Plum Creek Timber Beats on Top and Bottom Line (PCL)

Plum Creek Timber Co. Inc. PCL reports Q2 earnings of $0.21 versus estimates of $0.15. Plum Creek Timber Co. Inc. reports Q2 revenues of $258 million versus estimates of $247.53 million. The company said they see Q3 EPS coming in at $0.20 to $0.25 and that FY 2010 EPS would be between $1.35 and $1.50. 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." Shares of PCL are lower by 0.28% in the after-hours trade.