Rayonier (NYSE: RYN) reported second-quarter GAAP earnings of $19 million, or $0.06 per share, driven by a recently completed merger with PotlatchDeltic and improved operating performance. Adjusted EBITDA reached $124 million, while adjusted net income was $32 million, or $0.10 per share, after excluding merger-related pro forma items.
The company announced two timberland transactions with Resource Management Service, selling approximately 36,000 acres in Washington for $145 million and acquiring about 57,000 acres in Texas and Alabama for $146 million. Rayonier’s Southern Timber adjusted EBITDA increased 85% to $53 million, with harvest volumes more than doubling, aided by 1.5 million tons added from PotlatchDeltic timberlands.
Real Estate revenue totaled $54 million from sales of roughly 7,500 acres, with segment adjusted EBITDA rising by $20 million from the prior year to $38 million. Rayonier expects Southern Timber harvest volumes of 12.2 to 12.5 million tons for the full year and anticipates stable sawtimber and pulpwood prices in the third quarter.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
