Plum Creek reports $36 million in Q2 earnings
Plum Creek Timber Co. Inc., the Seattle-based land and timber company that is one of the largest private landowners in Maine, announced second quarter earnings of $36 million, or $0.22 per diluted share, on revenues of $294 million. Earnings for the second quarter of 2011 were $44 million, or $0.27 per diluted share, on revenues of $284 million.
As reported by Business Wire, good harvesting conditions throughout much of the quarter allowed the company to bring more timber to market than the previous year. Plum Creek's real estate segment reported total revenue of $47 million and operating income of $29 million. The 2012 sales consisted of $37 million of smaller rural land sales across the company's holdings and the completion of a $10 million conservation easement in Maine as part of its Moosehead Lake Concept Plan.
Plum Creek manages approximately 883,000 acres of land in the state, employs more than 40 people, partners with more than 70 contractors, and works with more than 50 customers throughout the state that manufacture a variety of wood, pulp and paper products and generate power from biomass.
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