"Business conditions have slowly improved over the past twelve months, but remain challenging in every segment. In our day-to-day operations, we never lose sight of our goal to maximize the net present value of our asset base. We will continue to defer the harvest of our most valuable sawlogs. Likewise, we are holding our most valuable lands for future opportunities while capturing good value in lower-value markets where prices remain the most attractive," Holley continued.
"Successfully managing such long-lived assets requires conviction about long-term business opportunities and consistent, disciplined capital allocation. We are well positioned with a valuable asset base, long-term growth of our harvests, and conservative capital structure," concluded Holley.
Trading Spotlight
Plum Creek Timber Harvesting a Solid Future
April 06, 2011 | about: PCL
By David Berman
Moody's Investors Service (MCO) on Tuesday had some kind words for Plum Creek Timber Co. Inc. (PCL). While the depressed U.S. housing market hasn’t been kind to the timber market in recent years, Plum Creek in particular has a few things going for it – notably, it stayed profitable through the bad days by jettisoning some land, and is now well positioned to benefit from at least three factors.
“Near term, the firm will enjoy greater incremental demand from Asia; longer term, we expect housing starts to triple today's annual rate, and with lower harvest volume from pine beetle-damaged forests in Western Canada, there is further potential for Plum Creek to benefit,” Moody’s said in a note, in which it upgraded the company’s credit rating by one notch, to Baa2.
Unfortunately, Plum Creek’s share price already reflects considerable optimism. Though unchanged on Tuesday afternoon, the shares have risen 17.6 per cent so far in 2011, and are close to their 52-week high, touched on Friday. Longer term, the shares are up nearly 50 per cent over the past five years after factoring in dividends.
Still, Plum Creek has a few things going for it for longer-term investors. For what it’s worth, the share price is still below its pre-financial crisis high point. The dividend, which hasn’t been raised since 2007, yields an attractive 3.8 per cent. And analysts have yet to pound the table on the stock: According to Bloomberg, most analysts following the stock recommend it as a “hold,” while the rest are split between “sell” recommendations and “buys.” As timber plays go, this one is definitely worth a look.
April 06, 2011 | about: PCL
By David Berman
Moody's Investors Service (MCO) on Tuesday had some kind words for Plum Creek Timber Co. Inc. (PCL). While the depressed U.S. housing market hasn’t been kind to the timber market in recent years, Plum Creek in particular has a few things going for it – notably, it stayed profitable through the bad days by jettisoning some land, and is now well positioned to benefit from at least three factors.
“Near term, the firm will enjoy greater incremental demand from Asia; longer term, we expect housing starts to triple today's annual rate, and with lower harvest volume from pine beetle-damaged forests in Western Canada, there is further potential for Plum Creek to benefit,” Moody’s said in a note, in which it upgraded the company’s credit rating by one notch, to Baa2.
Unfortunately, Plum Creek’s share price already reflects considerable optimism. Though unchanged on Tuesday afternoon, the shares have risen 17.6 per cent so far in 2011, and are close to their 52-week high, touched on Friday. Longer term, the shares are up nearly 50 per cent over the past five years after factoring in dividends.
Still, Plum Creek has a few things going for it for longer-term investors. For what it’s worth, the share price is still below its pre-financial crisis high point. The dividend, which hasn’t been raised since 2007, yields an attractive 3.8 per cent. And analysts have yet to pound the table on the stock: According to Bloomberg, most analysts following the stock recommend it as a “hold,” while the rest are split between “sell” recommendations and “buys.” As timber plays go, this one is definitely worth a look.
das wusste ich nicht:
08.02.2012 Plum Creek Timber wird eine Quartalsdividende von 0,42 US-Dollar zahlen
Die Plum Creek Timber Company (ISIN: US7292511083, NYSE: PCL) schüttet eine Quartalsdividende in Höhe von 42 US-Cents an die Aktionäre aus. Auf das Jahr hochgerechnet werden 1,68 US-Dollar ausbezahlt. Dies entspricht beim derzeitigen Aktienkurs von 39,51 US-Dollar einer aktuellen Dividendenrendite in Höhe von 4,25 Prozent.
