It was company's first full quarter of operations following the spin-off of the Performance Fibers business.

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Rayonier reported 3Q net income $33 million compared to $57 million in the prior year period

Nov 10, 2014. /Lesprom Network/. Rayonier reported third quarter net income attributable to Rayonier of $33 million, or $0.25 per share, compared to $57 million, or $0.44 per share, in the prior year period. Rayonier’s third quarter net income was unfavorably impacted by $2.6 million due to a cumulative adjustment for an out-of-period error in depletion expense. The prior period third quarter results included $43 million of net income from discontinued operations.1 Excluding these items, pro forma net income2 was $36 million, or $0.27 per share, for the third quarter and $14 million, or $0.11 per share, in the prior year period.

For the first nine months, net income attributable to Rayonier was $90 million, or $0.69 per share, compared to $292 million, or $2.23 per share in the prior period. Net income attributable to Rayonier was unfavorably impacted by the cumulative adjustment of $2.6 million due to an out-of-period error in depletion expense. The year-to-date results include $43 million of net income from discontinued operations and $4 million of costs related to the spin-off of the Performance Fibers business in the second quarter. The prior period included a $16 million gain3 related to the consolidation of the Company’s 65% owned New Zealand joint venture (JV) and $220 million of net income from discontinued operations. Excluding these items, pro forma net income was $54 million, or $0.41 per share, compared to $56 million, or $0.43 per share, in the prior year period.

“Despite a number of organizational challenges, Rayonier posted solid results in the third quarter of 2014, which was our first full quarter of operations following the spin-off of the Performance Fibers business,” said David Nunes, Rayonier’s chief executive officer. “These results affirm the fundamentally strong foundation of our Company – a foundation that we believe we can build upon as we implement operational and organizational improvements in our business model going forward.”

In Forest Resources, Rayonier anticipates full-year results to be comparable to 2013, with stronger prices in the U.S. South offset by lower prices in the U.S. Pacific Northwest and New Zealand largely due to lower export demand in the second half of the year, and by a reduction in fourth quarter Northwest harvest volumes as Rayonier implements its new strategy for achieving long-term sustainable yield. In Real Estate, Rayonier now expects full-year results to be approximately 15% below 2013, based on the anticipated timing of land sale closings originally forecasted for late 2014.

Beyond 2014, Rayonier anticipates that U.S. housing will continue its gradual recovery, sawlog prices will continue to strengthen, and demand for logs in Asia will be strong over the long-term, benefiting its U.S. Pacific Northwest and New Zealand operations. While Rayonier expects these trends to result in stronger product prices over time, Rayonier’s results will be impacted by significantly lower harvest volume in the Northwest and by a planned reduction in sales of non-strategic timberland, consistent with its new strategy.

For 2015, we anticipate operating income in the $85 million to $105 million range and Adjusted EBITDA7 of approximately $200 million to $220 million. Compared with 2014, these lower results primarily reflect the planned reductions in harvest volumes and timberland sales. Looking beyond 2015, we anticipate steadily increasing Adjusted EBITDA7 as product prices continue to strengthen. We also expect to maintain an active and disciplined timberland acquisition program that, if successfully executed, will contribute to Adjusted EBITDA growth.