Rayonier Inc. (RYN) Misses Q1 EPS by 10c; On Track for Separation of Performance Fibers Business

Rayonier Inc. (NYSE: RYN) reported Q1 EPS of $0.36, $0.10 worse than the analyst estimate of $0.46. Revenue for the quarter came in at $386.7 million versus the consensus estimate of $400.5 million.

Separation

The Company is on track to complete the separation of its Performance Fibers business, which will be named Rayonier Advanced Materials, by mid-2014. It anticipates that it will receive a private letter ruling from the Internal Revenue Service confirming the tax-free nature of the separation. Additionally, the Company is progressing well in the registration process with the Securities and Exchange Commission. Estimates for normalized annual corporate expenses for Rayonier and Rayonier Advanced Materials are $20 million and $25 million, respectively.

Outlook

“With improving demand, Forest Resources had an excellent first quarter and we expect strong full-year results well above the prior year. In Real Estate, we expect 2014 results will be comparable to 2013. In Performance Fibers, with the higher costs experienced in the first quarter, we anticipate full-year results will be at the low end of our earlier estimated range,” noted Boynton.

“We are pleased with our progress toward separation of the Performance Fibers business, and are excited about the prospects for these two separate businesses. We are confident that the separation will create two industry-leading public companies with significant long-term growth opportunities,” concluded Boynton.

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

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