Rayonier Inc. reported 3Q 2019 net loss of ($0.4) million, or $0.00 per share, on revenues of $156.4 million. This compares to net income of $23.4 million, or $0.18 per share, on revenues of $200.9 million in the prior year quarter.
3Q 2019 operating income was $11 million versus $46.4 million in the prior year period. 3Q 2019 Adjusted EBITDA was $43.2 million versus $83.3 million in the prior year period.
David Nunes, President and CEO, said: “In Southern Timber, weighted-average stumpage prices decreased 7%, while harvest volumes decreased 4% versus the prior year period. However, non-timber income generated sales of $8.3 million, representing an increase of $3.4 million versus the prior year period. In Pacific Northwest Timber, weak export markets coupled with challenging lumber market conditions continued to negatively impact results, as harvest volumes decreased 16% and delivered sawtimber prices decreased 24% versus the prior year period. New Zealand Timber results also declined due to weaker demand from China and competition from alternative supply sources, which resulted in a 17% decline in export sawn timber prices versus the prior year period.”
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand.
