Rayonier Inc

NYSE:RYNUnited States

Nov 6, 2024

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• *DJ Rayonier Announces Timberland Dispositions Totaling $495M, from 4:34PM ET on Wednesday Nov 06, 2024 by Dow Jones

  4:34PM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: RYN

• -- Earnings Flash (RYN) RAYONIER Posts Q3 Revenue $195M, from 4:31PM ET on Wednesday Nov 06, 2024 by MT Newswires

  4:31PM ET on Wednesday Nov 06, 2024 by MT Newswires
  Companies Mentioned: RYN
  04:31 PM EST, 11/06/2024 (MT Newswires) -- ...

• Rayonier Reports Third Quarter 2024 Results, from 4:12PM ET on Wednesday Nov 06, 2024 by Dow Jones

  4:12PM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: RYN
  
  Rayonier Reports Third Quarter 2024 Results
  -- Third quarter net income attributable to Rayonier of $28.8 million ($0.19 per share) on revenues of $195.0 million -- Third quarter pro forma net income of $18.1 million ($0.12 per share) -- Third quarter operating income of $27.6 million, pro forma operating income of $28.5 million, and Adjusted EBITDA of $71.8 million -- Year-to-date cash provided by operations of $173.8 million and cash available for distribution (CAD) of $105.7 million -- Updating full-year Adjusted EBITDA guidance to reflect current outlook and disposition activity announced concurrent with this release WILDLIGHT, Fla.--(BUSINESS WIRE)--November 06, 2024--
  

• *DJ Rayonier 3Q EPS 19c >RYN, from 4:12PM ET on Wednesday Nov 06, 2024 by Dow Jones

  4:12PM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: RYN
  reduction, timberland acquisitions and real estate development investments. CAD is not necessarily indicative of the CAD that may be generated in future periods. (d) The nine months ended September 30, 2024 includes a $1.2 million income tax benefit related to the pension settlement. (e) The nine months ended September 30, 2024 includes $9.6 million of net recoveries associated with legal settlements, which is partially offset by $6.0 million of pension settlement charges. The nine months ended September 30, 2023 includes $20.5 million of net recoveries associated with legal settlements. (f) "Costs related to disposition initiatives" include legal, advisory, and other due diligence costs incurred in connection with the Company's asset disposition plan, which was announced in November 2023. (g) "Timber write-offs resulting from casualty events" includes the write-off of merchantable and pre-merchantable timber volume damaged by casualty events that cannot be salvaged. (h) "Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income, costs related to disposition initiatives, timber write-offs resulting from casualty events and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It excludes specific items that management believes are not indicative of the Company's ongoing operating results. (i) "Cash interest paid, net" is presented net of patronage refunds received of $8.3 million and $6.2 million during the nine months ended September 30, 2024 and September 30, 2023, respectively. In addition, cash interest paid, net is presented net of cash interest received of $5.5 million and $1.2 million during the nine months ended September 30, 2024 and September 30, 2023, respectively. (j) "Pro forma net income" is defined as net income attributable to Rayonier Inc. adjusted for its proportionate share of the net (recoveries) costs associated with legal settlements, costs related to disposition initiatives, pension settlement charges, timber write-offs resulting from casualty events and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company's ongoing operating results. (k) "Pension settlement charges, net of tax" reflects the net loss recognized in connection with the termination and settlement of the Company's pension plans. (l) "Pro forma net income adjustments attributable to noncontrolling interests" are the proportionate share of pro forma items that are attributable to noncontrolling interests. (m) "Pro forma operating income (loss)" is defined as operating income (loss) adjusted for costs related to disposition initiatives, timber write-offs resulting from casualty events and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company's ongoing operating results. F RAYONIER INC. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA GUIDANCE September 30, 2024 (unaudited) ADJUSTED EBITDA GUIDANCE (a): Revised 2024 Prior 2024 Guidance Guidance -------------------- -------------------- --------- Year-to-Date Low High Low High Results ------------------ ---------- ------- ---------- ------- --------------- Net Income to Adjusted EBITDA Reconciliation Net income $66.1 - $87.4 $351.7 -$367.6 $35.8 Less: Net income attributable to noncontrolling interests (5.3) - (6.3) (3.9) - (4.0) (3.3) Less: Net income attributable to noncontrolling interests in the operating partnership (0.9) - (1.3) (4.6) - (4.8) (0.5) ------ ------ ------ ------ --------- --- Net income attributable to Rayonier Inc. $59.9 - $79.8 $343.2 -$358.8 $32.0 Add: Pension settlement charges, net of tax (b) -- - -- 4.8 - 4.8 4.8 Add: Costs related to disposition initiatives (c) -- - -- 1.6 - 1.6 1.6 Less: Net recovery on legal settlements (d) -- - -- (9.6) - (9.6) (9.6) Less: Large Dispositions (e) -- - -- (290.0) -(300.0) -- Add: Pro forma net income adjustments attributable to noncontrolling interests (f) -- - -- 3.9 - 4.0 -- ------ ------ ------ ------ --------- ---- Pro Forma Net Income (g) $59.9 - $79.8 $53.9 - $59.6 $28.8 Interest expense, net 37.7 - 38.2 37.8 - 38.3 29.6 Interest and other miscellaneous income, net (5.5) - (6.0) (8.2) - (8.9) (5.2) Income tax expense 7.7 - 9.4 6.9 - 7.2 (0.9) Depreciation, depletion and amortization 150.0 - 159.0 140.0 - 144.0 106.7 Non-cash cost of land and improved development 34.0 - 37.0 40.0 - 45.0 19.2 Net income attributable to noncontrolling interests 6.2 - 7.6 4.6 - 4.8 3.8 ------ ------ ------ ------ --------- ---- Adjusted EBITDA $290.0 -$325.0 $275.0 -$290.0 $183.7 ====== ====== ====== ====== ========= ==== Diluted Earnings per Share $0.40 - $0.54 $2.30 - $2.40 $0.21 Pro forma Diluted Earnings per Share $0.40 - $0.54 $0.36 - $0.40 $0.19 ====== ====== ====== ====== ========= ==== (a) "Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It excludes specific items that management believes are not indicative of the Company's ongoing operating results. (b) "Pension settlement charges, net of tax" reflects the net loss recognized in connection with the termination and settlement of the Company's pension plans. (c) "Costs related to disposition initiatives" include legal, advisory, and other due diligence costs incurred in connection with the Company's asset disposition plan, which was announced in November 2023. (d) "Net recovery on legal settlements" reflects the net gain from litigation regarding insurance claims. (e) "Large Dispositions" are defined as transactions involving the sale of productive timberland assets that exceed $20 million in size and do not reflect a demonstrable premium relative to timberland value. (f) "Pro forma net income adjustments attributable to noncontrolling interests" are the proportionate share of pro forma items that are attributable to noncontrolling interests. (g) "Pro forma net income" is defined as net income attributable to Rayonier Inc. adjusted for its proportionate share of the net recoveries associated with legal settlements, costs related to disposition initiatives, pension settlement charges and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company's ongoing operating results.