Plum Creek Timber (PCL) saw shares rise in after-hours trading after the company boosted its fourth-quarter and full-year view above analyst estimates.

The timberland owner forecast earnings of $1.39 to $1.44 per share for the full year, or between 12 cents and 17 cents in the fourth quarter of 2009. Analysts were expecting earnings of 12 cents per share for the fourth quarter, or $1.36 per share for the full-year, according to a poll by Thomson Reuters.

The company saw profit of $19 million or 12 cents per share, compared to earnings of $69 million or 40 cents per share for the year-ago quarter. Results included a $2 million pension settlement charge related to layoffs in its manufacturing division in 2009, which reduced earnings by 2 cents per share.

Revenue for the quarter fell to $294 million, compared to $414 million one year ago.

The company cited some improvement in the timber markets in the Pacific Northwest and stabilizing prices in the South for the third quarter results.

"The quarter's results also reflect some benefit from our manufacturing downsizing, and our cost management efforts,” said Rick Holley, president and chief executive officer, in a statement. “Timber markets appear to have stabilized in most cases, and we have experienced some modest log price improvement in some regions. The company remains well positioned with a strong balance sheet and excellent liquidity.”

Shares of Plum Creek Timber rose 19 cents or 0.58% in after-hours trading after falling 35 cents or 1.06% to close at $32.76 in Monday’s session.