Rayonier: Analyst update/expectations

Wednesday 7 Nov 2018

New Zealand (NZ). Better than expected. Adjusted EBITDA was $24mm, above BMO’s $21.2mm estimate; 2Q18 $25.8mm, 3Q17 $27.8mm. Q3 harvest vols 2% below BMO and -6% y/y. Export log prices -5% q/q (3% below BMO); domestic -6% y/y (5% below BMO).

RYN pointing to U.S./China trade tensions. Lower log/haul costs aided results. 2018 outlook? 2.6-2.7mm harvests (in line with prior guidance) and adjusted EBITDA “modestly above” prior guidance of $84-89mm. YTD EBITDA = $71.4mm.

Source: BMO Capital Markets

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