Die Auszahlung erfolgt am 2. März 2012. Die Plum Creek Timber Company ist in den USA der größte private Besitzer von Waldflächen. Der Konzernsitz ist in Seattle. Plum Creek wurde im Jahr 1989 von Burlington Resources (heute: Burlington Northern Railroad) abgetrennt. Seit 1999 ist der Konzern als Real Estate Investment Trust tätig.
08.02.2012 Plum Creek Timber wird eine Quartalsdividende von 0,42 US-Dollar zahlen
Die Plum Creek Timber Company (ISIN: US7292511083, NYSE: PCL) schüttet eine Quartalsdividende in Höhe von 42 US-Cents an die Aktionäre aus. Auf das Jahr hochgerechnet werden 1,68 US-Dollar ausbezahlt. Dies entspricht beim derzeitigen Aktienkurs von 39,51 US-Dollar einer aktuellen Dividendenrendite in Höhe von 4,25 Prozent.
Die Auszahlung erfolgt am 2. März 2012. Die Plum Creek Timber Company ist in den USA der größte private Besitzer von Waldflächen. Der Konzernsitz ist in Seattle. Plum Creek wurde im Jahr 1989 von Burlington Resources (heute: Burlington Northern Railroad) abgetrennt. Seit 1999 ist der Konzern als Real Estate Investment Trust tätig.
Aktie ist teuer geworden; inzwischen KBV>5
Hey ja die Aktie ist wirkliche ein bisschen teuer geworden aber naja Holz ist nicht so Konjunkturanfällig und es wächst nach. Also immer wieder günstig nachkaufen und ins Depot liegen die stablile Dividende ist auch nicht zu verachten.
Plum Creek Reports Improved Results for Fourth Quarter and Full Year 2012
SEATTLE--(BUSINESS WIRE)--Jan. 28, 2013-- 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.”
Summary of 2012 Results
The company reported $281 million in operating income for 2012, $6 million higher than 2011’s $275 million operating income. Profit improvement in the timber and manufacturing businesses were partially offset by lower income from the real estate segment.
The company’s timber resource segments reported a combined $110 million of operating income for 2012, up $12 million from 2011’s level. Sawlog prices were largely unchanged from year to year while pulpwood prices increased approximately $1 per ton in both the Northern and Southern regions. The company’s harvest level of 17.9 million tons was 13 percent higher than the 2011 harvest of 15.8 million tons. In the North, the total harvest grew nearly 190,000 tons, or 5 percent. In the South, the total harvest grew approximately 1.9 million tons, a 17 percent increase in harvest volume compared to 2011. The company’s early 2012 timber deed acquisition contributed approximately 650,000 tons of the increase.
In the Real Estate segment, the company reported revenue of $352 million in 2012 and $301 million in 2011. Operating income was $187 million during 2012 compared with $195 million during 2011. Per acre values of the various land types sold were consistent with those realized for the past four years. The decline in operating margin in the segment was due entirely to higher-than-typical book basis of the land sold during 2012.
Operating income from the company’s Manufacturing segment was $29 million, nearly double the $15 million reported in 2011. Product prices in each of the segment’s product lines increased between three and ten percent when compared to 2011 prices. Sales volumes for plywood and Medium Density Fiberboard (MDF) increased 16 percent and 24 percent respectively while lumber sales volumes were largely unchanged.
Review of Quarterly Operations
The Northern Resources segment reported operating profit of $5 million for the fourth quarter, compared to a $7 million profit reported in the fourth quarter of 2011. As planned, the company’s fourth quarter harvest volumes were lower than those of the same period of 2011. The eleven percent lower harvest volumes combined with temporarily higher road expenses offset the benefit of slightly higher prices for both sawlogs and pulpwood experienced in the fourth quarter of 2012.
