Rayonier(US:RYN)2025-11-07 21:14Financial Performance - Rayonier Inc. reported sales of $177.5 million for the three months ended September 30, 2025, a 43% increase from $124.1 million in the same period of 2024[18]. - Operating income for the three months ended September 30, 2025, was $41.7 million, compared to $18.8 million for the same period in 2024, reflecting a 121% increase[18]. - Net income attributable to Rayonier Inc. for the nine months ended September 30, 2025, was $448.5 million, significantly up from $32.0 million in the same period of 2024[18]. - Rayonier Inc. achieved a comprehensive income of $494.4 million for the nine months ended September 30, 2025, compared to $35.2 million in the same period of 2024[18]. - Net income for the nine months ended September 30, 2025, was $454.2 million, a significant increase from $35.8 million in the same period of 2024, representing a growth of 1165%[31]. - Operating income for the third quarter of 2025 was $41.7 million, compared to $18.8 million in the third quarter of 2024, reflecting a year-over-year increase of 121%[38]. - The company reported a net income of $454,231,000 for the nine months ended September 30, 2025, which includes a gain on the sale of discontinued operations of $404,463,000[90]. Earnings and Dividends - Rayonier Inc. reported a basic earnings per share of $0.28 for the three months ended September 30, 2025, up from $0.19 in the same period of 2024[18]. - The company paid dividends totaling $195.4 million for the nine months ended September 30, 2025, compared to $158.1 million in 2024, representing an increase of 23.5%[31]. - Dividends declared were $0.2725 per share, totaling $42,595,000 for the quarter[23]. - The company declared a one-time special dividend of $1.40 per common share, payable on December 12, 2025, to holders of record on October 24, 2025[67]. Assets and Liabilities - The company’s total assets increased to $3.49 billion as of September 30, 2025, compared to $3.47 billion at the end of 2024[20]. - Cash and cash equivalents rose to $919.6 million as of September 30, 2025, compared to $303.1 million at the end of 2024[20]. - The company’s total current liabilities decreased to $282.6 million as of September 30, 2025, from $388.7 million at the end of 2024[20]. - Total current assets increased to $972,921 thousand as of September 30, 2025, up from $436,893 thousand at December 31, 2024, representing a growth of 123%[40]. - Total liabilities decreased to $1,155,883 thousand as of September 30, 2025, down from $1,215,370 thousand at December 31, 2024, a reduction of approximately 5%[40]. - Long-term debt decreased to $845,119 thousand from $1,044,410 thousand, reflecting a decline of 19%[40]. Cash Flow - Cash provided by operating activities for the nine months ended September 30, 2025, was $204.9 million, compared to $173.8 million in 2024, marking an increase of 17.9%[31]. - The balance of cash, cash equivalents, and restricted cash at the end of the period was $920.3 million, a significant increase from $77.2 million at the end of the same period in 2024[31]. - Cash provided by investing activities was $642,880,000 for the nine months ended September 30, 2025, contrasting with cash used of $74,845,000 in 2024[31]. Shareholder Equity - As of September 30, 2025, the total shareholders' equity was $2,302,217,000, with retained earnings of $545,087,000[23]. - Shareholders' equity increased to $2.28 billion as of September 30, 2025, compared to $1.77 billion at the end of 2024[20]. - The company’s retained earnings increased to $514.2 million as of September 30, 2025, from $257.3 million at the end of 2024[20]. Discontinued Operations - Rayonier Inc. reported a gain on the sale of discontinued operations amounting to $404.5 million for the nine months ended September 30, 2025[18]. - The company reported a net income from discontinued operations of $404,415,000 for the quarter ending March 31, 2025[22]. - Rayonier's operating income from discontinued operations for the nine months ended September 30, 2025, was $1.9 million, compared to $21.9 million in 2024, reflecting a decline of 91.4%[71]. Segment Performance - For the three months ended September 30, 2025, total sales reached $177,531,000, with Southern Timber contributing $66,834,000 and Pacific Northwest Timber contributing $19,941,000[83]. - For the nine months ended September 30, 2025, total sales were $366,990,000, with Southern Timber at $171,102,000 and Real Estate at $130,355,000[90]. - Total timber sales for the nine months ended September 30, 2025, were $197,720, with Southern Timber at $137,856 and Pacific Northwest Timber at $59,864[108]. Financial Commitments and Debt Management - The company had available borrowings of $192.4 million under the Revolving Credit Facility as of September 30, 2025, net of $7.6 million securing outstanding letters of credit[136]. - The covenant EBITDA to consolidated interest expense ratio was 10.9 to 1 as of September 30, 2025, significantly exceeding the requirement of 2.5 to 1[137]. - Interest expense for the nine months ended September 30, 2025, was $13,654,000, down from $21,379,000 in the same period of 2024[145]. Taxation - Rayonier's income tax expense for continuing operations was $291,000 for the nine months ended September 30, 2025, compared to a benefit of $981,000 for the same period in 2024[180]. - The company's annualized effective tax rate after discrete items for the nine months ended September 30, 2025, was 0.6%, significantly lower than the 7.6% rate for the same period in 2024[181].