Rayonier Q3 Profit Declines - Quick Facts

(RTTNews) - Rayonier Inc. (RYN), a real estate investment trust, reported Monday that its third-quarter net income attributable to the company was $33 million or $0.25 per share, compared to $57 million or $0.44 per share in the prior year period. Rayonier said its third quarter net income was unfavorably impacted by $2.6 million due to a cumulative adjustment for an out-of-period error in depletion expense.

Pro forma net income was $35.3 million or $0.27 per share, compared to $14 million, or $0.11 per share, in the comparable quarter last year.

On average, seven analysts polled by Thomson Reuters expected earnings of $0.19 per share. Analysts' estimates typically exclude special items.

Sales declined to $149.8 million from $159.3 million a year ago.