Q4 sales and earnings decline at Plum Creek
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.
PGT hires new sales managers
North Venice, Fla.-based PGT Industries, a national supplier of residential impact-resistant doors and windows, has hired Doug Ferrante and Jamison Eige to its sales team.
"Expanding our sales leadership provides PGT with the ability to capitalize on the growth and momentum we see in the market place," said Todd Antonelli, VP sales and marketing. "Doug and Jamison have the strategic and team building skills to help develop new opportunities and facilitate key relationships."
Ferrante joins PGT from H.D. Smith and Cardinal Health, where he worked in sales and business development. As the first-ever national account sales manager, he will be responsible for all national accounts.
Meanwhile, Eige will serve as regional sales manager for Southwest Florida. He has been working in the building products industry for some time, most recently with AWP Windows and Doors.
Rayonier exhibits strong growth in Q4
Rayonier Inc. posted full-year net income of $372 million, up 33.3% from 2012’s take-home total of $279 million.
Net sales for the quarter came in at $520.2 million, a 35.2% increase over the third quarter of 2013 and a 26.0% year-ago improvement. Full-year sales were $1.25 billion, also up from 2012’s $1.03 billion.
Finally, net income for the fourth quarter ended Dec. 31 was $80 million, compared to $76 million during the same period last year.
“We are pleased with our outstanding performance in 2013, resulting in a 14% increase in pro forma EPS to $2.41 and strong operating cash flows," said chairman, president and CEO Paul Boynton. "These results were achieved during a year in which we accomplished key strategic initiatives including completing our Jesup mill cellulose specialties expansion and increasing our ownership to acquire a majority interest in our New Zealand timberland joint venture."
Boynton also acknowledged the company’s plans to spin off its performance fibers business into a separate publicly traded company.
“Over the past few years, we have completed a number of strategic steps to position these businesses to operate as two industry-leading public companies with significant growth opportunities," he said. "The separation will provide investors with two strong companies, distinct businesses and focused investment identities. With an improving housing market and economy, and expanded capacity in Performance Fibers, we are excited about the prospects for these two businesses in the years ahead.”