• Net income attributable to Rayonier of $26.2 million ($0.20 per share) on revenues of $194.7 million
• Operating income of $46.9 million and Adjusted EBITDA of $86.4 million
• Year-to-date cash provided by operations of $128.3 million and cash available for distribution (CAD) of $97.0 million
• Full-year 2017 guidance increased – net income attributable to Rayonier of $79 to $83 million; proforma net income of $50 to $55 million; Adjusted EBITDA of $255 to $270 million
Rayonier Inc. (NYSE:RYN) today reported second quarter net income attributable to Rayonier of $26.2 million, or $0.20 per share, on revenues of $194.7 million. This compares to net income attributable to Rayonier of $109.8 million, or $0.89 per share, on revenues of $261.6 million in the prior year quarter. The prior year second quarter results included $0.6 million of costs related to shareholder litigation1 and $101.3 million of income from a Large Disposition.2 Excluding these items, proforma net income3 was $9.1 million, or $0.07 per share, in the prior year period.
Second quarter operating income was $46.9 million versus $121.6 million in the prior year period. The prior year second quarter operating income included $0.6 million of costs related to shareholder litigation1 and $101.3 million of income from a Large Disposition.2 Excluding these items, pro forma operating income3 was $20.9 million in the prior year period. Second quarter Adjusted EBITDA3 was $86.4 million versus $45.0 million in the prior year period.
Year-to-date cash provided by operating activities was $128.3 million versus $77.0 million in the prior year period. Year-to-date cash available for distribution (CAD)3 of $97.0 million increased $39.8 million versus the prior year period primarily due to higher Adjusted EBITDA3 ($43.1 million) and lower cash interest paid ($0.4 million), partially offset by higher capital expenditures ($3.6 million) and higher cash taxes paid ($0.1 million).
“We are pleased to report solid results for the second quarter, reflective of the quality and diversity of our timberland and real estate portfolio,” said David Nunes, President and CEO. “Southern Timber results were relatively flat to the prior year quarter based on 15% higher harvest volumes offset by a 6% decrease in average stumpage prices and costs of $1.1 million related to the West Mims fire in Georgia and Florida. Pacific Northwest Timber results improved modestly based on 3% higher harvest volumes and a 10% increase in delivered sawtimber prices relative to the prior year quarter, largely due to strengthening domestic and export markets. New Zealand Timber results improved significantly versus the prior year quarter, driven by increases in export and domestic sawtimber prices of 16% and 11%, respectively, as well as non-strategic timberland sales of $24.3 million comprised of 9,646 productive acres. These timberland sales contributed net income attributable to Rayonier of $8.2 million, operating income of $14.8 million and Adjusted EBITDA3 of $23.8 million to the second quarter results. Real Estate results (excluding Large Dispositions2) also improved significantly over the prior year quarter due to higher volumes and higher average pricing.”
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