Rayonier(US:RYN)2025-02-05 21:28Financial Performance - Fourth quarter net income attributable to Rayonier was $327.1 million, or $2.15 per share, compared to $126.9 million, or $0.85 per share in the prior year quarter, representing a 158% increase[3]. - Fourth quarter pro forma net income was $41.1 million, or $0.27 per share, up from $25.4 million, or $0.17 per share in the prior year, indicating a 62% increase[4]. - Full-year net income attributable to Rayonier was $359.1 million, or $2.39 per share, compared to $173.5 million, or $1.17 per share in the prior year, reflecting a 107% increase[6]. - Operating income for Q4 2024 was $346.2 million, up 138.2% from $145.2 million in the same quarter last year[39]. - Net income attributable to Rayonier Inc. for the year ended December 31, 2024, was $359.1 million, compared to $173.5 million in 2023, representing a 106.5% increase[39]. - Basic earnings per share for Q4 2024 were $2.20, a rise of 156.0% from $0.86 in Q4 2023[39]. - Adjusted EBITDA for the year ended December 31, 2024, was $298.8 million, slightly up from $296.5 million in 2023, indicating a stable performance[54]. - The company reported cash available for distribution of $183.7 million for the year ended December 31, 2024, compared to $163.9 million in 2023, an increase of 12.0%[54]. Segment Performance - The Real Estate segment achieved Adjusted EBITDA of $63.4 million in the fourth quarter, driven by the sale of approximately 7,800 acres[9]. - Fourth quarter Adjusted EBITDA for New Zealand Timber was $20.0 million, up 66% or $7.9 million compared to the prior year[13]. - Real Estate segment sales reached $567.2 million, an increase of $256.7 million year-over-year, with operating income rising by $188.2 million to $326.1 million[14]. - The Southern Timber segment reported sales of $250.4 million for the year ended December 31, 2024, down from $264.1 million in 2023, a decline of 5.0%[55]. - The Pacific Northwest Timber segment experienced a decrease in sales to $100.8 million for the year ended December 31, 2024, compared to $124.1 million in 2023, a drop of 18.8%[55]. - New Zealand Timber reported fourth quarter sales of $72.4 million, an increase of $12.3 million or 21% year-over-year, with sales volumes up 15% to 729,000 tons[13]. Cash and Debt Management - The company reduced Net Debt to 2024 Adjusted EBITDA to 2.6x as of December 31, 2024[4]. - Cash provided by operating activities for the year was $261.6 million, down from $298.4 million in 2023[47]. - Cash and cash equivalents increased to $323.2 million as of December 31, 2024, compared to $207.7 million at the end of 2023[41]. - Rayonier's long-term debt reduced to $1,089.8 million from $1,365.8 million in 2023, reflecting a decrease of 20.2%[41]. Future Guidance - The company expects full-year 2025 net income attributable to Rayonier to be between $79 million and $100 million, with Adjusted EBITDA projected at $270 million to $300 million[20]. - Southern Timber segment anticipates full-year harvest volumes of 6.9 to 7.1 million tons, with slightly lower pine stumpage realizations expected compared to the prior year[21]. - The Real Estate segment expects full-year Adjusted EBITDA of $86 million to $96 million, down from exceptionally strong results in 2024[24]. - The guidance for adjusted EBITDA for 2025 is projected between $270.0 million and $300.0 million[62]. - The net income attributable to Rayonier Inc. for 2025 is expected to be between $79.0 million and $99.9 million[62]. Shareholder Returns - The company declared a dividend of $2.94 per share for the year, totaling $438.6 million, compared to $199.5 million in 2023[43]. - During the fourth quarter, the company repurchased 488,000 shares at an average price of $30.10 per share, totaling $14.7 million[19]. Asset Management - Rayonier completed $495 million of Large Dispositions in the fourth quarter, contributing to a total of $737 million since November 2023[4]. - The company plans to continue its asset disposition initiatives, which were announced in November 2023, to optimize its portfolio[60].