Rayonier sees FY23 EPS 36c-50c, consensus 60c » 16:1602/0102/01/23
"In 2023, we expect…
"In 2023, we expect to achieve net income attributable to Rayonier of $52 to $73 million, EPS of $0.36 to $0.50 and Adjusted EBITDA of $280 to $320 million," the company said. "We generally expect that results in the first half of the year will be meaningfully lower than results in the second half of the year, as end market demand continues to normalize following the rapid rise in interest rates and associated market volatility. We further expect that year-over-year net income attributable to Rayonier and EPS will be impacted by increased depletion rates in our Southern Timber segment following the completion of our previously announced acquisition of 137,800 acres in the U.S. South for $454 million. In our Southern Timber segment, we expect to achieve full-year harvest volumes of 6.7 to 7.0 million tons. The anticipated increase relative to the prior year reflects the additional volume associated with our previously announced acquisitions. We also anticipate higher non-timber income for full-year 2023 as compared to full-year 2022. However, we expect that the increase in harvest volumes and non-timber income will be largely offset by lower weighted average stumpage realizations due to softer demand as well as higher harvest and transportation costs. Overall, we expect full-year Adjusted EBITDA of $145 to $160 million, generally in line with full-year 2022 results."
Rayonier reports Q4 pro forma EPS 22c, consensus 12c » 16:1502/0102/01/23
Reports Q4 revenue…
Reports Q4 revenue $245.4M, consensus $207.6M.
|Over a week ago|
Rayonier names Mark McHugh CFO, Doug Long CRO » 16:1601/2301/23/23
Rayonier announced that…
Rayonier announced that Mark McHugh has been appointed to the position of President and Chief Financial Officer, effective January 20, 2023. In addition to his current duties as CFO, Mr. McHugh will take on a greater role in leading our strategic planning efforts as well as participating in broader operational and personnel decision-making. He will continue to report to David Nunes, Chief Executive Officer. In addition, Doug Long has been appointed to the position of Executive Vice President and Chief Resource Officer, effective January 20, 2023. In this expanded role, Mr. Long will continue to oversee our global forestry operations, while also devoting more time toward developing business opportunities around nature-based climate solutions. "This promotion reflects Doug's outstanding leadership of our forest resources organization as well as the growing importance of nature-based climate solutions to our long-term strategic vision," said Nunes. Mr. Long joined Rayonier in 1995 and most recently served as Senior Vice President, Forest Resources. He will continue to report to David Nunes, Chief Executive Officer.
|Over a month ago|
Rayonier management to meet with Truist » 07:1612/0512/05/22
Meeting to be held in New…
Meeting to be held in New York on December 5 hosted by Truist.
Rayonier files automatic mixed securities shelf 16:3111/0411/04/22
|Over a quarter ago|
Rayonier announces acquisitions in U.S. South » 16:4811/0211/02/22
Rayonier announced the…
Rayonier announced the company has entered into two separate agreements to acquire approximately 172,400 acres of high-quality commercial timberlands located in Texas, Georgia, Alabama, and Louisiana for an aggregate purchase price of approximately $474 million from Manulife Investment Management, a timberland investment manager. The Acquisitions comprise well-stocked and highly productive timberlands located in some of the strongest timber markets in the U.S. South. Approximately 80% of the Acquisitions consist of fee ownership, and the remaining 20% consist of a long-term lease. The Acquisitions are subject to customary closing conditions and expected to close in the fourth quarter of 2022. Rayonier expects to finance the Acquisitions with cash on hand and the proceeds from incremental borrowings through the Farm Credit System. "The acquisitions announced today underscore our commitment to improving our portfolio quality and sustainable yield through disciplined growth," said David Nunes, President and CEO. "It is rare to come across a collection of premier quality timberland assets with such a strong fit to our existing portfolio. In addition to complementing our southern portfolio, we expect that these acquisitions will generate a strong cash yield from timber operations, which will enhance our cash flow profile, quality of earnings, and market positioning as the leading pure-play timberland REIT. In sum, we are thrilled to be adding these properties to our southern portfolio and look forward to managing them for long-term value creation."
Rayonier says 'on track' to achieve FY adjusted EBITDA guidance » 16:1411/0211/02/22
"Based on our…
"Based on our year-to-date results and our expectations for the fourth quarter, we are on track to achieve our prior full-year Adjusted EBITDA guidance," added Nunes. "In our Southern Timber segment, we expect full-year Adjusted EBITDA in line with our prior guidance based on healthy demand trends and continued strong pricing in our markets. In our Pacific Northwest Timber segment, we expect full-year Adjusted EBITDA toward the higher end of our prior guidance, as we expect continued strong pricing for both pulpwood and sawtimber as compared to the prior year, albeit partially offset by ongoing cost pressures. In our New Zealand Timber segment, we expect full-year Adjusted EBITDA toward the lower end of our prior guidance due to ongoing export market headwinds, as demand from China remains constrained. In our Real Estate segment, we expect full-year Adjusted EBITDA toward the lower end of our prior guidance, as we now anticipate that a few transactions will be deferred into early 2023 and that demand for certain rural properties will likely moderate with the recent increase in interest rates."
