- First quarter net income attributable to Rayonier of $24.8 million ($0.19 per share) on revenues of $191.5 million
- First quarter operating income of $38.5 million and Adjusted EBITDA of $79.0 million
- First quarter cash provided by operations of $70.9 million and cash available for distribution (CAD) of $62.2 million
May 01, 2019 04:12 PM Eastern Daylight Time
WILDLIGHT, Fla.--Rayonier Inc. (NYSE: RYN) today reported first quarter net income attributable to Rayonier of $24.8 million, or $0.19 per share, on revenues of $191.5 million. This compares to net income attributable to Rayonier of $40.5 million, or $0.31 per share, on revenues of $203.2 million in the prior year quarter.
The following table summarizes the current quarter and comparable prior year period results:
First quarter operating income was $38.5 million versus $57.1 million in the prior year period. First quarter Adjusted EBITDA1 was $79.0 million versus $93.2 million in the prior year period. The following table summarizes operating income and Adjusted EBITDA1 for the current quarter and comparable prior year period:
Cash provided by operating activities was $70.9 million versus $78.2 million in the prior year period. Cash available for distribution (CAD)1 of $62.2 million decreased $15.0 million versus the prior year period primarily due to lower Adjusted EBITDA1 ($14.2 million), higher capital expenditures ($0.9 million) and higher cash taxes paid ($0.4 million), partially offset by lower cash interest paid ($0.5 million).
“We are pleased with our strong start to 2019, particularly in our Southern Timber segment,” said David Nunes, President and CEO. “Southern Timber results increased significantly versus the prior year quarter driven by a 23% increase in harvest volumes and a 3% increase in weighted-average stumpage prices, as both pricing and removals benefited from wet weather conditions. Pacific Northwest Timber results declined versus the prior year quarter driven by 25% lower harvest volumes and 18% lower delivered sawtimber prices, reflecting reduced export demand due to continued market uncertainty with respect to the U.S.-China trade dispute. New Zealand Timber results were relatively flat versus the prior year quarter, as an 8% increase in harvest volumes was largely offset by higher costs. In total, our three timber segments generated Adjusted EBITDA of $66.3 million in the first quarter versus $64.1 million in the prior year quarter. Real Estate results in the first quarter declined to a more normalized level relative to the prior year quarter, as the prior year quarter included a significant Non-strategic / Timberland sale.”