Rayonier results reflect bouyant markets

Wednesday 16 May 2018

Rayonier New Zealand (NZ) realised another solid quarter. Adjusted EBITDA of $21.8mm beat BMO’s estimate of $20.4mm. 4Q17 $22.8mm. 1Q17 $15.7mm. Q1 harvest vols +12% y/y – in line with BMO estimate.

Export log prices 8% higher y/y (in line with BMO); domestic +11% y/y (bit above BMO’s +8%). EBITDA aided by a $2.3mm y/y jump in carbon credits. Outlook is encouraging. Pointing to higher volumes and continued strength in both export & domestic markets.

Source: BMO Capital Markets

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