Rayonier Posts Strong 2Q Amid Attractive Pacific Log Prices; $30 FVE Unchanged
In line with our expectations, Southern log prices have remained soft. However, strong pricing in the Pacific Northwest and New Zealand supported solid second-quarter results for Rayonier. Consolidated adjusted EBITDA rose a substantial 28% to $111 million versus the prior-year period, benefiting from substantial increases in both volume and price. Overall, quarterly results were in line with management's guidance as well as our outlook for the year. Our $30 per share fair value estimate is unch...Rayonier is a timberland real estate investment trust with assets located in the softwood timber growing regions in the United States and New Zealand. The company operates in five reportable business segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments include all activities related to the harvesting of timber in addition to lease and license activities, other non-timber activities and carbon credit sales. The company's Real Estate segment reflects all of its land or leasehold sales. The Trading segment reflects the log trading activities conducted by its New Zealand subsidiary.
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