We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Rayonier's (RYN) Earnings & Revenues Beat Estimates in Q4
Read MoreHide Full Article
Rayonier Inc. (RYN - Free Report) reported fourth-quarter 2022 pro forma net income per share of 11 cents, surpassing the Zacks Consensus Estimate by a penny. The figure rose significantly from the prior-year quarter’s 1 cent.
The quarterly results reflected better-than-anticipated revenues. The pro forma operating income improved across all segments. The company issued 2023 outlook.
The pro forma revenues and quarterly revenues came in at $214.9 million and $245.4 million, respectively, outpacing the Zacks Consensus Estimate of $208.2 million. On a year-over-year basis, while revenues fell 6.3%, pro forma revenues climbed 12.5%.
According to David Nunes, president and CEO of Rayonier, “We are pleased with our overall financial performance for the full-year 2022. The total Adjusted EBITDA generated by our three Timber segments of $275.4 million represented the highest-ever result for the company—roughly 8% above the previous record achieved in 2021.”
In 2022, RYN reported pro forma net income per share of 62 cents, down from 67 cents in the prior year. However, the figure beat the Zacks Consensus Estimate of 61 cents. Pro forma revenues of $878.6 million improved 1.8% year over year from $863.1 million. The figure surpassed the Zacks Consensus Estimate of $871.8 million.
Segmental Performance
In the fourth quarter, the pro-forma operating income at the company’s Southern Timber segment came in at $19.7 million, up 3.7% from the prior-year quarter’s $19 million. This growth was driven by a rise in net stumpage realizations, lower leased land reforestation and other costs, and higher non-timber income, partially offset by lower volumes and higher depletion rates.
The Pacific Northwest Timber segment reported a pro-forma operating income of $3.1 million, up from $1.5 million a year ago. The improvement was attributable to the sale of a timber reservation to a conservation group, higher net stumpage realizations, lower indirect costs, a favorable adjustment to a timber write-off taken in the third quarter and higher volumes, partially offset by lower non-timber income and higher depletion rates.
The New Zealand Timber segment recorded pro-forma operating income of $8 million, up from the year-earlier quarter’s $3.6 million. The rise was driven by higher carbon credit sales and higher volumes, partially offset by lower net stumpage realizations, unfavorable foreign exchange impacts and increased costs.
Real Estate’s pro-forma operating income was $4.9 million against the year-ago period’s loss of $0.3 million. Higher number of acres sold and an increase in weighted average prices, driven by a heavier mix of Improved Development activity, aided the rise.
The Trading segment reported $0.3 million pro-forma operating income in the fourth quarter against a loss of $0.5 million in the prior-year quarter. Improved margins more than offset reduced trading volume, which drove the increase.
Balance Sheet
Rayonier exited fourth-quarter 2022 with $114.3 million in cash and cash equivalents (excluding Timber Funds), down from $260.9 million recorded as of Sep 30, 2022.
2023 Guidance
For 2023, management expects earnings per share to lie in the range of 36-50 cents. The Zacks Consensus Estimate for the same is pegged at 60 cents.
The adjusted EBITDA is anticipated to be between $280 million and $320 million.
SL Green Realty Corp. (SLG - Free Report) reported fourth-quarter 2022 FFO per share of $1.46, lagging the Zacks Consensus Estimate of $1.48. The figure fell 3.9% from the year-ago quarter’s $1.52.
SLG’s results reflected lower-than-anticipated revenues and a fall in occupancy. However, same-store cash NOI improved year over year.
Crown Castle Inc. (CCI - Free Report) reported fourth-quarter 2022 adjusted FFO (AFFO) per share of $1.85, beating the Zacks Consensus Estimate of $1.83. Reported AFFO per share compared favorably with the year-ago period’s $1.77.
The rise in site-rental revenues amid elevated tower space demand aided CCI’s year-over-year top-line growth. It maintained its outlook for 2023.
Alexandria Real Estate Equities, Inc. (ARE - Free Report) reported fourth-quarter 2022 AFFO per share of $2.14, surpassing the Zacks Consensus Estimate by a cent. The reported figure also compared favorably with the year-ago quarter’s $1.97.
