Stock Monitor: Boise Cascade Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 08, 2018 / Active-Investors.com has just released a free earnings report on Rayonier Inc. (NYSE: RYN). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=RYN. Rayonier reported its fourth quarter and fiscal 2017 operating and financial results on February 07, 2018. The forest products Company topped earnings and revenue estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Boise Cascade Company (NYSE: BCC), which also belongs to the Industrial Goods sector as the Company Rayonier. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Rayonier most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For Q4 2017, Rayonier reported revenues of $239.7 million compared to revenues of $229.3 million in Q4 2016. On a pro-forma basis, the Company recorded revenues of $186.3 million versus pro-forma revenues of $151.6 million in the prior year's same period. Rayonier's revenue beat analysts' estimates by $18.24 million.
During Q4 2017, Rayonier's operating income was $80.1 million versus $61.5 million in Q4 2016. The Company's Q4 2017 and Q4 2016 pro-forma operating income was $41.3 million and $18.9 million, respectively.
For Q4 2017, Rayonier reported net income attributable to the Company of $64.2 million, or $0.50 per share, compared to net income attributable to Rayonier of $48.3 million, or $0.39 per share, in Q4 2016. The Company's reported quarter and prior year's same quarter results included income from Large Dispositions of $38.8 million and $42.6 million, respectively. Excluding these items, Rayonier's pro-forma net income was $25.4 million, or $0.20 per share, versus $5.7 million, or $0.05 per share, in the prior year's comparable period. The Company's earnings beat Wall Street's estimates of $0.09 per share.
The Company's net income attributable to Rayonier was $148.8 million, or $1.16 per share, on revenues of $819.6 million in FY17. This compared to net income attributable to Rayonier of $212.0 million, or $1.73 per share, on revenues of $815.9 million in FY16.
Rayonier's pro-forma net income was $82.5 million, or $0.65 per share, in FY17 on pro-forma revenues of $724.2 million versus $69.1 million, or $0.56 per share, on pro-forma revenues of $608.6 million in FY16.
Rayonier's Segment Results
During Q4 2017, the Southern Timber sales were $32.5 million, decreasing 7% on a y-o-y basis. Harvest volumes decreased 5% to 1.22 million tons versus 1.29 million tons in the prior year's same period, primarily due to storms in the reported quarter resulting in wet ground conditions that limited access in certain areas. Average pine sawtimber stumpage prices decreased 9% to $24.44 per ton versus $26.75 per ton in Q4 2016, while average pine pulpwood stumpage prices decreased 4% to $15.16 per ton versus $15.83 per ton in the prior year's same period. The decrease in average sawtimber and pulpwood stumpage prices was driven primarily by geographic mix, including a lump-sum sale of 165,000 tons in one of the Company's lowest-priced regions. The segment's operating income of $7.2 million decreased $0.9 million compared to the prior year's same period due to lower weighted-average stumpage prices, lower volumes, higher depletion rates, and higher road maintenance costs.
For Q4 2017, the Pacific Northwest Timber sales advanced 13% to $26.4 million. The segment's Harvest volumes decreased 10% to 321,000 tons versus 356,000 tons in the prior year's same period, primarily due to the decision to defer approximately 50,000 tons of volume into 2018 to capture improving market pricing. Average delivered sawtimber prices increased 27% to $95.34 per ton versus $74.97 per ton in Q4 2016, while average delivered pulpwood prices increased 12% to $44.44 per ton versus $39.62 per ton in the prior year'[s comparable period. The segment's operating income was $2.4 million, increasing $5.5 million relative to an operating loss of $3.1 million in Q4 2016 due to higher prices, lower depletion rates, and higher non-timber income.
New Zealand Timber sales in Q4 2017 climbed 18% to $59.3 million on a y-o-y basis. Harvest volumes increased 16% to 649,000 tons versus 562,000 tons in the prior year's same period, driven primarily by incremental volume from recent acquisitions. Average delivered prices for export sawtimber increased 11% to $115.77 per ton versus $104.26 per ton in Q4 2016, while average delivered prices for domestic sawtimber increased 7% to $83.02 per ton versus $77.41 per ton in the prior year's corresponding period. The increase in export sawtimber prices was primarily due to stronger demand from China. The increase in domestic sawtimber prices was driven by strong local demand for construction materials. The segment's operating income of $16.1 million increased $4.4 million versus the prior year's same period due to higher prices and higher volumes.
During Q4 2017, Real Estate sales were $85.9 million, decreasing $2.2 million versus the prior year's same period; while operating income was $58.8 million, increasing $9.4 million versus the prior year's comparable period.
In the reported quarter, the Real Estate segment's rural sales of $3.3 million were comprised of 1,204 acres at an average price of $2,721 per acre. This compared to sales of $1.5 million in Q4 2016, comprised of 504 acres at an average price of $2,749 per acre. For Q4 2017, non-strategic/Timberland sales of $23.0 million were comprised of 6,249 acres at an average price of $3,686 per acre compared to sales of $5.6 million in Q4 2016, comprised of 901 acres at an average price of $6,228 per acre.
Outlook
For 2018, the Company is forecasting net income attributable to Rayonier of $78 million to $87 million and adjusted EBITDA of $280 million to $305 million. In its Southern Timber segment, the Company expects an increase in harvest volumes. In Rayonier's Pacific Northwest Timber segment, it expects a modest increase in harvest volumes as well as higher sawtimber prices on a y-o-y basis due to stronger domestic and export markets. In its New Zealand Timber segment, the Company expects a modest increase in harvest volumes and continued strong pricing dynamics driven by solid demand in both domestic and export markets.
Stock Performance Snapshot
March 07, 2018 - At Wednesday's closing bell, Rayonier's stock was marginally up 0.38%, ending the trading session at $34.68.
Volume traded for the day: 783.01 thousand shares, which was above the 3-month average volume of 659.99 thousand shares.
Stock performance in the last month - up 11.19%; previous three-month period - up 11.94%; past twelve-month period - up 20.46%; and year-to-date - up 9.64%
After yesterday's close, Rayonier's market cap was at $4.46 billion.
Price to Earnings (P/E) ratio was at 29.79.
The stock has a dividend yield of 2.88%.
The stock is part of the Industrial Goods sector, categorized under the Lumber, Wood Production industry. This sector was up 0.2% at the end of the session.
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