Rayonier Inc. (NYSE:RYN) today reported fourth quarter net income attributable to Rayonier of $64.2 million, or $0.50 per share, on revenues1 of $239.7 million. This compares to net income attributable to Rayonier of $48.3 million, or $0.39 per share, on revenues1 of $229.3 million in the prior year quarter. The fourth quarter and prior year fourth quarter results included income from Large Dispositions2 of $38.8 million and $42.6 million, respectively. Excluding these items, pro forma net income3 was $25.4 million, or $0.20 per share, on pro forma revenues3 of $186.3 million versus $5.7 million, or $0.05 per share, on pro forma revenues3 of $151.6 million in the prior year period.
Fourth quarter operating income was $80.1 million versus $61.5 million in the prior year period. The current and prior fourth quarter operating income included $38.8 million and $42.6 million, respectively, from Large Dispositions.2 Excluding these items, current and prior fourth quarter pro forma operating income3 was $41.3 million and $18.9 million, respectively. Fourth quarter Adjusted EBITDA3 was $77.0 million versus $52.0 million in the prior year period.
Full-year 2017 net income attributable to Rayonier was $148.8 million, or $1.16 per share, on revenues1 of $819.6 million. This compares to net income attributable to Rayonier of $212.0 million, or $1.73 per share, on revenues1 of $815.9 million in the prior year. The full-year results included $0.7 million of costs related to shareholder litigation4 and $67.0 million from Large Dispositions.2 The prior year results included $2.2 million of costs related to shareholder litigation4, $1.2 million of gain on foreign currency derivatives5 and $143.9 million from Large Dispositions.2 Excluding these items, pro forma net income3 was $82.5 million, or $0.65 per share, on pro forma revenues3 of $724.2 million versus $69.1 million, or $0.56 per share, on pro forma revenues3 of $608.6 million in the prior year.
Full-year operating income was $215.5 million versus $255.8 million in the prior year. The full-year operating income included $0.7 million of costs related to shareholder litigation4 and $67.0 million from Large Dispositions2. The prior year operating income included $2.2 million of costs related to shareholder litigation4, $1.2 million of gain on foreign currency derivatives5 and $143.9 million from Large Dispositions2. Excluding these items, pro forma operating income3 was $149.2 million versus $112.9 million in the prior year. Full-year Adjusted EBITDA3 was $290.5 million versus $239.7 million in the prior year.
Full-year cash provided by operating activities was $256.3 million versus $203.8 million in the prior year. Fullyear cash available for distribution (CAD)3 of $188.7 million increased $44.4 million versus the prior year primarily due to higher Adjusted EBITDA3 ($50.8 million) and lower cash interest paid ($0.2 million), partially offset by higher capital expenditures ($6.6 million).
“We are pleased with our fourth quarter results, as favorable performance in the Pacific Northwest Timber, New Zealand Timber and Real Estate segments more than offset the impact of lower harvest volumes and lower average stumpage prices in the Southern Timber segment,” said David Nunes, President and CEO. “Southern Timber volumes decreased 5% relative to the prior year quarter, as wet weather conditions hampered access in certain areas. Average stumpage prices in Southern Timber decreased 4% relative to the prior year quarter primarily due to geographic mix. In Pacific Northwest Timber, results improved significantly despite 10% lower volumes due to a 27% increase in delivered sawtimber prices relative to the prior year quarter, reflecting strong domestic and export market conditions. New Zealand Timber results also improved significantly versus the prior year quarter, driven by 16% higher harvest volumes and increases in export and domestic sawtimber prices of 11% and 7%, respectively. Real Estate results, excluding the gain on Large Dispositions2, were significantly above the prior year quarter driven by an increase in the number of acres sold, partially offset by lower average pricing, reflecting the mix of properties sold.”
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