Rayonier Inc. reported 4Q net income of $64.2 million, or $0.50 per share, on revenues of $239.7 million. This compares to net income of $48.3 million, or $0.39 per share, on revenues of $229.3 million in the prior year quarter, as the company said in the press release received by Lesprom Network.
4Q 2017 operating income was $80.1 million versus $61.5 million in the prior year period. 4Q Adjusted EBITDA was $77 million versus $52 million in the prior year period.
Full-year 2017 net income was $148.8 million, or $1.16 per share, on revenues of $819.6 million. This compares to net income of $212 million, or $1.73 per share, on revenues of $815.9 million in the prior year.
Full-year operating income was $215.5 million versus $255.8 million in the prior year. Full-year Adjusted EBITDA was $290.5 million versus $239.7 million in the prior year.
“We are pleased with our 4Q results, as favorable performance in the Pacific Northwest Timber, New Zealand Timber and Real Estate segments more than offset the impact of lower harvest volumes and lower average stumpage prices in the Southern Timber segment,” said David Nunes, President and CEO.
“SouthernTimber volumes decreased 5% relative to the prior year quarter, as wet weather conditions hampered access in certain areas. Average stumpage prices in Southern Timber decreased 4% relative to the prior year quarter primarily due to geographic mix. In Pacific Northwest Timber, results improved significantly despite 10% lower volumes due to a 27% increase in delivered sawtimber prices relative to the prior year quarter, reflecting strong domestic and export market conditions. New Zealand Timber results also improved significantly versus the prior year quarter, driven by 16% higher harvest volumes and increases in export and domestic sawtimber prices of 11% and 7%, respectively.”
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.
