Rayonier Results Top Estimates; Warns Of Weakness In Q2

(RTTNews) - Rayonier Inc (RYN), a real estate and timberland company, on Wednesday reported first-quarter net earnings of $17.7 million or $0.14 per share. This compares with a profit of $41.4 million or $0.32 per share last year, when it had gains from discontinued operations.

Revenues for the quarter were lower at $140.3 million compared with $143.2 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.08 per share on revenues of $136 million for the quarter. Analysts' estimates typically exclude special items.

"Southern Timber prices and volumes and New Zealand Timber volumes were above the prior year period but, as anticipated, log prices in the Pacific Northwest and New Zealand were lower due to weaker demand from China. Real Estate results reflected the favorable timing of closings for several large sales and continued solid demand for rural properties," said CEO David Nunes.

The company confirmed its expectations for the full year, but said it anticipates much weaker second-quarter results primarily due to lower sales volumes in the Pacific Northwest Timber segment and the Real Estate segment.