Plum Creek Timber Co. Inc.announced first quarter earnings of $29 million, or 18 cents per diluted share, on revenue of $337 million. Earnings for the first quarter of 2011 were $38 million, or 23 cents per diluted share, on revenue of $275 million.

Earnings declined due to lower reported income from the real estate segment, although revenue and cash generated by the segment increased.

Adjusted EBITDA for the Seattle-based company for the first quarter of 2012 was $139 million, up from $100 million in the first quarter of 2011. The company ended the quarter with $273 million in cash and cash equivalents.