Rayonier's Revenues Surged Higher in Q2

SEATTLE (Scrap Monster): Rayonier Inc. reported second quarter 2020 results.

The company reported second quarter net income of $1.7 million or $0.01 per share. This compares to net income of $18.8 million or $0.14 per share in the prior year quarter. The revenues surged higher from $184.8 million to $195.6 million over the year. Rayonier reported second quarter operating income of $11.37 million, compared to $31.4 million in the prior year period. The year-to-date cash provided by operations totalled $82.6 million.

ALSO READ: Rayonier Reported Strong Timber Segment Results

The Southern Timber segment posted second quarter sales of $46.8 million, slightly higher by 1% over the prior year period. The adjusted EBITDA was $3.9 million. The Pacific Northwest Timber segment reported quarterly sales and adjusted EBITDA of $26.2 million and $3.9 million respectively. The New Zealand Timber segment’s Q2 sales stood at $41.8 million. The segment adjusted EBITDA totalled $9.9 million.

David Nunes, President and CEO stated that the company successfully closed the acquisition of Pope Resources in early-May this year. The U.S. forest products industry continued to operate as an essential critical infrastructure industry throughout the pandemic period, whereas the New Zealand forest products industry was impacted due to a shutdown which lasted for approximately one month, he added.