China Sugar High Lifts Rayonier's 1Q as Supply Overhang Still Caps Southern Prices
Due in large part to stimulus-induced wood demand from China, Rayonier's export-oriented Pacific Northwest and New Zealand segments enjoyed a comparably strong first quarter. Results remained comparably weak in the Southern segment as the region's ample log supply continues to hamstring prices despite strengthening housing activity. All told, adjusted EBITDA, a measure that excludes big land sales, was fairly flat with the prior-year period: $57 million versus $56 million. Rayonier remains on tr...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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