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Plum Creek Reports 76% Drop in Earnings

SEATTLE-Citing depressed prices and demand for lumber, the Seattle-based company forecasts lower first-quarter and full-year 2003 results. Anticipated real estate revenue for 2003 is expected to be between $80 and $100 million.

By Brian K. Miller | Updated on January 24, 2003

SEATTLE-Plum Creek Timber Co. Inc. this week is reporting that depressed prices and demand for lumber resulted in a 76% drop in fourth quarter earnings compared to 2001 and also will result in lower first-quarter and full-year 2003 results.

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.

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