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REIT Comments |
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07/27/2010
PCL $39
Plum Creek Timber PCL 2Q 2010 EPS $0.21 v $0.19 UP +11%
PCL slightly increased guidance 2010 EPS to $1.35-$1.50 v $2.77, DOWN (46%)-(51%)
PCL previous guidance 2010 EPS $1.30-$1.50
PCL guidance 3Q 2010 EPS 0.20-$0.25 v $0.45 DOWN (44%)-(56%)
PCL 2Q 2010 revenues decreased (5%)
PCL 2Q 2010 cash flow from operations $78 million
PCL results for 2Q 2010 benefitted from 30% increase in sawlog prices in northern segment
PCL results for 2Q 2010 for manufacturing sector benefitted from higher demand from industrial panel customers
PCL still views housing sector as "fragile"
PCL 2Q 2010 share repurchase of 1.4 million shares for $5 million
PCL priority for use of incremental cash flow during 2010 is share repurchase, not dividend increase
PCL current dividend yield 4.35%
PCL a Specialty REIT with a portfolio of timberlands and sawlog mills
PCL we rank 2 BUY
PCL market cap $6.3 billion
PCL an S&P 500 Index REIT
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