Rayonier Reported Strong Timber Segment Results

SEATTLE (Scrap Monster):  Rayonier Inc. reported net income of $25.9 million, or $0.20 per share during the initial quarter of 2020. This compares to net income of $24.8 million, or $0.19 per share in the prior year quarter. The revenues increased year-on-year from $191.5 million to $259.9 million. The first quarter operating income was $38.6 million, as compared with $38.5 in the prior year period.

The Southern Timber division reported sales of $53 million in Q1, down significantly by 13% from the prior year period. The harvest volumes decreased from1.94 million tons to 1.84 million tons. The segment delivered lower operating income of $15.1 million. The Q1 2020 sales by the Pacific Northwest Timber division surged higher by 51% to $31.1 million. Meantime, nearly 20% dip was seen in quarterly sales by the New Zealand Timber division over the prior year.

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David Nunes, President and CEO noted that the team delivered strong operational results amid various challenges associated with the pandemic spread. The market conditions are expected to remain extremely challenging and volatile over the next several quarters. The health and safety of its employees and contractors will continue to remain as the company’s top priority, Nunes added.