Conditions in the timber industry haven't been getting better with any particular speed lately. Although multi-family housing construction is extremely strong, the single-family building and residential real estate development markets, that are so important to Plum Creek (NYSE:PCL), went basically nowhere in 2011. Although most analysts expect 2012 to be the low for the cycle, investors may yet want to ask themselves if Plum Creek is the way to play the eventual rebound.
A Decent Fourth Quarter, Relatively Speaking
Fourth quarter results were not that great for Plum Creek, but there was no particular expectation that they would be. Reported revenue dropped 12% as a 38% growth from the Northern business and 14% growth in manufacturing partially offset a 4% decline in Southern and a 40% decline in revenue from real estate operations.
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