Shifting Asian Log Demand Remains a Drag on Rayonier's Pricing; Lowering FVE to $25.50
Rayonier managed a decent start to 2019, with strong performance in the U.S. South offsetting weakness in the Pacific Northwest. The company's performance in New Zealand was flat versus the prior-year period. With trade tensions still high between the United States and China, export demand for logs out of the Pacific Northwest declined substantially, weighing on prices. However, margin erosion in the Pacific Northwest was partially offset by a strong quarter in the U.S. South, where increased ha...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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