Rayonier reported 2Q net income of $39 million
Jul 29, 2010. Rayonier reported 2Q net income of $39 million, a 33% increase over 2Q 2009 net income of $28 million, which excludes a special item. Including the special item, 2Q 2009 net income was $108 million.
Jul 29, 2010. /Lesprom Network/. Rayonier reported 2Q net income of $39 million, a 33% increase over 2Q 2009 net income of $28 million, which excludes a special item. Including the special item, 2Q 2009 net income was $108 million, the company said in a statement received by Lesprom Network.
For the first six months, net income totaled $96 million, compared to $134 million in 2009. Excluding special items, year-to-date net income rose to $84 million from $54 million in 2009.
Cash provided by operating activities of $356 million for the first six months of 2010 was $229 million above the prior year. Cash available for distribution of $303 million was $207 million above the first half of 2009.
“We are pleased with our 2Q results, which reflect continued improvement in many of our markets,” said Lee M. Thomas, Chairman, President and CEO. “In Timber, we took advantage of good export markets for sawtimber in the West and continued demand for pulpwood in the East. In Performance Fibers, we successfully executed our planned Jesup and Fernandina maintenance shutdowns, returning to full production ahead of expectations.”
Rayonier is a leading international forest products company with three core businesses: Timber, Real Estate and Performance Fibers. The company owns, leases or manages 2.5 million acres of timber and land in the United States and New Zealand.