Rayonier reports Q3 pro forma EPS 15c, consensus 11c » 16:1411/0211/02/22
Reports Q3 pro forma…
Reports Q3 pro forma revenue $195.3M, consensus $225.57M. "We are encouraged by our third quarter results, particularly given the challenges presented by ongoing cost pressures, the recent slowdown in the U.S. housing market, and continued headwinds in China as it relates to our export business," said David Nunes, President and CEO. "While Adjusted EBITDA declined significantly versus the prior year quarter, this was primarily due to exceptionally strong Real Estate results in the prior year period. Notably, total Adjusted EBITDA for our timber segments increased 14% versus the prior year period, as favorable results in our Southern Timber segment more than offset lower Adjusted EBITDA in our New Zealand Timber segment."
Rayonier sees FY22 EPS 57c-63c, consensus 66c » 16:1408/0308/03/22
"Based on our first…
"Based on our first half results and our expectations for the balance of the year, we now anticipate full-year net income attributable to Rayonier of $84 to $92 million, EPS of $0.57 to $0.63, and Adjusted EBITDA of $310 to $330 million," added Nunes. "Notably, we are on track for a stronger 2022 than we had originally anticipated in both our Southern Timber and Pacific Northwest Timber segments given the excellent first half results and favorable pricing environment. In addition, our Real Estate segment outlook is largely unchanged. However, in our New Zealand Timber segment, export market headwinds, including COVID-19 related disruptions in China and elevated shipping costs, have persisted longer than we had anticipated and have negatively impacted our outlook for this segment. Overall, the net impact of our revised outlook by segment translates to a modest reduction in the upper-end of our total full-year Adjusted EBITDA guidance relative to our prior guidance. In our Southern Timber segment, we now expect full-year harvest volumes of 6.4 to 6.6 million tons, as strong customer demand and favorable weather conditions are allowing us to successfully execute our annual harvest plan. We are encouraged by the significant year-over-year pricing gains that have been realized across our operating areas. However, we expect modestly lower weighted-average net stumpage realizations during the second half of 2022 as compared to the first half, primarily due to higher cut and haul costs as a result of elevated diesel prices and a higher proportion of thinning volume. Overall, we expect the Southern Timber segment to generate record full-year Adjusted EBITDA in the range of $156 to $162 million. In our Pacific Northwest Timber segment, we now expect full-year harvest volumes of 1.6 to 1.7 million tons, due in part to a modest adjustment in our harvest plan to reflect land sales, as well as reduced China export volume. We further expect that weighted-average delivered log prices will remain well above prior year levels for the balance of the year. However, we anticipate these pricing gains will be partially offset by higher cut and haul costs due to elevated diesel prices. Overall, we expect the Pacific Northwest Timber segment to generate record full-year Adjusted EBITDA in the range of $59 to $63 million. In our New Zealand Timber segment, we now expect full-year harvest volumes of 2.6 to 2.7 million tons. While domestic log demand was strong throughout the first half of the year, export market dynamics were negatively impacted by ongoing COVID-19 lockdowns in China. We expect export sawtimber prices to stabilize in the second half of the year in response to improved offtake from Chinese ports and a reduction in competing log supply. However, we expect that net stumpage realizations on export volume will continue to be constrained by elevated port and freight costs. In the domestic market, we anticipate continued strong log demand, although we expect that pricing will be modestly lower in the second half of the year as compared to the first half of the year due to added supply pressure resulting from reduced export volume. Partially offsetting these headwinds, we expect a higher contribution from non-timber income (carbon credit sales) in the second half of the year as compared to the first half. Overall, we expect the New Zealand Timber segment to generate full-year Adjusted EBITDA of $55 to $60 million. In our Real Estate segment, we now expect full-year Adjusted EBITDA of $74 to $79 million. Following strong Real Estate results in the first half of the year, we anticipate lower quarterly results for the balance of the year."
Rayonier reports Q2 pro forma EPS 16c, consensus 15c » 16:1308/0308/03/22
Reports Q2 revenue…
Reports Q2 revenue $246.3M, consensus $215.51M. "We are pleased with our second quarter results, particularly given the challenges presented by rising costs across our segments as well as continued COVID-related disruptions in our export business," said David Nunes, President and CEO. "Adjusted EBITDA of $83.0 million was 13% below the prior year quarter, as favorable results in our Southern Timber and Pacific Northwest Timber segments were more than offset by lower Adjusted EBITDA in our New Zealand Timber and Real Estate segments."