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Rayonier's (RYN) FFO and Revenues Surpass Estimates in Q2
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Rayonier Inc. (RYN - Free Report) reported second-quarter 2022 pro forma net income per share of 16 cents, surpassing the Zacks Consensus Estimate by a cent.
Quarterly revenues of $246.3 million surpassed the Zacks Consensus Estimate of $224.0 million.
Rayonier’s Southern Timber and Pacific Northwest Timber segments displayed solid results. However, weakness in the New Zealand Timber, Real Estate and Trading segments was noticed.
Moreover, on a year-over-year basis, FFO and revenues declined 27.3% and 15.5%, respectively.
According to David Nunes, president and CEO of Rayonier, “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.”
Segmental Performance
In the second quarter, the pro-forma operating income at the company’s Southern Timber segment came in at $24.1 million, up 41.8% from the prior-year quarter’s $17.0 million. This growth was driven by a rise in net stumpage realizations, higher non-timber income and escalation in volumes, partially offset by increased overhead costs and higher depletion rates.
The Pacific Northwest Timber segment reported pro-forma operating income of $2.9 million, up from $1.9 million a year ago. The improvement was attributable to higher net stumpage realizations, partially offset by increased overhead and other costs, lower volumes and a decline in non-timber income.
The New Zealand Timber segment recorded pro-forma operating income of $8.0 million, down from the year-earlier quarter’s $20.7 million. Lower net stumpage realizations, higher costs and a rise in depletion rates were responsible for the fall. However, it was partially offset by increased carbon credit sales, favorable foreign exchange impacts and higher volumes.
Real Estate’s pro-forma operating income was $11 million, down from the year-ago period’s $20.2 million. This decline was due to a decrease in the number of acres sold, partially offset by an increase in weighted-average prices.
The Trading segment reported a loss of $0.4 million pro-forma operating income in the second quarter compared with the prior-year quarter’s gain of $0.4 million. The loss was attributable to lower sales volumes and price during the quarter.
Balance Sheet
Rayonier exited second-quarter 2022 with $279.3 million in cash and cash equivalents (excluding Timber Funds), up from $256.5 million recorded as of Mar 31, 2022.
2022 Guidance
For full-year 2022, Rayonier expects EPS to lie in the range of 57-63 cents. The Zacks Consensus Estimate for the same is pegged at 65 cents.
Management projects adjusted EBITDA to be between $310 million and $330 million.
Simon Property Group, Inc.’s (SPG - Free Report) second-quarter 2022 comparable funds from operations (FFO) per share of $2.96 exceeded the Zacks Consensus Estimate of $2.91. The figure compares favorably with the year-ago quarter’s $2.92.
SPG’s quarterly results reflected healthy operating performance and growth in occupancy levels. The retail REIT behemoth also raised the 2022 FFO per share outlook based on the quarterly results. It also announced a hike in the quarterly dividend.
Boston Properties Inc.’s (BXP - Free Report) second-quarter 2022 FFO per share of $1.94 beat the Zacks Consensus Estimate of $1.85. The figure also compared favorably with the year-ago quarter’s $1.72.
BXP’s quarterly results reflect growth in the bottom line. Also, it experienced strong leasing activity during the quarter.
Extra Space Storage Inc. (EXR - Free Report) reported second-quarter 2022 core FFO per share of $2.13, beating the Zacks Consensus Estimate of $2.04. The figure also came in 29.9% higher than the prior-year quarter’s $1.64.
EXR’s results reflect better-than-anticipated top-line growth. Also, the same-store net operating income improved year over year.
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Rayonier's (RYN) FFO and Revenues Surpass Estimates in Q2
Rayonier Inc. (RYN - Free Report) reported second-quarter 2022 pro forma net income per share of 16 cents, surpassing the Zacks Consensus Estimate by a cent.
Quarterly revenues of $246.3 million surpassed the Zacks Consensus Estimate of $224.0 million.
Rayonier’s Southern Timber and Pacific Northwest Timber segments displayed solid results. However, weakness in the New Zealand Timber, Real Estate and Trading segments was noticed.
Moreover, on a year-over-year basis, FFO and revenues declined 27.3% and 15.5%, respectively.
According to David Nunes, president and CEO of Rayonier, “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.”
Segmental Performance
In the second quarter, the pro-forma operating income at the company’s Southern Timber segment came in at $24.1 million, up 41.8% from the prior-year quarter’s $17.0 million. This growth was driven by a rise in net stumpage realizations, higher non-timber income and escalation in volumes, partially offset by increased overhead costs and higher depletion rates.
The Pacific Northwest Timber segment reported pro-forma operating income of $2.9 million, up from $1.9 million a year ago. The improvement was attributable to higher net stumpage realizations, partially offset by increased overhead and other costs, lower volumes and a decline in non-timber income.
The New Zealand Timber segment recorded pro-forma operating income of $8.0 million, down from the year-earlier quarter’s $20.7 million. Lower net stumpage realizations, higher costs and a rise in depletion rates were responsible for the fall. However, it was partially offset by increased carbon credit sales, favorable foreign exchange impacts and higher volumes.
Real Estate’s pro-forma operating income was $11 million, down from the year-ago period’s $20.2 million. This decline was due to a decrease in the number of acres sold, partially offset by an increase in weighted-average prices.
The Trading segment reported a loss of $0.4 million pro-forma operating income in the second quarter compared with the prior-year quarter’s gain of $0.4 million. The loss was attributable to lower sales volumes and price during the quarter.
Balance Sheet
Rayonier exited second-quarter 2022 with $279.3 million in cash and cash equivalents (excluding Timber Funds), up from $256.5 million recorded as of Mar 31, 2022.
2022 Guidance
For full-year 2022, Rayonier expects EPS to lie in the range of 57-63 cents. The Zacks Consensus Estimate for the same is pegged at 65 cents.
Management projects adjusted EBITDA to be between $310 million and $330 million.
Currently, Rayonier carries a Zacks Rank #3 (Hold). 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-eps-surprise-chart | Rayonier Inc. Quote
Performance of Other REITs
Simon Property Group, Inc.’s (SPG - Free Report) second-quarter 2022 comparable funds from operations (FFO) per share of $2.96 exceeded the Zacks Consensus Estimate of $2.91. The figure compares favorably with the year-ago quarter’s $2.92.
SPG’s quarterly results reflected healthy operating performance and growth in occupancy levels. The retail REIT behemoth also raised the 2022 FFO per share outlook based on the quarterly results. It also announced a hike in the quarterly dividend.
Boston Properties Inc.’s (BXP - Free Report) second-quarter 2022 FFO per share of $1.94 beat the Zacks Consensus Estimate of $1.85. The figure also compared favorably with the year-ago quarter’s $1.72.
BXP’s quarterly results reflect growth in the bottom line. Also, it experienced strong leasing activity during the quarter.
Extra Space Storage Inc. (EXR - Free Report) reported second-quarter 2022 core FFO per share of $2.13, beating the Zacks Consensus Estimate of $2.04. The figure also came in 29.9% higher than the prior-year quarter’s $1.64.
EXR’s results reflect better-than-anticipated top-line growth. Also, the same-store net operating income improved year over year.