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| 1 Comment
Jun. 16, 2014, 8:35 AM| Comment!
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| Comment!
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
Feb. 14, 2014, 2:56 PM
- Kyle Bass timed his Herbalife (HLF -0.9%) trade fairly well, exiting his entire stake by year's end after getting in sometime during Q3.
- His just-filed 13F shows continued bets on real estate-related names, with new holdings in specialty servicer Nationstar Mortgage (NSM -1.5%), distressed-home buyer (and member of the OCN chain) Altisource Residential (RESI +1.2%), and Rayonier (RYN -0.2%). Bass is already a large owner in recently-gone-public mortgage insurer NMI Holdings (NMIH -1%).
- He also shows new stakes in a number of energy companies: Kinder Morgan (KMI +0.2%), Comstock (CRK +1.2%), and Occidental Petroleum (OXY +4%).
Jan. 27, 2014, 9:09 AM
Jan. 27, 2014, 8:20 AM
Jan. 27, 2014, 8:15 AM
- The tax-free spinoff of Raynoier's (RYN) performance fibers business from the forest resources and real estate operations will result in two independent, publicly traded companies.
- "With an improving U.S. housing market, strong timber export markets, and the successful expansion of our cellulose specialties capacity, we concluded that now is the optimal time to pursue the separation of these two non-integrated businesses," says CEO Paul Boynton. “While these businesses have historically provided Rayonier with balance and financial strength, the company has evolved into two distinct businesses and investment opportunities."
- Shares +11.1% premarket
- Press release
- Presentation slides
Jan. 27, 2014, 12:05 AM
Jan. 26, 2014, 5:30 PM
Dec. 26, 2013, 5:37 PM
RYN vs. ETF Alternatives
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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