Rayonier Inc. Recorded Strongest Year of Financial Performance Since 2014

SEATTLE (Scrap Monster): Rayonier Inc. reported financial results for the fourth quarter and full year 2018. The company reported the strongest year of financial performance since 2014. All four of the key operating segments generated improved performance.

The company reported net income attributable to Rayonier of $2.0 million on revenues of $166.1 million during Q4 ’18. The fourth quarter operating income stood at $15 million, whereas the adjusted EBITDA totaled $49.9 million.

The full year 2018 net income attributable to Rayonier was $102.2 million on revenues of $816.1 million. This compares with net income of $148.8 million on revenues of $819.6 million during the year before. The full year operating income was $170.1 million and adjusted EBITDA was $337.7 million.

Among the four key operating segments, Southern Timber posted modest increase in results, mainly driven by 9% increase in harvest volumes, which totaled 1.33 million tons during the quarter. The segment witnessed 19% surge in sales to $38.7 million. The weighted-average stumpage prices remained more or less flat.

Pacific Northwest Timber reported notable decline in results, mainly on account of 25% lower harvest volumes. The harvest volumes totaled 242,000 tons as compared to 321,000 tons in the year-ago quarter. The average delivered sawtimber prices declined significantly by 15% to $81.14 per ton during Q4 last year. This compares with $95.34 per ton in the same quarter in 2017. The Q4 sales plummeted by 30% to $18.4 million.

Meantime, the New Zealand Timber segment reported marginal jump in sales during the quarter. Volumes too were up by 1% to 655,000 tons. Meantime, average delivered prices for export sawtimber dropped marginally by 1% to $114.89 per ton.