Rayonier Inc. reported 3Q 2018 net income of $23.4 million, or $0.18 per share, on revenues of $200.9 million. This compares to net income of $24.7 million, or $0.19 per share, on revenues of $184.4 million in the prior year quarter.
3Q 2018 operating income was $46.4 million versus $39.3 million in the prior year period. 3Q 2018 Adjusted EBITDA was $83.3 million versus $69.3 million in the prior year period.
“Following a very strong first half of the year, we are pleased to report 3Q results above expectations, largely driven by a timberland sale in New Zealand,” said David Nunes, President and CEO. “Southern Timber results reflect 2% lower harvest volumes and a 3% increase in pine pulpwood stumpage prices relative to the prior year quarter, as wet weather conditions hindered harvest efforts but positively impacted pulpwood pricing.
Overall, weighted-average stumpage prices in Southern Timber decreased 1% due to the geographic mix of sawtimber harvest volumes and the impact of tariffs on China export volume. Pacific Northwest Timber results improved versus the prior year quarter driven by 23% higher harvest volumes as well as higher delivered sawtimber and pulpwood prices, partially offset by higher cut and haul costs.”
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.