The Southern Resources segment reported fourth quarter operating profit of $24 million, an increase of $5 million from the fourth quarter of 2011. Average pulpwood prices have increased approximately $2 per ton, or 16 percent, compared to the fourth quarter of 2011 as strong demand from pulp and paper customers and recovering demand from Oriented Strandboard (OSB) producers have kept pressure on the resource throughout the region. The company increased its pulpwood harvest approximately 10 percent over fourth quarter 2011 levels to serve customer needs and capture attractive pricing. Southern sawlog prices were unchanged from their fourth quarter 2011 level. The 5 percent increase in the fourth quarter sawlog harvest came exclusively from the timber deed acquired in the first quarter of 2012.
The Real Estate segment reported revenue of $109 million and operating profit of $74 million in the fourth quarter of 2012. The segment reported $93 million of revenue and $61 million of operating profit for the fourth quarter of 2011. The company sold approximately 47,000 acres of land in the fourth quarter of 2012. Sales included an approximately 16,600 acre large, non-strategic sale of western Oregon timberlands for $58 million, or $3,500 per acre. The balance of the properties sold consisted of 9,700 acres of rural recreation lands that captured approximately $1,950 per acre, approximately 3,550 acres of conservation lands sold for more than $2,250 per acre, and 17,100 acres of lower productivity, non-strategic properties captured $1,365 per acre.
The Manufacturing segment reported operating profit of $7 million for the fourth quarter of 2012, up $4 million from the same period of 2011. Prices for lumber, plywood, and MDF were higher than fourth quarter 2011 levels. Plywood prices in particular were up nearly 19 percent from their fourth quarter 2011 level while lumber and MDF prices increased more modestly, one and four percent respectively. Lumber sales volumes were similar to those of the fourth quarter of 2011, while plywood and MDF sales volumes improved nine percent and 25 percent, respectively.
Fourth Quarter Debt Issue
As previously announced, during the fourth quarter the company issued $325 million of 3.25% senior unsecured notes due 2023.
Outlook
Lumber, plywood, and OSB customers are anticipating continued demand growth in 2013 as residential construction activity continues to recover and housing starts approach 1 million units for the first time since 2007. As sawlog customers increase production to meet this demand growth, the company expects sawlog prices to improve. Pulpwood demand from pulp and paper mills throughout the nation remains very good and recovering demand from OSB producers and emerging demand from wood pellet producers are expected to result in improved pulpwood prices in the South and continued attractive prices in the North.
The company plans to harvest between 17.5 and 18.0 million tons of timber this year, similar to 2012’s 17.9 million ton harvest. While the total harvest volume is expected to be largely unchanged, the company expects to shift the mix of its harvest during 2013 as sawlog demand and pricing improves.
Improving consumer confidence and continued interest in hard asset investments is expected to provide a solid foundation for rural real estate activity, particularly in the Gulf South and Lake State regions. Real Estate segment sales for the year are expected to be between $250 million and $300 million with land basis expense between 30 and 35 percent of sales. First quarter sales are expected to be between $80 and $85 million.
Lumber, specialty plywood and MDF markets are expected to remain strong and grow further in the coming year. As a result, Manufacturing segment results are expected to continue to improve in 2013.
Third-party interest expense in 2013 is expected to be approximately $80 million; about $2 million lower than 2012’s expense.
Reflecting all of these factors, the company expects 2013 income to be between $1.25 and $1.50 per share. The company expects to report first quarter income between $0.28 and $0.33 per share.
“We expect improving results from our timber resource and manufacturing businesses in 2013,” continued Holley. “We expect real estate sales to moderate as we do not expect to repeat the relatively high level of large, non-strategic timberland sales concluded in 2012.
“The management team and I are as excited about the future at Plum Creek as we have ever been. Recovering demand and the structural changes to timber supply and demand in North America are setting the table for excellent growth in the coming years. Years of thoughtful, disciplined capital allocation have positioned us to benefit tremendously as these shifts in the marketplace occur. We have an unmatched asset base, strong balance sheet and excellent financial flexibility, all the tools required to continue our disciplined approach to long-term value creation for our shareholders,” concluded Holley.
SEATTLE--(BUSINESS WIRE)--Jan. 28, 2013-- 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.”
