BMO: Update and reporting on Rayonier Q1

Wednesday 11 May 2022


BMO on Rayonier New Zealand (NZ). Disappointing. Adj. EBITDA $10.4mm; BMO at $16.3mm. 1Q harvest vols -14% y/y (export -14.4%, domestic -13.6%) due to Chinese port congestion/high inventories. Chinese COVID lockdown also a factor. Chinese inventories remain above normal. Weighted avg. prices were below expectations at $96.59.

Source: BMO Capital Markets, Canada, Mark Wilde, PhD • Timber & Wood Products)

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