Rayonier Q2 Profit Down

(RTTNews) - Real estate investment trust company Rayonier Inc. (RYN) on Wednesday posted net income of $24.1 million or $0.16 per share in the second quarter, down from $57.2 million or $0.41 per share in the year-ago quarter.

The prior year second quarter results included $30.3 million of income from a Large Disposition,1 partially offset by a $2.2 million loss from the termination of a cash flow hedge2 and a $1.1 million loss related to debt extinguishments and modifications.

On average, 5 analysts polled by Thomson Reuters expected the company to post earnings of $0.15 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

Second-quarter sales fell to $246.3 million from $291.4 million last year while analysts were looking for revenues of $215.5 million for the period. Looking ahead, the company expects full year 2023 net income between $84 million and $92 million and earnings per share of $0.57 to $0.63, and Adjusted EBITDA of $310 to $330 million.

On average, 4 analysts expect the company to post earnings per of $0.66 for the year ahead.