Rayonier Inc. reported Q2 2023 net income of $19.0 million, or $0.13 per share, on revenues of $208.9 million. This compares to net income of $24.1 million, or $0.16 per share, on revenues of $246.3 million in the prior year quarter.
Q2 2023 operating income was $20.1 million versus $35.5 million in the prior year period. Q2 2023 Adjusted EBITDA was $69.2 million versus $83.0 million in the prior year period.
Year-to-date cash provided by operating activities was $126.3 million versus $148.5 million in the prior year period. Year-to-date cash available for distribution (CAD) was $62.7 million, which decreased $56.8 million versus the prior year period due to lower Adjusted EBITDA ($57.1 million), higher capital expenditures ($6.5 million) and higher cash interest paid ($3.8 million), partially offset by lower cash taxes paid ($10.6 million).
“While overall market sentiment has improved versus the Q1 of this year, our Q2 results reflect ongoing macroeconomic challenges and weaker end-market demand as compared to the prior year,” said David Nunes, CEO. “The total Adjusted EBITDA generated by our Timber segments collectively declined 13% relative to the Q2 2022, as favorable results in our Southern Timber segment were more than offset by lower Adjusted EBITDA in our Pacific Northwest Timber and New Zealand Timber segments.”
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.
