Rayonier Inc. reported 1Q 2020 net income of $25.9 million, or $0.20 per share, on revenues of $259.1 million. This compares to net income of $24.8 million, or $0.19 per share, on revenues of $191.5 million in the prior year quarter.
1Q 2020 operating income was $38.6 million versus $38.5 million in the prior year period. 1Q 2020 Adjusted EBITDA3 was $47.1 million versus $79.0 million in the prior year period.
“The differential magnitude and timing of COVID-19 related headwinds across our segments translated into a choppy start to the year,” said David Nunes, President and CEO. “In the U.S., the forest products industry has been designated by the federal government as an essential critical infrastructure industry, and we have therefore continued to operate, although end markets have been affected. In New Zealand, the pandemic began disrupting export markets in January, and in late March, the N.Z. government instituted lockdown measures on all non-essential businesses, including forestry. On April 28th, New Zealand ended these lockdown measures, and our operations are currently in the process of being reopened on a phased basis.”
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.
