Rayonier Q2 Net Income Climbs - Quick Facts

(RTTNews) - Rayonier(RYN), a forest products company, Thursday reported an increase in the net income for the second quarter, reflecting higher revenues and a gain related to the consolidation of its 65 percent owned New Zealand joint venture.

For the three-month period, the company reported net income of $87 million or $0.67 per share, compared with $69 million or $0.54 per share during the corresponding quarter last year.

Excluding a $16 million gain related to the joint venture, the company reported pro forma net income of $71 million or $0.54 per share. On average, seven analysts polled by Thomson Reuters expected earnings per share of $0.52 for the quarter. Analysts' estimates typically exclude one-time items.

The company generated sales of $409.1 million for the quarter, compared with $393.7 million during the same quarter previous year. Analyst expected the company to report revenues of $387.72 million.

The company looking forward said, "Overall, excluding the results of the Wood Products business and gain on sale, and the gain related to consolidation of our New Zealand JV, we expect 2013 operating income to be slightly above 2012, and 2013 EPS to be moderately above.