• Net income attributable to Rayonier of $24.7 million ($0.19 per share) on revenues of $177.9 million
• Operating income of $39.3 million and Adjusted EBITDA of $69.9 million
• Year-to-date cash provided by operations of $186.9 million and cash available for distribution (CAD) of $143.7 million
Rayonier Inc. (NYSE:RYN) today reported third quarter net income attributable to Rayonier of $24.7 million, or $0.19 per share, on revenues of $177.9 million. This compares to net income attributable to Rayonier of $39.4 million, or $0.32 per share, on revenues of $171.4 million in the prior year quarter. The prior year third quarter results included $1.2 million of costs related to shareholder litigation.1 Excluding this item, pro forma net income2 was $40.6 million, or $0.33 per share, in the prior year period.
Third quarter operating income was $39.3 million versus $49.7 million in the prior year period. Prior year third quarter operating income included $1.2 million of costs related to shareholder litigation.1 Excluding this item, pro forma operating income2 was $50.9 million in the prior year period. Third quarter Adjusted EBITDA2 was $69.9 million versus $87.2 million in the prior year period. The decline in Adjusted EBITDA2 relative to the prior year period was primarily due to lower real estate results, as the prior year period included a $48.3 million sale comprised of 17,772 acres in Georgia.
Year-to-date cash provided by operating activities was $186.9 million versus $163.9 million in the prior year period. Year-to-date cash available for distribution (CAD)2 of $143.7 million increased $20.2 million versus the prior year period primarily due to higher Adjusted EBITDA2 ($25.6 million) and lower cash interest paid ($0.1 million), partially offset by higher capital expenditures ($5.5 million).
“We are pleased with our third quarter results, as all three of our timber segments realized meaningful increases in Adjusted EBITDA relative to the prior year quarter,” said David Nunes, President and CEO. “Southern Timber results reflect 24% higher harvest volumes offset by a modest 1% decrease in average stumpage prices relative to the prior year quarter. Pacific Northwest Timber results improved based on 5% higher harvest volumes and a 17% increase in delivered sawtimber prices relative to the prior year quarter, largely due to strengthening domestic and export markets. New Zealand Timber Adjusted EBITDA more than doubled versus the prior year quarter, driven by 40% higher harvest volumes and increases in export and domestic sawtimber prices of 16% and 11%, respectively. In Real Estate, lower results this quarter compared to the prior year quarter were driven by a large decrease in the number of acres sold, partially offset by significantly higher average pricing, which reflects a 1,300-acre unimproved development sale for $10,000 per acre.”
more detail at: http://phx.corporate-ir.net/phoenix.zhtml?c=91500&p=irol-irhome