Rayonier Q1 Profit Misses View

(RTTNews) - Rayonier (RYN)'s first-quarter net income attributable to the company plunged to $43 million or $0.34 per share from $148 million or $1.13 per share, in the same period last year. The results reflected increased cost of sales and absence of income from discontinued operations it recorded last year. The first quarter results also included $3 million in costs, net of tax, related to the planned separation of the Performance Fibers business from the Forest Resources and Real Estate businesses. Excluding items, first- quarter pro forma net income was $46 million or $0.36 per share. On average, 6 analysts polled by Thomson Reuters expected earnings per share of $0.46 for the quarter. Analysts' estimates typically exclude one-time items.

For the quarter, the company reported higher cost of sales of $302.7 million compared with $266.0 million last year. Total sales for the period amounted to $386.7 million versus $393.7 million last year. Analysts estimated revenues of $400.50 million for the quarter. Looking ahead, the firm expects strong full-year results well above the prior year. In real estate, the company expects its 2014 results to be comparable with 2013, while in Performance Fibers, full-year results are anticipated to be at the low end of the company's earlier estimated range.