Rayonier Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Earnings Guidance for the Year 2013
January 24, 2013 at 10:58 am EST
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Rayonier Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported sales of $434.3 million compared to $388.4 million a year ago. Operating income was $115.7 million compared to $81.3 million a year ago. Income before taxes was $107.1 million compared to $68.7 million a year ago. Net income was $75.6 million or $0.59 per diluted share compared to $56.2 million or $0.45 per diluted share a year ago. Pro forma net income per share was $0.59 against $0.48 reported last year.
For the year, the company reported sales of $1,571.0 million compared to $1,488.6 million a year ago. Operating income was $411.5 million compared to $356.3 million a year ago. Income before taxes was $367.1 million compared to $306.4 million a year ago. Net income was $278.7 million or $2.17 per diluted share compared to $276.0 million or $2.20 per diluted share a year ago. Net cash provided by operating activities was $445.9 million compared to $432.3 million a year ago. Capital expenditures were $157.6 million compared to $144.5 million a year ago. Pro forma net income per share was $2.17 against $2.11 reported last year. Adjusted EBITDA was $560 million.
Excluding the impact of the sale of Wood Products business, the company expects 2013 EBITDA, operating income and EPS will be slightly above 2012, and that cash available for distribution will increase by 5% to 10%. Capital expenditures excluding strategic investments for timberland acquisitions and the CSE project are expected to total about $142 million versus 2012 spending of $156 million. This decrease reflects a decline in Performance Fibers as the company focus on completing the CSE project. The company expects 2013 spending on the CSE project to range between $130 million and $145 million. The company expects interest expense net of interest income of about $41 million, which is net of $5 million of interest capitalized for the CSE project. The company expects effective tax rate to range from 20% to 22% with a significantly lower rate in the first quarter of the year due to the timing of tax credits.
Rayonier Inc. is a timberland real estate investment trust (REIT) with assets located in productive softwood timber growing regions in the United States and New Zealand. The Company's segments include Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. It owns, leases or manages approximately 2.7 million acres of timberland and real estate located in the United States South (1.85 million acres), United States Pacific Northwest (418,000 acres) and New Zealand (421,000 gross acres, or 297,000 net plan table acres). In addition, it engages in the trading of logs to Pacific Rim markets, predominantly from New Zealand and Australia, to support its New Zealand export operations. It also engages in log trading activities to these markets from the United States South and United States Pacific Northwest. Its Trading segment primarily reflects log trading activities in New Zealand and Australia conducted by its New Zealand subsidiary.
Rayonier Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Earnings Guidance for the Year 2013