Summary of 2012 Results
The company reported $281 million in operating income for 2012, $6 million higher than 2011’s $275 million operating income. Profit improvement in the timber and manufacturing businesses were partially offset by lower income from the real estate segment.
The company’s timber resource segments reported a combined $110 million of operating income for 2012, up $12 million from 2011’s level. Sawlog prices were largely unchanged from year to year while pulpwood prices increased approximately $1 per ton in both the Northern and Southern regions. The company’s harvest level of 17.9 million tons was 13 percent higher than the 2011 harvest of 15.8 million tons. In the North, the total harvest grew nearly 190,000 tons, or 5 percent. In the South, the total harvest grew approximately 1.9 million tons, a 17 percent increase in harvest volume compared to 2011. The company’s early 2012 timber deed acquisition contributed approximately 650,000 tons of the increase.
In the Real Estate segment, the company reported revenue of $352 million in 2012 and $301 million in 2011. Operating income was $187 million during 2012 compared with $195 million during 2011. Per acre values of the various land types sold were consistent with those realized for the past four years. The decline in operating margin in the segment was due entirely to higher-than-typical book basis of the land sold during 2012.
Operating income from the company’s Manufacturing segment was $29 million, nearly double the $15 million reported in 2011. Product prices in each of the segment’s product lines increased between three and ten percent when compared to 2011 prices. Sales volumes for plywood and Medium Density Fiberboard (MDF) increased 16 percent and 24 percent respectively while lumber sales volumes were largely unchanged.
Review of Quarterly Operations
The Northern Resources segment reported operating profit of $5 million for the fourth quarter, compared to a $7 million profit reported in the fourth quarter of 2011. As planned, the company’s fourth quarter harvest volumes were lower than those of the same period of 2011. The eleven percent lower harvest volumes combined with temporarily higher road expenses offset the benefit of slightly higher prices for both sawlogs and pulpwood experienced in the fourth quarter of 2012.
The Southern Resources segment reported fourth quarter operating profit of $24 million, an increase of $5 million from the fourth quarter of 2011. Average pulpwood prices have increased approximately $2 per ton, or 16 percent, compared to the fourth quarter of 2011 as strong demand from pulp and paper customers and recovering demand from Oriented Strandboard (OSB) producers have kept pressure on the resource throughout the region. The company increased its pulpwood harvest approximately 10 percent over fourth quarter 2011 levels to serve customer needs and capture attractive pricing. Southern sawlog prices were unchanged from their fourth quarter 2011 level. The 5 percent increase in the fourth quarter sawlog harvest came exclusively from the timber deed acquired in the first quarter of 2012.
The Real Estate segment reported revenue of $109 million and operating profit of $74 million in the fourth quarter of 2012. The segment reported $93 million of revenue and $61 million of operating profit for the fourth quarter of 2011. The company sold approximately 47,000 acres of land in the fourth quarter of 2012. Sales included an approximately 16,600 acre large, non-strategic sale of western Oregon timberlands for $58 million, or $3,500 per acre. The balance of the properties sold consisted of 9,700 acres of rural recreation lands that captured approximately $1,950 per acre, approximately 3,550 acres of conservation lands sold for more than $2,250 per acre, and 17,100 acres of lower productivity, non-strategic properties captured $1,365 per acre.
The Manufacturing segment reported operating profit of $7 million for the fourth quarter of 2012, up $4 million from the same period of 2011. Prices for lumber, plywood, and MDF were higher than fourth quarter 2011 levels. Plywood prices in particular were up nearly 19 percent from their fourth quarter 2011 level while lumber and MDF prices increased more modestly, one and four percent respectively. Lumber sales volumes were similar to those of the fourth quarter of 2011, while plywood and MDF sales volumes improved nine percent and 25 percent, respectively.
Fourth Quarter Debt Issue
As previously announced, during the fourth quarter the company issued $325 million of 3.25% senior unsecured notes due 2023.
