Rayonier Inc. reported 2Q 2018 net income of $36.3 million, or $0.28 per share, on revenues of $245.9 million. This compares to net income of $26.2 million, or $0.20 per share, on revenues of $201 million in the prior year quarter.
2Q 2018 operating income was $51.6 million versus $46.9 million in the prior year period. 2Q adjusted EBITDA was $111.3 million versus $86.8 million in the prior year period.
“We are pleased to report strong results for the 2Q,” said David Nunes, President and CEO. “Southern Timber volumes increased 10% relative to the prior year quarter, as we fully integrated our prior year acquisitions in coastal Florida, Georgia and South Carolina. Weighted-average stumpage prices in Southern Timber were relatively flat compared to the prior year quarter.
“Pacific Northwest Timber results improved significantly driven by 36% higher harvest volumes and a 26% increase in both delivered sawtimber and pulpwood prices relative to the prior year quarter, reflecting strong domestic and export market conditions.
Excluding the prior year quarter timberland sales, New Zealand Timber results also improved significantly, driven by 20% higher harvest volumes and a 9% increase in both export and domestic sawtimber prices.”
Rayonier 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.
Photo: David Nunes, President and CEO Rayonier Inc