Plum Creek Timber Co. today announced first-quarter earnings of $56 million on revenues of $340 million.
In the same quarter last year, earnings were $29 million, on revenues of $337 million.
“The financial performance of each of our business segments improved compared with the first quarter of 2012," said Rick Holley, CEO. "We’re on track to grow our non-real estate adjusted EBITDA by $50 million this year. Our first-quarter growth in this area was $12 million."
In late March 2013, the company restarted production at its Evergreen sawmill, which had been idle since 2009. The mill will operate with one shift and will produce approximately 40 million board feet of dimensional lumber annually.
“The year is off to a strong start and we’ve seen meaningful price improvement for sawlogs in the Northwest where lumber production has grown the most,” continued Holley. “In the South, we are seeing pockets of strength in geographies where customers have increased production. We’re encouraged by what we’re experiencing in our markets and the trends we are seeing in residential construction."