Rayonier's Q4 Earnings Beat Estimates, Revenues Rise Y/Y

Core Insights - Rayonier, Inc. (RYN) reported a fourth-quarter 2024 pro-forma net income of 27 cents per share, exceeding the Zacks Consensus Estimate of 19 cents and up from 17 cents in the prior-year quarter [1][3] - Total revenues for the fourth quarter reached $726.3 million, surpassing the Zacks Consensus Estimate of $203 million and reflecting a year-over-year increase of 55.4% [3] - The company’s full-year 2024 pro forma net income per share was 47 cents, up from 36 cents in the prior year, and total revenues of $1.26 billion increased 19.5% year over year [3] Segment Performance - The Southern Timber segment reported pro-forma operating income of $18 million, a 31.4% increase from the prior-year quarter, attributed to higher non-timber income and lower costs [4] - The Pacific Northwest Timber segment experienced a pro-forma operating loss of $1.3 million, an improvement from a loss of $2.5 million a year ago, driven by lower costs and higher non-timber income [5] - The New Zealand Timber segment's pro-forma operating income rose to $14.2 million from $6.8 million, benefiting from favorable foreign exchange impacts and higher volumes [6] - Real Estate's pro-forma operating income increased to $35 million from $32.8 million, supported by higher weighted-average prices [7] - The Trading segment reported a slight operating loss of $0.1 million compared to an operating income of $0.1 million in the prior-year quarter [7] Financial Position - Rayonier ended the fourth quarter of 2024 with $323.2 million in cash and cash equivalents, a significant increase from $74.2 million as of September 30, 2024 [8] 2025 Outlook - Management projects full-year net income attributable to Rayonier in the range of $79-$100 million, with earnings per share (EPS) expected between 51 cents and 64 cents [9] - The adjusted EBITDA is anticipated to be between $270 million and $300 million, excluding potential impacts from additional asset sales related to a $1 billion disposition target announced in November 2023 [9]