SEATTLE – Plum Creek Timber Co. Inc. announced third quarter earnings of $69 million on revenues of $414 million, up 16.9% from third quarter 2007 earnings of $59 million on revenues of $407 million.
However, earnings for the first nine months of 2008 were $138 million, down 18.8% compared to earnings of $164 million for the first nine months of 2007.
“We’re pleased to report increased income during the third quarter, reflecting the benefits of Plum Creek’s geographic, resource and business diversity,” said Rick Holley, president and CEO. “While the extended housing downturn has influenced the near-term results of our timber and manufacturing businesses, our rural land sales and non-timber resource businesses continued to perform well during the third quarter. In addition, we temporarily increased pulpwood harvest levels in many markets to serve strong customer demand and capture attractive prices. While we are concerned about the state of the overall economy, we are confident that we can continue to build and deliver value for our shareholders by managing our resources and effectively allocating capital for long-term total returns.”
Have something to say? Share your thoughts with us in the comments below.