Rayonier reports Q4 pro forma EPS 20c, consensus 9c
Reports Q4 pro forma revenue $186.3M, consensus $168.06M. The company said, "We are pleased with our fourth quarter 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. Southern Timber 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. Real Estate results, excluding the gain on Large Dispositions, were significantly above the prior year quarter driven by an increase in the number of acres sold, partially offset by lower average pricing, reflecting the mix of properties sold."