Rayonier Inc. reported 4Q 2019 net income of $16 million, or $0.12 per share, on revenues of $178.8 million. This compares to net income of $2 million, or $0.02 per share, on revenues of $166.1 million in the prior year quarter.
4Q 2019 operating income was $26.1 million versus $15 million in the prior year period. 4Q 2019 Adjusted EBITDA was $65 million versus $49.9 million in the prior year period.
Full-year 2019 net income was $59.1 million, or $0.46 per share, on revenues of $711.6 million. This compares to net income of $102.2 million, or $0.79 per share, on revenues of $816.1 million in the prior year.
Full-year operating income was $107 million versus $170.1 million in the prior year. Full-year Adjusted EBITDA was $247.8 million versus $337.7 million in the prior year.
Full-year cash provided by operating activities was $214.3 million versus $310.1 million in the prior year.
“We are pleased to conclude the year with solid quarterly results despite challenging market conditions,” said David Nunes, President and CEO.
“In Southern Timber, Adjusted EBITDA increased by 34% versus the prior year quarter driven by an 18% increase in harvest volumes and a $2.7 million increase in non-timber income, which were partially offset by a slight decline in weighted-average stumpage prices. In Pacific Northwest Timber, Adjusted EBITDA also improved significantly versus the prior year quarter, as 2019 harvest volumes were heavily back-end loaded due to improved domestic demand in the fourth quarter. New Zealand Timber Adjusted EBITDA declined 17% versus the prior year quarter due to weaker demand from China and competition from European salvage volume, which resulted in 11% and 13% declines in export and domestic sawtimber prices, respectively, versus the prior year period. Real Estate Adjusted EBITDA increased significantly relative to the prior year quarter primarily due to an increase in the number of Non-strategic / Timberland and Unimproved Development acres sold.”
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.
