Earnings Watch: 2 Stocks Warm on Trading Screens Today

McKesson Corporation (NYSE:MCK) reported its results for the third quarter. Net income for McKesson Corporation rose to $300 million ($1.20 per share) vs. $155 million (60 cents per share) in the same quarter a year earlier. This marks a rise of 93.5% from the year earlier quarter. Revenue rose 9.2% to $30.84 billion from the year earlier quarter. MCK reported adjusted net income of $1.40 per share. By that measure, the company beat the mean estimate of $1.37 per share. It beat the average revenue estimate of $30.13 billion.

“McKesson delivered another quarter of solid operating results, and I am pleased with our accomplishments during the first nine months of our fiscal year,” said John H. Hammergren, chairman and chief executive officer. “Our strong balance sheet and cash flow also provide us with significant opportunities to create shareholder value.”

Competitors to Watch: AmerisourceBergen Corp. (NYSE:ABC), Cardinal Health, Inc. (NYSE:CAH), Henry Schein, Inc. (NASDAQ:HSIC), Patterson Companies, Inc. (NASDAQ:PDCO), Cerner Corporation (NASDAQ:CERN), Owens & Minor, Inc. (NYSE:OMI), Omnicare, Inc. (NYSE:OCR), Grupo Casa Saba, S.A. (NYSE:SAB), MWI Veterinary Supply, Inc. (NASDAQ:MWIV), and Allscripts Healthcare Solutions Inc (NASDAQ:MDRX).

Plum Creek Timber Co., Inc. (NYSE:PCL) will unveil its latest earnings on Monday, January 30, 2012. The average estimate of analysts is for net income of 39 cents per share, a decline of 13.3% from the company’s actual earnings for the same quarter a year ago. The average estimate is the same as three months ago. Between one and three months ago, the average estimate was unchanged. It also has not changed during the last month. Analysts are projecting profit to rise by 9.8% versus last year to $1.20.

The company beat estimates last quarter after falling short in the prior two. In the third quarter, the company reported profit of 31 cents per share versus a mean estimate of net income of 30 cents per share. In the second quarter, the company missed estimates by one cent. On average, analysts predict $305.2 million in revenue this quarter, a decline of 14.3% from the year ago quarter. Analysts are forecasting total revenue of $1.15 billion for the year, a decline of 3.4% from last year’s revenue of $1.19 billion.

Competitors to Watch: Potlatch Corporation (NYSE:PCH), Rayonier Inc. (NYSE:RYN), Weyerhaeuser Company (NYSE:WY), Deltic Timber Corporation (NYSE:DEL), Universal Forest Products, Inc. (NASDAQ:UFPI), Louisiana-Pacific Corp. (NYSE:LPX), Pittsburgh & West Virginia Railroad (AMEX:PW) and West Fraser Timber Co. Ltd. (NYSE:WFT).

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com