Plum Creek Timber Company, Inc. recently announced fourth quarter earnings of $59 million, or $0.37 per diluted share, on revenues of $356 million. Earnings for the fourth quarter of 2009 were $28 million, or $0.17 per diluted share, on revenues of $258 million. Earnings for the fourth quarter of 2010 include a $13 million, or $0.08 per diluted share, loss on the early extinguishment of debt. Earnings for the fourth quarter of 2009 include a $3 million, or $0.02 per diluted share, loss on the early extinguishment of debt.
Earnings for the full year of 2010 were $213 million, or $1.31 per diluted share, on revenues of $1.19 billion. Results for the full year of 2010 include an $11 million, or $0.07 per diluted share, after-tax gain on the first-quarter sale of certain natural gas assets. As a result, income from continuing operations for 2010 was $202 million, or $1.24 per diluted share. Results for 2010 include the loss from the early retirement of debt mentioned above.
Earnings for the full year of 2009 were $236 million, or $1.44 per diluted share, on revenues of $1.29 billion. In addition to the loss from the early retirement of debt mentioned above, the 2009 results include approximately $13 million of after-tax ($22 million pre-tax) charges primarily associated with the downsizing of the company's manufacturing operations. These items were offset somewhat by one-time tax benefits of approximately $8 million recorded in the first quarter of 2009.
"Each of our businesses performed well in 2010 and are positioned to benefit further from an improving economy in 2011," said Rick Holley, president and chief executive officer. "Profitability in our timber resource segments increased 54 percent despite a slightly lower harvest volume in 2010. Our Manufacturing segment's performance improved as well, reporting a $24 million profit compared to a loss in 2009. Our land sales captured attractive values and declined solely due to the smaller size of the final phase of our three-year Montana conservation sale.
"We've continued our disciplined allocation of capital, reducing debt by nearly $100 million and repurchasing $50 million of stock at attractive prices. In addition, we completed our refinancing plans during the fourth quarter at very attractive rates leaving us in an excellent financial position. Looking ahead, we are well positioned to benefit as the economy continues to improve."