Outlook
Lumber, plywood, and OSB customers are anticipating continued demand growth in 2013 as residential construction activity continues to recover and housing starts approach 1 million units for the first time since 2007. As sawlog customers increase production to meet this demand growth, the company expects sawlog prices to improve. Pulpwood demand from pulp and paper mills throughout the nation remains very good and recovering demand from OSB producers and emerging demand from wood pellet producers are expected to result in improved pulpwood prices in the South and continued attractive prices in the North.
The company plans to harvest between 17.5 and 18.0 million tons of timber this year, similar to 2012’s 17.9 million ton harvest. While the total harvest volume is expected to be largely unchanged, the company expects to shift the mix of its harvest during 2013 as sawlog demand and pricing improves.
Improving consumer confidence and continued interest in hard asset investments is expected to provide a solid foundation for rural real estate activity, particularly in the Gulf South and Lake State regions. Real Estate segment sales for the year are expected to be between $250 million and $300 million with land basis expense between 30 and 35 percent of sales. First quarter sales are expected to be between $80 and $85 million.
Lumber, specialty plywood and MDF markets are expected to remain strong and grow further in the coming year. As a result, Manufacturing segment results are expected to continue to improve in 2013.
Third-party interest expense in 2013 is expected to be approximately $80 million; about $2 million lower than 2012’s expense.
Reflecting all of these factors, the company expects 2013 income to be between $1.25 and $1.50 per share. The company expects to report first quarter income between $0.28 and $0.33 per share.
“We expect improving results from our timber resource and manufacturing businesses in 2013,” continued Holley. “We expect real estate sales to moderate as we do not expect to repeat the relatively high level of large, non-strategic timberland sales concluded in 2012.
“The management team and I are as excited about the future at Plum Creek as we have ever been. Recovering demand and the structural changes to timber supply and demand in North America are setting the table for excellent growth in the coming years. Years of thoughtful, disciplined capital allocation have positioned us to benefit tremendously as these shifts in the marketplace occur. We have an unmatched asset base, strong balance sheet and excellent financial flexibility, all the tools required to continue our disciplined approach to long-term value creation for our shareholders,” concluded Holley.
WASHINGTON (dpa-AFX) - Plum Creek Timber Co. Inc. (PCL) Thursday entered into a 10-year fiber supply and services agreement with The Enova Group, an independent bioenergy firm headquartered in Atlanta, Georgia.
Plum Creek will deliver up to 3 million tons annually of sustainably-managed wood fiber to three pellet manufacturing locations that will be constructed in the Southeastern United States.
'This agreement highlights the value of the consistent and reliable supply chainservices that Plum Creek provides to our wood fiber customers,' said Rick Holley, chief executive officer.
Plum Creek will deliver up to 3 million tons annually of sustainably-managed wood fiber to three pellet manufacturing locations that will be constructed in the Southeastern United States.
'This agreement highlights the value of the consistent and reliable supply chainservices that Plum Creek provides to our wood fiber customers,' said Rick Holley, chief executive officer.
Quellensteuer
Heute kam mal wieder eine Dividendenabrechnung von comdirect mit 30% Quellensteuerabzug...Habe das zum Anlass genommen, mal die letzten Jahre durchzusehen; folgende Abrechnungen wurden mir erteilt:
31.08.2010...42c...15% Quellensteuer
30.11.2010...42c...kein Abzug
04.03.2011...42c...kein Abzug
31.05.2011...42c...kein Abzug
31.08.2011...42c...kein Abzug
...30.11.2011...42c...30% Quellensteuer
...22.12.2011 STORNO der Abrechnung vom 30.11.2011
23.12.2011...42c...kein Abzug
05.03.2012...42c...kein Abzug
...31.05.2012...42c...kein Abzug
...31.08.2012...42c...30% Quellensteuer
...21.09.2012 STORNO der Abrechnung vom 31.08.2012
...21.09.2012...42c... kein Abzug
30.11.2012...42c...30% Quellensteuer
...01.03.2013 STORNO der Abrechnung vom 31.05.2012
...01.03.2013 STORNO der Abrechnung vom 21.09.2012
04.03.2013...42c...30% Quellensteuer (das war für Aug '12)
04.03.2013...42c...30% Quellensteuer (das war für Mai '12)
04.03.2013...42c...30% Quellensteuer
31.05.2013...44c...30% Quellensteuer
30.08.2013...44c...30% Quellensteuer
27.11.2013...44c...30% Quellensteuer
28.02.2014...44c...15% Quellensteuer
30.05.2014...44c...15% Quellensteuer
29.08.2014...44c...15% Quellensteuer
26.11.2014...44c...30% Quellensteuer
Comdirect erklärt (natürlich), dass alles richtig sei, die Vorgaben kämen von WM und das wärs.
