Option Millionaires

[nlightn]

$PCL,...Plum Creek Timber beats, but guidance a bit soft

Q4 earnings of $66M or $0.38 per share (after excluding an insurance recovery) vs. $52M and $0.31 one year ago. Adjusted EBITDA of $605M vs. $502M.

Northern Resources segment operating profit of $10M vs. $8M one year ago on harvest volume of 976K tons, about flat from last year. Northern sawlog prices of $5 per ton up 6%. Pulpwood prices up 5%.

Southern Resources segment operating profit of $38M vs. $34M one year ago, with harvest volume up 11%. Southern sawlog prices up 5%. Pulpwood prices up more than $1 per ton.

Real Estate segment sales of $120M vs. $59M one year ago, including the first phase of a significant conservation deal with The Nature Conservancy, selling 47.8K acres for $46M.

Manufacturing segment operating profit of $14M vs. $8M one year ago.

Guidance: U.S. residential construction to grow at "measured pace," with about 1.1M housing starts. Harvest volumes and mix to be similar to 2014 - 19M to 20M tons in 2015. Real Estate segment sales of $250M-$300M. 2015 EPS of $1.05-$1.30 vs. the Street at $1.27. Q1 EPS expected at $0.20-$0.25.