Rayonier, a leading timberland real estate investment trust, reported % increase of pro-forma revenues and 51.3% increase of Adjusted EBITDA in 2Q2017 y-o-y. According to the announcement, the company’s pro-forma revenues accounted for USD 194.7 million, generating Adjusted EBITDA of USD 86.4 million (44.4% margin vs 39.5% in the same quarter of 2016) in the period.
In January-June, the company’s pro-forma revenue accounted for USD 381.2 million, Adjusted EBITDA totalled USD 143.7 million (37.7% margin).
David Nunes, Rayonier ‘s President and CEO, commented:
“We are pleased to report solid results for the second quarter, reflective of the quality and diversity of our timberland and real estate portfolio.
Southern Timber results were relatively flat to the prior year quarter based on 15% higher harvest volumes offset by a 6% decrease in average stumpage prices and costs of USD 1.1 million related to the West Mims fire in Georgia and Florida.
PacificNorthwest Timber results improved modestly based on 3% higher harvest volumes and a 10% increase in delivered sawtimber prices relative to the prior year quarter, largely due to strengthening domestic and export markets.
New Zealand Timber results improved significantly versus the prior year quarter, driven by increases in export and domestic sawtimber prices of 16% and 11%, respectively, as well as non-strategic timberland sales of USD 24.3 million comprised of 9,646 productive acres. These timberland sales contributed net income attributable to Rayonier of USD 8.2 million, operating income of USD 14.8 million and Adjusted EBITDA of USD 23.8 million to the second quarter results. Real Estate results (excluding Large Dispositions) also improved significantly over the prior year quarter due to higher volumes and higher average pricing.”
In 4Q2016 Rayonier Inc increased revenues and profitability.
Earlier Rayonier Inc priced its previously announced underwritten public offering of 5,000,000 common shares at a price to the public of USD 27.75 per share.
The company is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. Rayonier owns, leases or manages approximately 2.7 million acres of timberlands located in the U.S. South, U.S. Pacific Northwest and New Zealand.