SEATTLE - Plum Creek Timber Company Inc. (NYSE: PCL) reported that its first quarter earnings fell 46.4% to $30 million compared to the first quarter of 2013. Revenues declined as well by 6.8% to $317 million.
Despite these drops, Plum Creek CEO Rick Holley said, “We’re pleased with the results of the first quarter of 2014." He noted, "As expected, first quarter’s income was lower than last year. This was solely the result of a large non-strategic timberland sale that contributed 21 cents to earnings per share in the first quarter of 2013."
On the bright side, Holley said, "Results from our timber resources segment continue to grow with higher log prices and additional harvest volumes from our recently acquired timberlands. Earnings were in line with our initial expectations despite difficult weather conditions that hampered both log deliveries in the South and production and shipments from our manufacturing facilities.
“We are on track to achieve our goal of growing Plum Creek’s non-real estate adjusted EBITDA by more than $80 million this year."
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