Plum Creek Timber reports Q2 earnings of US$36m16 August 2012
Plum Creek Timber Company, Inc has announced Q2 earnings of US$36m, with earnings for Q2 2011 at US$44m. Earnings for the first six months of 2012 were US$65m.
Adjusted EBITDA, a non-GAAP measure of operating performance, for the first six months of 2012 was US$234m, up from US$209m in the same period of 2011.
The company ended the quarter with US$260m in cash and cash equivalents.
The manufacturing segment reported US$9m of operating income for Q2, compared to the US$5m operating income reported for Q2 2011.
Profitability in each of the product lines improved on higher prices and sales volumes. Sales volumes for plywood and MDF increased 15% and 22% respectively. Lumber sales volume increased 2% and lumber prices increased approximately 4%. Plywood prices increased 7% and MDF prices improved 2%.