Timberland real estate company Rayonier Inc. (RYN), Wednesday reported a steep rise in its net income for the second quarter. The earnings and revenue managed to beat the Street view.
The net income posted by the company was $57.2 million or $0.41 earnings per share, up from $1.7 million or $0.01 earnings per share in the same quarter last year. Excluding one-time items, the income was $31.0 million or $0.22 per share from $15.2 million or $0.11 per share last year. 8
-Six analysts polled by Thomson Reuters expected the earnings to be $0.09 for the quarter.
Net revenue for the company also increased to $291.4 million for the quarter, up from $195.6 last year. Excluding special items, the revenue was $240.7 million against $189.8 million last year. Five analysts estimated revenues of $211.33 million.
The company attributed the increase in revenue chiefly to the rise of log prices in both New Zealand and the US.
Rayonier thinks that the net income for the full year will be $98 million to $106 million with earnings of $0.69 to $0.75 per share. On an adjusted basis, the earnings are projected to be $0.51 to $0.57 per share. Twelve analysts’ have provided an estimate of $0.40 per share.
David Nunes, President, and CEO of the company said, “Our second-quarter results reflect continued momentum across our businesses and a markedly improved operating environment compared to the prior year. Adjusted EBITDA of $95.3 million was 21% higher than the prior-year quarter, as favorable results in each of our timber segments more than offset lower Adjusted EBITDA in the Real Estate segment.”
The shares are currently trading at $35.60 in the after-hours market. It was $35.60 at the closing of regular sessions, down $1.32 or 3.58% from its previous close.
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