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Rayonier's (RYN) Q3 Earnings and Revenues Increase Y/Y
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Rayonier Inc.’s (RYN - Free Report) third-quarter 2016 pro forma net income per share came in at 33 cents, higher than the prior-year quarter figure of 17 cents. The Zacks Consensus Estimate for the quarter was 14 cents.
Total sales for the quarter were $171.4 million, up 13% year over year. The Zacks Consensus Estimate for total sales was $154 million.
Segmental Performance
Pro forma operating income at the company’s Southern Timber segment declined to $8.2 million from $10.5 million recorded a year ago.
The Pacific Northwest Timber posted pro forma operating loss of $3.3 million, as against pro forma operating income of $3.1 million in third-quarter 2015.
New Zealand Timber posted pro forma operating income of $6.6 million. Pro forma operating loss for third-quarter 2015 was $0.9 million.
Real Estate posted pro forma operating income of $43.1 million, up from the year-ago tally of $20 million.
Trading segment posted pro forma operating income of $0.5 million, up from the year-ago tally of $0.4 million.
Lastly, pro-forma operating loss at the Corporate and Other segment rose to $4.2 million from a loss of $3.8 million incurred in third-quarter 2015.
Rayonier ended the quarter with $110 million in cash and cash equivalents, up from $51.8 million recorded at the end of fourth-quarter 2015. Total long-term debt was $1.03 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. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other REITs which are slated to report results this week are EPR Properties (EPR - Free Report) , National Retail Properties, Inc. (NNN - Free Report) and Lamar Advertising Co. (LAMR - Free Report) .
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Rayonier's (RYN) Q3 Earnings and Revenues Increase Y/Y
Rayonier Inc.’s (RYN - Free Report) third-quarter 2016 pro forma net income per share came in at 33 cents, higher than the prior-year quarter figure of 17 cents. The Zacks Consensus Estimate for the quarter was 14 cents.
Total sales for the quarter were $171.4 million, up 13% year over year. The Zacks Consensus Estimate for total sales was $154 million.
Segmental Performance
Pro forma operating income at the company’s Southern Timber segment declined to $8.2 million from $10.5 million recorded a year ago.
The Pacific Northwest Timber posted pro forma operating loss of $3.3 million, as against pro forma operating income of $3.1 million in third-quarter 2015.
New Zealand Timber posted pro forma operating income of $6.6 million. Pro forma operating loss for third-quarter 2015 was $0.9 million.
Real Estate posted pro forma operating income of $43.1 million, up from the year-ago tally of $20 million.
Trading segment posted pro forma operating income of $0.5 million, up from the year-ago tally of $0.4 million.
Lastly, pro-forma operating loss at the Corporate and Other segment rose to $4.2 million from a loss of $3.8 million incurred in third-quarter 2015.
RAYONIER INC Price, Consensus and EPS Surprise
RAYONIER INC Price, Consensus and EPS Surprise | RAYONIER INC Quote
Liquidity
Rayonier ended the quarter with $110 million in cash and cash equivalents, up from $51.8 million recorded at the end of fourth-quarter 2015. Total long-term debt was $1.03 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. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other REITs which are slated to report results this week are EPR Properties (EPR - Free Report) , National Retail Properties, Inc. (NNN - Free Report) and Lamar Advertising Co. (LAMR - Free Report) .
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>