The Seattle-based public company reported a 2002 fourth-quarter profit of $54 million, or $0.29 per share, on revenue of $281 million. In the fourth quarter of 2001, Plum Creek posted a profit of $226 million, or $1.25 per share. Plum Creek merged with The Timber Company on October 6, 2001.
On the upside, the most recent fourth quarter numbers came above analyst estimates, which averaged $0.26 per share. In midday trading Friday, after closing up $0.08 on Friday, shares of Plum Creek were trading at $22.35 a share, off $0.35 on the day. The share price is about $9 off its 52-week high and $4 off its 52-week low.
For all of 2002, the company is reporting a profit of $233 million, or $1.26 per diluted share, on revenues of $1.1 billion. The company expects 2003 earnings of between $1 and $1.25 a share. Analysts previously had expected $1.31 per share.
On the real estate side, Plum Creek says it continues to receive strong interest in its real estate properties from conservation buyers, individuals, and developers and continues to execute its strategy of evaluating real estate holdings to determine which properties should be positioned for sale or exchange rather than for continued use as timberlands.
Anticipated real estate revenue for 2003 is expected to be between $80 and $100 million. In the fourth quarter of 2002, real estate revenue was $19 million, as expected, but less than the $38 million reported in the third quarter.
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