ARE’s results reflected decent leasing activity and rental rate growth during the quarter.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Rayonier's (RYN) Earnings & Revenues Beat Estimates in Q4
Rayonier Inc. (RYN - Free Report) reported fourth-quarter 2022 pro forma net income per share of 11 cents, surpassing the Zacks Consensus Estimate by a penny. The figure rose significantly from the prior-year quarter’s 1 cent.
The quarterly results reflected better-than-anticipated revenues. The pro forma operating income improved across all segments. The company issued 2023 outlook.
The pro forma revenues and quarterly revenues came in at $214.9 million and $245.4 million, respectively, outpacing the Zacks Consensus Estimate of $208.2 million. On a year-over-year basis, while revenues fell 6.3%, pro forma revenues climbed 12.5%.
According to David Nunes, president and CEO of Rayonier, “We are pleased with our overall financial performance for the full-year 2022. The total Adjusted EBITDA generated by our three Timber segments of $275.4 million represented the highest-ever result for the company—roughly 8% above the previous record achieved in 2021.”
In 2022, RYN reported pro forma net income per share of 62 cents, down from 67 cents in the prior year. However, the figure beat the Zacks Consensus Estimate of 61 cents. Pro forma revenues of $878.6 million improved 1.8% year over year from $863.1 million. The figure surpassed the Zacks Consensus Estimate of $871.8 million.
Segmental Performance
In the fourth quarter, the pro-forma operating income at the company’s Southern Timber segment came in at $19.7 million, up 3.7% from the prior-year quarter’s $19 million. This growth was driven by a rise in net stumpage realizations, lower leased land reforestation and other costs, and higher non-timber income, partially offset by lower volumes and higher depletion rates.
The Pacific Northwest Timber segment reported a pro-forma operating income of $3.1 million, up from $1.5 million a year ago. The improvement was attributable to the sale of a timber reservation to a conservation group, higher net stumpage realizations, lower indirect costs, a favorable adjustment to a timber write-off taken in the third quarter and higher volumes, partially offset by lower non-timber income and higher depletion rates.
The New Zealand Timber segment recorded pro-forma operating income of $8 million, up from the year-earlier quarter’s $3.6 million. The rise was driven by higher carbon credit sales and higher volumes, partially offset by lower net stumpage realizations, unfavorable foreign exchange impacts and increased costs.
Real Estate’s pro-forma operating income was $4.9 million against the year-ago period’s loss of $0.3 million. Higher number of acres sold and an increase in weighted average prices, driven by a heavier mix of Improved Development activity, aided the rise.
The Trading segment reported $0.3 million pro-forma operating income in the fourth quarter against a loss of $0.5 million in the prior-year quarter. Improved margins more than offset reduced trading volume, which drove the increase.
Balance Sheet
Rayonier exited fourth-quarter 2022 with $114.3 million in cash and cash equivalents (excluding Timber Funds), down from $260.9 million recorded as of Sep 30, 2022.
2023 Guidance
For 2023, management expects earnings per share to lie in the range of 36-50 cents. The Zacks Consensus Estimate for the same is pegged at 60 cents.
The adjusted EBITDA is anticipated to be between $280 million and $320 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 and EPS Surprise
Rayonier Inc. price-eps-surprise | Rayonier Inc. Quote
Performance of Other REITs
SL Green Realty Corp. (SLG - Free Report) reported fourth-quarter 2022 FFO per share of $1.46, lagging the Zacks Consensus Estimate of $1.48. The figure fell 3.9% from the year-ago quarter’s $1.52.
SLG’s results reflected lower-than-anticipated revenues and a fall in occupancy. However, same-store cash NOI improved year over year.
Crown Castle Inc. (CCI - Free Report) reported fourth-quarter 2022 adjusted FFO (AFFO) per share of $1.85, beating the Zacks Consensus Estimate of $1.83. Reported AFFO per share compared favorably with the year-ago period’s $1.77.
The rise in site-rental revenues amid elevated tower space demand aided CCI’s year-over-year top-line growth. It maintained its outlook for 2023.
Alexandria Real Estate Equities, Inc. (ARE - Free Report) reported fourth-quarter 2022 AFFO per share of $2.14, surpassing the Zacks Consensus Estimate by a cent. The reported figure also compared favorably with the year-ago quarter’s $1.97.
ARE’s results reflected decent leasing activity and rental rate growth during the quarter.