Rayonier (RYN) Q2 Earnings and Revenues Miss Estimates

Core Viewpoint - Rayonier Inc. reported lower-than-expected performance in Q2 2024, with pro-forma net income per share of 2 cents, down from 5 cents year-over-year, and missing the Zacks Consensus Estimate of 14 cents [1][2] Financial Performance - Total revenues for Q2 2024 were $173.6 million, which was below the Zacks Consensus Estimate of $224.9 million and represented a 16.9% decrease year-over-year [2] - Adjusted EBITDA for the quarter was $55.7 million, down from $69.2 million in the prior-year period, reflecting a 20% decline compared to the same quarter last year [2][3] Segmental Performance - Southern Timber segment reported pro-forma operating income of $17.1 million, a decrease of 21.2% from the prior-year quarter due to lower volumes and higher costs [3] - Pacific Northwest Timber segment experienced a pro-forma operating loss of $1.5 million, an improvement from a loss of $2.4 million a year ago, driven by better net stumpage realizations [3] - New Zealand Timber segment's pro-forma operating income rose to $2.9 million from $2.4 million year-over-year, attributed to higher carbon credit income and favorable foreign exchange impacts [4] - Real Estate segment's pro-forma operating income was $5.8 million, down from $8.6 million in the previous year, reflecting lower weighted-average prices [4] - Trading segment reported pro-forma operating income of $0.1 million, unchanged from the prior-year quarter [5] Balance Sheet - As of the end of Q2 2024, Rayonier had $141.9 million in cash and cash equivalents, down from $159.9 million as of March 31, 2024 [6] Outlook - The company expects full-year 2024 adjusted EBITDA to be at the lower end of the previous guidance range and pro forma EPS to be modestly below the low end of prior guidance [7] - For 2024, Rayonier anticipates net income attributable to the company in the range of $60-$80 million, EPS between 40-54 cents, and adjusted EBITDA between $290-$325 million [8]