Rayonier Q2 Profit Declines, Despite Higher Sales - Quick Facts

(RTTNews) - Rayonier Inc. (RYN), a real estate investment trust, reported Tuesday that its second-quarter net income attributable to the company was $18 million or $0.14 per share, compared to $87 million or $0.67 per share in the prior year period.

The latest results included $12 million of net income from discontinued Performance Fibers business, which was spun off on June 27 to Rayonier Advanced Materials Inc. (RYAM), and $4 million of costs related to the spin-off. The prior period second quarter results included a $16 million gain related to the consolidation of the Company's 65 percent owned New Zealand joint venture.

Excluding these items, pro forma net income was $10 million or $0.08 per share, compared to $23 million, or $0.17 per share, in the prior year period.

On average, five analysts polled by Thomson Reuters expected earnings of $0.49 per share. Analysts' estimates typically exclude special items. Sales increased to $163.1 million from $154.9 million a year ago.