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Rayonier's (RYN) Q4 Earnings and Revenues Top Estimates
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Rayonier Inc.’s (RYN - Free Report) reported fourth-quarter 2016 pro forma net income per share of 5 cents, beating the Zacks Consensus Estimate of 3 cents. However, the bottom line came in lower than the prior-year quarter’s tally of 9 cents.
For full-year 2016, the company reported pro forma net income per share of 56 cents, beating the Zacks Consensus Estimate by a penny. Also, the bottom line for 2016 surpassed the prior-year’s tally of 40 cents.
Total sales for the quarter were $220.5 million, up 60.8% year over year. The Zacks Consensus Estimate for total sales was $130 million.
Total sales for 2016 were $788.3 million, up 44.7% from that of 2015. The Zacks Consensus Estimate for total sales for 2016 was $698 million.
During the quarter, pro forma operating income at the company’s Southern Timber segment declined to $8.1 million from $12.0 million recorded a year ago.
The Pacific Northwest Timber posted pro forma operating loss of $3.1 million. Pro forma operating loss in the fourth-quarter 2015 was of $0.4 million.
New Zealand Timber posted pro forma operating income of $11.7 million. Pro forma operating loss for fourth-quarter 2015 was $1.1 million.
Real Estate posted pro forma operating income of $6.8 million, down from the year-ago tally of $10.3 million.
Trading segment posted pro forma operating income of $0.5 million, down from the year-ago tally of $0.6 million.
Lastly, pro-forma operating loss at the Corporate and Other segment rose to $5.1 million from a loss of $4.7 million incurred in fourth-quarter 2015.
Liquidity
Rayonier ended the quarter with $85.9 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.
However, 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.
We now look forward to the earnings releases of DDR Corp. , Vornado Realty Trust (VNO - Free Report) and HCP, Inc. (HCP - Free Report) which are expected next week.
Note: All EPS numbers presented in this write-up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
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Rayonier's (RYN) Q4 Earnings and Revenues Top Estimates
Rayonier Inc.’s (RYN - Free Report) reported fourth-quarter 2016 pro forma net income per share of 5 cents, beating the Zacks Consensus Estimate of 3 cents. However, the bottom line came in lower than the prior-year quarter’s tally of 9 cents.
For full-year 2016, the company reported pro forma net income per share of 56 cents, beating the Zacks Consensus Estimate by a penny. Also, the bottom line for 2016 surpassed the prior-year’s tally of 40 cents.
Total sales for the quarter were $220.5 million, up 60.8% year over year. The Zacks Consensus Estimate for total sales was $130 million.
Total sales for 2016 were $788.3 million, up 44.7% from that of 2015. The Zacks Consensus Estimate for total sales for 2016 was $698 million.
Segmental Performance
During the quarter, pro forma operating income at the company’s Southern Timber segment declined to $8.1 million from $12.0 million recorded a year ago.
The Pacific Northwest Timber posted pro forma operating loss of $3.1 million. Pro forma operating loss in the fourth-quarter 2015 was of $0.4 million.
New Zealand Timber posted pro forma operating income of $11.7 million. Pro forma operating loss for fourth-quarter 2015 was $1.1 million.
Real Estate posted pro forma operating income of $6.8 million, down from the year-ago tally of $10.3 million.
Trading segment posted pro forma operating income of $0.5 million, down from the year-ago tally of $0.6 million.
Lastly, pro-forma operating loss at the Corporate and Other segment rose to $5.1 million from a loss of $4.7 million incurred in fourth-quarter 2015.
Liquidity
Rayonier ended the quarter with $85.9 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.
However, 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.
Rayonier Inc. Price, Consensus and EPS Surprise
Rayonier Inc. Price, Consensus and EPS Surprise | Rayonier Inc. Quote
We now look forward to the earnings releases of DDR Corp. , Vornado Realty Trust (VNO - Free Report) and HCP, Inc. (HCP - Free Report) which are expected next week.
Note: All EPS numbers presented in this write-up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>