Feb 01, 2011. /Lesprom Network/. Plum Creek Timber Company, Inc. announced 4Q earnings of $59 million, on revenues of $356 million. Earnings for the 4Q 2009 were $28 million, on revenues of $258 million. Earnings for the 4Q 2010 include a $13 million, loss on the early extinguishment of debt. Earnings for the full year of 2010 were $213 million, on revenues of $1.19 billion. Results for the full year of 2010 include an $11 million, after-tax gain on the 1Q sale of certain natural gas assets. As a result, income from continuing operations for 2010 was $202 million. Results for 2010 include the loss from the early retirement of debt mentioned above. “Each of our businesses performed well in 2010 and are positioned to benefit further from an improving economy in 2011,” said Rick Holley, President and CEO. “Profitability in our timber resource segments increased 54% despite a slightly lower harvest volume in 2010. Our Manufacturing segment’s performance improved as well, reporting a $24 million profit compared to a loss in 2009. Our land sales captured attractive values and declined solely due to the smaller size of the final phase of our three-year Montana conservation sale. “We’ve continued our disciplined allocation of capital, reducing debt by nearly $100 million and repurchasing $50 million of stock at attractive prices. In addition, we completed our refinancing plans during the 4Q at very attractive rates leaving us in an excellent financial position. Looking ahead, we are well positioned to benefit as the economy continues to improve.” The company generated $297 million in operating income for 2010, similar to the $299 million of operating income generated in 2009. Improved operating performance in the timber resource, manufacturing, and non-timber resource businesses was offset by lower income in the company’s Real Estate segment due exclusively to the smaller size of the Montana conservation sale in 2010. Net income declined $23 million compared to 2009 primarily due to a favorable tax provision recorded in 2009. Operating profit in the company’s timber resource segments increased a combined $42 million, or 54% from 2009 despite a slightly lower harvest in 2010. Modestly improved residential construction and industrial markets increased sawlog demand in most regions. As a result, sawlog prices improved by 2% to 15% year over year depending on the region. Demand for pulpwood remained attractive throughout 2010. Northern pulpwood prices held steady at 2009 levels. Southern pulpwood prices were 16% higher than 2009 as weather-related log shortages drove very strong pricing in the first half of 2010. Plum Creek is the largest and most geographically diverse private landowner in the nation with approximately 6.8 million acres of timberlands in major timber producing regions of the United States and wood products manufacturing facilities in the Northwest.