Seattle-based Plum Creek Timber Co. posted fourth-quarter earnings of $40 million, down from $79 million in the same quarter last year.
Sales in the fourth quarter were $331 million, down 6.9% from $354 million.
Results for the fourth quarter include $12 million of expenses directly related to the completion of the company’s December acquisition of timberland, real estate, and subsurface resources from MeadWestvaco Corp.
“Over the course of the past year, results have improved significantly in our timber resources, manufacturing and non-timber resource businesses,” said Rick Holley, CEO. “Importantly, we achieved our goal of growing the adjusted EBITDA from these three business segments by approximately $50 million. We completed a very good fourth quarter, with earnings coming in at the high-end of our initial expectations after taking into consideration the expenses related to closing the acquisition. Momentum is building, and we are well positioned to grow the company’s overall cash flow in 2014."
For the full year, earnings were $214 million, up 5.4% from $203 million in the previous year. Full-year revenues of $1.34 billion were essentially flat.