Halte es aber für unwahrscheinlich, dass sich der zugrundeliegende Sachverhalt in 4 Jahren viermal geändert haben soll:
*von 15 auf 0 in Q4-10
*von 0 auf 30 in Q2-12
*von 30 auf 15 in Q1-14 und
*von 15 auf 30 in Q4-14
Wer hat noch PC im Depot und kann was zur Behandlung bei seiner Bank sagen?
Antwort auf Beitrag Nr.: 48.429.882 von R-BgO am 27.11.14 11:06:00
Combination of two industry leaders to create a $23 billion timber REIT with more than 13 million acres of the most productive and diverse timberland in the U.S.
All-stock transaction followed by $2.5 billion post-closing share repurchase
Total annual cost synergies of $100 million
Funds Available for Distribution per share accretion in the first full year
Rick R. Holley to be non-executive chairman; Doyle R. Simons to be president and CEO
Weyerhaeuser to review strategic alternatives for its Cellulose Fibers business, as announced in a separate news release today
Weyerhaeuser Company (NYSE: WY) and Plum Creek (NYSE: PCL) today announced they have entered into a definitive agreement to create the world's premier timber, land and forest products company with more than 13 million acres of the most productive and diverse timberland in the U.S. At closing, the combined company is expected to have an equity value of $23 billion based on current share prices. The combined EBITDA for both companies in 2014 was $2.2 billion.
Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Plum Creek shareholders will receive 1.60 shares of Weyerhaeuser for each share of Plum Creek held. This fixed exchange ratio represents an implied premium of 13.8% to the 30-trading-day Volume Weighted Average Price ratio of Plum Creek shares to Weyerhaeuser shares. Following closing, Weyerhaeuser and Plum Creek shareholders will own approximately 65% and 35%, respectively, of the combined company's common stock. Weyerhaeuser intends to execute a $2.5 billion share repurchase shortly after closing. The repurchase will result in a net financial impact on the company that is as if the deal were structured with approximately 70% stock and 30% cash. The combined company expects to maintain Weyerhaeuser's current annual dividend of $1.24 per common share, representing a 13% dividend increase to the dividend currently received by Plum Creek shareholders.
"With an extraordinary set of combined assets and the proven value creation records of both Weyerhaeuser and Plum Creek, the combined company will offer a compelling opportunity for shareholders," said Rick R. Holley, chief executive officer for Plum Creek. "These two companies are already best-in-class timberland managers with a relentless focus on sustainable resource management. The breadth and diversity of our combined land and timber assets uniquely position the new company to capitalize fully on the improving housing market, continue to capture Higher and Better Use land values across the combined portfolio, and create additional opportunities to build lasting value. Doyle Simons and I share a commitment to disciplined capital allocation and sustained value creation, and I look forward to working together as we build a great new company."
"We're excited to combine the two leaders in our industry to create the world's premier timber, land and forest products company," said Doyle R. Simons, president and chief executive officer of Weyerhaeuser. "This new company will create tremendous benefit for shareholders as we drive value through shared best practices, economies of scale, cost synergies, operational excellence and disciplined capital allocation. Our customers and employees will also benefit as we form a winning team with common values and unparalleled expertise in timber, land and manufacturing. I have the utmost respect for Rick Holley and the Plum Creek team and look forward to working together to successfully integrate these two outstanding companies."
