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Boston Properties, Inc. (BXP) - free report >>
Rayonier Inc. (RYN) - free report >>
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Rayonier's (RYN) Q2 Earnings & Revenues Beat Estimates
Rayonier Inc.’s (RYN - Free Report) second-quarter 2016 pro forma net income per share came in at 7 cents, beating the Zacks Consensus Estimate of 3 cents. The second-quarter 2015 pro forma net income per share figure was $0.00.
Total sales for the quarter were $261.6 million, up significantly year over year. Further, the figure surpassed the Zacks Consensus Estimate of $112 million.
Segmental Performance
Pro forma operating income at the company’s Southern Timber segment declined to $11.1 million from $11.8 million recorded a year ago.
The Pacific Northwest Timber posted pro forma operating income of $1.1 million, down from $1.7 million in second-quarter 2015.
New Zealand Timber posted pro forma operating income of $10 million. Pro forma operating loss for second-quarter 2015 was $0.9 million.
Real Estate posted pro forma operating income of $4.4 million, up from the year-ago tally of $1.4 million.
Pro forma operating income at the Trading segment was $0.6 million. Pro forma operating loss for second-quarter 2015 was $0.1 million.
Lastly, pro-forma operating loss at the Corporate and Other segment rose to $6.3 million from a loss of $5.9 million incurred in second-quarter 2015.
Liquidity
Rayonier ended second-quarter 2016 with $129.7 million in cash and cash equivalents, up from $51.8 million recorded at the end of fourth-quarter 2015. Total long-term debt was $1.05 billion, up from $830.6 million as of Dec 31, 2015.
Our Viewpoint
Continuous divestiture of non-strategic timberlands as well as re-investment in strategic timberlands, and strong pulpwood demand from key markets bode well for Rayonier over the long term. On the other hand, tough compliance requirements, cut-throat competition with national and local players and foreign exchange fluctuations keep us concerned about this Zacks Rank #3 (Hold) stock.
RAYONIER INC Price, Consensus and EPS Surprise
RAYONIER INC Price, Consensus and EPS Surprise | RAYONIER INC Quote
Investors interested in the REIT industry may consider stocks like Apple Hospitality REIT, Inc. (APLE - Free Report) , CoreSite Realty Corporation (COR - Free Report) and Boston Properties Inc. (BXP - Free Report) . Each of these stocks carries a Zacks Rank #2 (Buy).
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