Nov. 10, 2014, 12:59 PM
Nov. 10, 2014, 12:58 PM
- Down alongside Rayonier (RYN -15.3%) - which earlier was restated results lower from this year's first half and cut the dividend as it plans to lower harvests and stop selling nonstrategic land to raise cash - is recently spun off Rayonier Advanced Materials (RYAM -6.9%).
- The management team which looks to have botched the first half doings at Rayonier is now running Rayonier Advanced Materials.
- Previously: Raynoier restates results, makes strategic changes
Nov. 10, 2014, 8:37 AM
- An internal review following the spinoff of the Performance Fibers business found understatements in the depletion of cost of good sold in quarter's two and three this year caused on overstatement of income from continuing operations of $1.9M and $2M, respectively. Errors in calculating depletion expense in 2012 and 2013 were deemed immaterial. Pro forma income in Q3 was $36M
- Strategic changes: The company has been harvesting timber in the Pacific Northwest at too fast a pace and going forward will manage timberlands on a sustainable basis. The company estimates the annual sustainable yield is about 1.3M tons vs. the average annual harvest of 1.8M tons over the past decade. The harvest is expected to fall to 1M tons by 2017 and be maintained there for 5-10 years.
- The company plans to significantly reduce sales of non-strategic timberlands, which, in the past, have been used to augment income and cash flow. The quarterly dividend is cut by a nickel to $0.25 per share.
- The conference call is just getting underway and can be heard live and in replay on Seeking Alpha.
- Previously: Rayonier beats by $0.08, misses on revenue
- RYN -0.1% premarket
Nov. 10, 2014, 7:04 AM
Nov. 9, 2014, 5:30 PM
Jul. 29, 2014, 8:33 AM
- Pro forma net income of $10M or $0.08 per share vs. $23M and $0.17 one year ago.
- Forest Resources: Q2 sales of $101M down from $109M. Operating income of $22M up a hair.
- Real Estate: Q2 sales of $34M up from $13M, and operating income of $28M up from $22M. The big boosts are the result of a sale of 19.5K acres of non-strategic timberland.
- Outlook: Results from timberland in the South will be above prior year as demand improves, but in the Pacific Northwest and New Zealand, lower prices in H2 thanks to higher log inventories in China will hurt numbers. The bottom line: Forest Resources full-year results will be modestly below prior guidance. In Real Estate, 2014 should be comparable to 2013.
- Conference call at 2 ET
- Previously: Rayonier EPS of $0.08
- RYN -3.3% premarket
Jul. 29, 2014, 8:08 AM
Jul. 9, 2014, 8:23 AM
- S&P cuts Rayonier's (RYN) credit rating to BBB from BBB+. The outlook is upgraded to stable from negative.
- "We view an upgrade to be unlikely because Rayonier is not expected to maintain leverage appropriate for our modest financial profile category (less than 2x debt to EBITDA)," says S&P analyst Thomas Nadramia. "EBITDA would have to exceed our 2015 forecast by 35% or more for this to occur."
Jun. 30, 2014, 12:46 PM
Jun. 30, 2014, 8:46 AM
Jun. 16, 2014, 8:35 AM
Jun. 10, 2014, 10:44 AM
- Rayonier (RYN) Chairman and CEO Paul Boynton will host a conference call to update investors on progress towards the spinoff of the company's performance fibers business (to be named Rayonier Advanced Materials).
- Tomorrow's 7 AM ET call (webcast here) - ahead of investor meetings over the next two weeks and the spinoff date of June 27 - will include discussion on the makeup of the board and management, capital structure, the planned dividend, and the company's strategic direction.
- Source: Press Release
May 30, 2014, 8:10 AM
May 12, 2014, 10:29 AM
- David Nunes will join Rayonier (RYN +0.8%) on June 9 as COO and - upon the mid-year separation of the performance fibers unit - will become CEO of Rayonier. Current Chairman and CEO Paul Boynton will become Chairman and CEO of the spun-off Rayonier Advanced Materials.
- Nunes has been CEO of Pope Resources (POPE) since 2002.
- Press release
Apr. 29, 2014, 12:42 PM
- Forest Resources sales of $105M and operating income of $28M, up $48M and $14M, respectively a year ago.
- Real Estate sales of $6M and operating income of $1M, fell $19M and $16M, respectively from one year ago, with management blaming lower traffic due to the weather as well as the timing of closings.
- Performance Fibers sales of $242M and operating income of $49M, fell $42M and $43M, respectively from one year ago. Management notes the planned extended annual outage of the Jesup mill as well as previously announced lower cellulose specialties prices, rough weather, and boosted manufacturing costs.
- Spinoff of Performance Fibers unit - to be named Rayonier Advanced Materials - is on track for middle part of this year.
- Rayonier (RYN -4.4%) full year outlook: Forest Resources results should surpass 2013, while Real Estate is expected to be comparable over the full year. Performance Fibers is expected to fall short of 2013 thanks to higher Q1 costs.
- Source: Press Release
- Previously: Rayonier misses by $0.09, misses on revenue
Apr. 29, 2014, 8:04 AM
Rayonier Inc is an international forest products company. It is engaged in activities associated with timberland management, sale and entitlement of real estate, and production and sale of high value specialty cellulose fibers.
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