The merger of Weyerhaeuser and Plum Creek creates a winning combination with:
The largest private ownership of timberland in the U.S.
More than 13 million acres of diverse, productive forests
The ability to drive performance through shared best practices and economies of scale
A unique ability to capitalize on the housing recovery
Significant Higher and Better Use potential across the combined portfolio
A best-in-class management team
A recognized commitment to sustainable resource management
Low-cost manufacturing assets
A strong balance sheet and a commitment to an investment grade credit rating
Anticipated annual cost synergies of $100 million
Accretion to per-share Funds Available for Distribution in the first full year following closing
An attractive dividend
A disciplined approach to capital allocation
Rick Holley will serve as non-executive chairman of Weyerhaeuser's board, which will be expanded to 13 directors. Eight directors will be from Weyerhaeuser (including Simons) and five directors will be from Plum Creek (including Holley).
Doyle Simons will serve as president and CEO of the combined company. Upon closing, the executive team will include:
Rhonda Hunter, Senior Vice President, Timberlands
Tom Lindquist, Executive Vice President, Real Estate, Energy & Natural Resources
Adrian Blocker, Senior Vice President, Wood Products
Russell Hagen, Senior Vice President, Chief Financial Officer
Devin Stockfish, Senior Vice President, General Counsel & Corporate Secretary
Denise Merle, Senior Vice President, Human Resources
Tim Punke, Senior Vice President, Corporate Affairs
"We've drawn from the best talent in each company to select a leadership team with unmatched expertise in the industry," said Simons. "I'm confident these are the right leaders to take best practices from both companies to achieve our targets, serve our customers, and drive shareholder value over the long term."
The transaction requires the approval of shareholders of both Weyerhaeuser and Plum Creek and is subject to customary closing conditions. The transaction is expected to close in late first quarter or early second quarter of 2016. The combined company will retain the Weyerhaeuser name and continue to be traded under the WY ticker symbol on the New York Stock Exchange. As previously announced, Weyerhaeuser intends to move its headquarters to Seattle in mid-2016.
In a separate news release, Weyerhaeuser announced that its board of directors has authorized the exploration of strategic alternatives for its Cellulose Fibers business. Cathy Slater will continue to lead this business as senior vice president of Cellulose Fibers throughout the review process.
For Weyerhaeuser, Morgan Stanley & Co. LLC is serving as financial advisor and Cravath, Swaine & Moore LLP is serving as legal counsel.
Goldman Sachs is serving as lead financial advisor to Plum Creek. BofA Merrill Lynch is also serving as a financial advisor to the company. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.
Problem gelöst, Übernahme:
Weyerhaeuser and Plum Creek to merge, creating the world's premier timber, land and forest products companyCombination of two industry leaders to create a $23 billion timber REIT with more than 13 million acres of the most productive and diverse timberland in the U.S.
All-stock transaction followed by $2.5 billion post-closing share repurchase
Total annual cost synergies of $100 million
Funds Available for Distribution per share accretion in the first full year
Rick R. Holley to be non-executive chairman; Doyle R. Simons to be president and CEO
Weyerhaeuser to review strategic alternatives for its Cellulose Fibers business, as announced in a separate news release today
Weyerhaeuser Company (NYSE: WY) and Plum Creek (NYSE: PCL) today announced they have entered into a definitive agreement to create the world's premier timber, land and forest products company with more than 13 million acres of the most productive and diverse timberland in the U.S. At closing, the combined company is expected to have an equity value of $23 billion based on current share prices. The combined EBITDA for both companies in 2014 was $2.2 billion.
Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Plum Creek shareholders will receive 1.60 shares of Weyerhaeuser for each share of Plum Creek held. This fixed exchange ratio represents an implied premium of 13.8% to the 30-trading-day Volume Weighted Average Price ratio of Plum Creek shares to Weyerhaeuser shares. Following closing, Weyerhaeuser and Plum Creek shareholders will own approximately 65% and 35%, respectively, of the combined company's common stock. Weyerhaeuser intends to execute a $2.5 billion share repurchase shortly after closing. The repurchase will result in a net financial impact on the company that is as if the deal were structured with approximately 70% stock and 30% cash. The combined company expects to maintain Weyerhaeuser's current annual dividend of $1.24 per common share, representing a 13% dividend increase to the dividend currently received by Plum Creek shareholders.
