Rayonier: Quarterly results analysed

Wednesday 6 May 2020

Interim Rayonier results suggestive of industry trend – Rayonier reported Q1 EPS of breakeven, below BMO at $0.04 and consensus at $0.07. Adjusted EBITDA of $47.1mm was below BMO's forecast $53.1mm and consensus at $53.8mm. PNW and New Zealand timberlands were ahead of BMO, more than offset by a miss in Real Estate (R/E). FY20 EBITDA range reduced to $200-230mm from $245-270mm. BMO at $229mm. Timber volumes and EBITDA guidance reduced for all regions.

New Zealand (NZ). Slightly above BMO adjusted EBITDA $10.2mm; BMO $9.1mm, 4Q19 $16.1mm, 1Q19 $22mm. Q1 harvests declined 20% y/y due to COVID-19 disruption. Sawlog prices were weak – exports -18% y/y and domestic prices -16% y/y.

Source: BMO Capital Markets Canada


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