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Nov. 11, 2014, 8:21 AM
- In a highly-critical note titled "Rayonier Cuts Everything - Dividend, Inventory, and Harvest Projections. So Are We." D.A. Davidson drops its 12-18 month price target on Rayonier (NYSE:RYN) by 10% to $31.50. Key points:
- "Rayonier reported its first full quarter as a pure play Timber REIT, and its lowered the boom on everything. The quarter itself wasn’t so bad, but the message was; as the company has been harvesting above sustainable levels for the past decade, inventories were overstated and depletion was understated in recent quarters, compromising the quality of earnings thus far this year."
- "New management has clearcut the credibility of the old regime. We can’t recall a situation in covering the Timber REITs where the credibility of the old guard has been called into question so blatantly."
- "Confidence in story (not management) shaken... the near term optics look bad, and we think it’s perhaps premature to get positive on the stock despite today’s 15% decline."
- Previously: Raynoier restates results, makes strategic changes
- Previously: Rayonier Advanced Materials hit by Rayonier restatement
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
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
Jan. 27, 2014, 8:20 AM
Jan. 27, 2014, 12:05 AM
Jan. 26, 2014, 5:30 PM
Oct. 24, 2013, 8:06 AM
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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