"With an extraordinary set of combined assets and the proven value creation records of both Weyerhaeuser and Plum Creek, the combined company will offer a compelling opportunity for shareholders," said Rick R. Holley, chief executive officer for Plum Creek. "These two companies are already best-in-class timberland managers with a relentless focus on sustainable resource management. The breadth and diversity of our combined land and timber assets uniquely position the new company to capitalize fully on the improving housing market, continue to capture Higher and Better Use land values across the combined portfolio, and create additional opportunities to build lasting value. Doyle Simons and I share a commitment to disciplined capital allocation and sustained value creation, and I look forward to working together as we build a great new company."
"We're excited to combine the two leaders in our industry to create the world's premier timber, land and forest products company," said Doyle R. Simons, president and chief executive officer of Weyerhaeuser. "This new company will create tremendous benefit for shareholders as we drive value through shared best practices, economies of scale, cost synergies, operational excellence and disciplined capital allocation. Our customers and employees will also benefit as we form a winning team with common values and unparalleled expertise in timber, land and manufacturing. I have the utmost respect for Rick Holley and the Plum Creek team and look forward to working together to successfully integrate these two outstanding companies."
The merger of Weyerhaeuser and Plum Creek creates a winning combination with:
The largest private ownership of timberland in the U.S.
More than 13 million acres of diverse, productive forests
The ability to drive performance through shared best practices and economies of scale
A unique ability to capitalize on the housing recovery
Significant Higher and Better Use potential across the combined portfolio
A best-in-class management team
A recognized commitment to sustainable resource management
Low-cost manufacturing assets
A strong balance sheet and a commitment to an investment grade credit rating
Anticipated annual cost synergies of $100 million
Accretion to per-share Funds Available for Distribution in the first full year following closing
An attractive dividend
A disciplined approach to capital allocation
Rick Holley will serve as non-executive chairman of Weyerhaeuser's board, which will be expanded to 13 directors. Eight directors will be from Weyerhaeuser (including Simons) and five directors will be from Plum Creek (including Holley).
Doyle Simons will serve as president and CEO of the combined company. Upon closing, the executive team will include:
Rhonda Hunter, Senior Vice President, Timberlands
Tom Lindquist, Executive Vice President, Real Estate, Energy & Natural Resources
Adrian Blocker, Senior Vice President, Wood Products
Russell Hagen, Senior Vice President, Chief Financial Officer
Devin Stockfish, Senior Vice President, General Counsel & Corporate Secretary
Denise Merle, Senior Vice President, Human Resources
Tim Punke, Senior Vice President, Corporate Affairs
"We've drawn from the best talent in each company to select a leadership team with unmatched expertise in the industry," said Simons. "I'm confident these are the right leaders to take best practices from both companies to achieve our targets, serve our customers, and drive shareholder value over the long term."
The transaction requires the approval of shareholders of both Weyerhaeuser and Plum Creek and is subject to customary closing conditions. The transaction is expected to close in late first quarter or early second quarter of 2016. The combined company will retain the Weyerhaeuser name and continue to be traded under the WY ticker symbol on the New York Stock Exchange. As previously announced, Weyerhaeuser intends to move its headquarters to Seattle in mid-2016.
In a separate news release, Weyerhaeuser announced that its board of directors has authorized the exploration of strategic alternatives for its Cellulose Fibers business. Cathy Slater will continue to lead this business as senior vice president of Cellulose Fibers throughout the review process.
For Weyerhaeuser, Morgan Stanley & Co. LLC is serving as financial advisor and Cravath, Swaine & Moore LLP is serving as legal counsel.
Goldman Sachs is serving as lead financial advisor to Plum Creek. BofA Merrill Lynch is also serving as a financial advisor to the company. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.
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