Some Good, But More Bad in Q2 Results
Plum Creek surpassed analyst expectations for second quarter revenue growth, but the company's 10% growth was bulwarked in large part by real estate sales. Timber revenue fell 5%, while revenue from timberlands sold for real estate jumped 84%. Sawlog volume was weak in general - hurt by bad weather in the Northwest and good weather in the South (which pressured prices and led Plum Creek to hold off on harvests). Prices were higher for Northwest products and lower for Southern, and the company saw more than one-quarter of its Northwest harvest go to China.
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