Plum Creek Timber Misses on Top and Bottom Lines (PCL)

Plum Creek Timber Co. Inc.

reports Q3 earnings of $0.20 versus consensus of $0.24. Plum Creek Timber Co. Inc. reports revenues of $259 million versus consensus of $273.06 million. Revenues decreased 11.9% year over year. The company ended the third quarter with $267 million in cash and cash equivalents. PCL 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. "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. Shares of PCL are flat in the after-hours.