Rayonier (RYN) Misses Q1 EPS by 1c

Rayonier (NYSE: RYN) reported Q1 EPS of $0.08, $0.01 worse than the analyst estimate of $0.09. Revenue for the quarter came in at $179.5 million versus the consensus estimate of $199.63 million.

“We are very encouraged by the momentum across all of our businesses to start 2021,” said David Nunes, President and CEO. “Adjusted EBITDA of $69.5 million was 47% higher than the prior year quarter, as favorable results in the New Zealand Timber, Pacific Northwest Timber and Real Estate segments more than offset slightly lower Adjusted EBITDA in the Southern Timber segment.”

“New Zealand Timber Adjusted EBITDA more than doubled versus the prior year quarter due to significantly higher harvest volumes and sawtimber prices, as the prior year quarter was severely impacted by COVID-19 related headwinds. In Pacific Northwest Timber, Adjusted EBITDA improved 81% versus the prior year quarter due to a significant increase in sawtimber prices, as well as higher volumes from the acquisition of Pope Resources.”

“Southern Timber Adjusted EBITDA declined 5% versus the prior year quarter, as a 7% increase in net stumpage prices and stronger non-timber income were more than offset by 18% lower harvest volumes due to the front-loaded timing of 2020 harvest activity as well as weather-related disruptions during the first quarter. Lastly, Real Estate segment Adjusted EBITDA improved versus the prior year quarter but was still relatively light compared to our full-year expectations due to the timing of closings, which we had anticipated coming into the year.”

For earnings history and earnings-related data on Rayonier (RYN) click here.

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