Rayonier reported 1Q net income of $58 million
Apr 26, 2011. Rayonier reported 1Q net income of $58 million, compared to $57 million in the comparable prior year period. The 2010 results included a gain of $12 million from the sale of a portion of the Company's interest in its New Zealand joint venture.
Apr 26, 2011. /Lesprom Network/. Rayonier reported 1Q net income of $58 million, compared to $57 million in the comparable prior year period. The 2010 results included a gain of $12 million from the sale of a portion of the Company's interest in its New Zealand joint venture. Excluding this gain, 1Q 2010 earnings were $45 million.
Cash provided by operating activities was $116 million compared to $91 million in 1Q 2010. Cash available for distribution1 (CAD) was $88 million versus $77 million in 1Qv2010.
“We're extremely pleased to report another strong quarter,” said Lee M. Thomas, Chairman and CEO. “In Forest Resources, we continue to move incremental volume at improved prices in coastal Washington driven primarily by robust Chinese demand. In our Performance Fibers business, strong global demand drove significant price increases for our unique high purity cellulose specialties products.”
Rayonier is a leading international forest products company with three core businesses: Forest Resources, Real Estate and Performance Fibers. The Company owns, leases or manages 2.4 million acres of timber and land in the United States and New Zealand.