Core Viewpoint - Rayonier reported strong fourth-quarter earnings, beating estimates and showing significant year-over-year revenue growth, although some segments faced challenges [2][3]. Financial Performance - Rayonier's Q4 2024 pro-forma net income was 27 cents per share, exceeding the Zacks Consensus Estimate of 19 cents and up from 17 cents in the prior year [2]. - Total revenues reached $726.3 million, surpassing the Zacks Consensus Estimate of $203 million, and increased by 55.4% year-over-year [3]. - Adjusted EBITDA for Q4 was $115.1 million, up from $93.7 million in the previous year [3]. - For the full year 2024, pro forma net income per share was 47 cents, up from 36 cents, and total revenues were $1.26 billion, a 19.5% increase year-over-year [3]. Segment Performance - Southern Timber segment reported pro-forma operating income of $18 million, a 31.4% increase from the prior year, driven by higher non-timber income and lower costs [4]. - The Pacific Northwest Timber segment had a pro-forma operating loss of $1.3 million, an improvement from a loss of $2.5 million a year ago, attributed to lower costs and higher non-timber income [5]. - New Zealand Timber segment's pro forma operating income rose to $14.2 million from $6.8 million, benefiting from favorable foreign exchange impacts and higher volumes [6]. - Real Estate segment's pro-forma operating income increased to $35 million from $32.8 million, supported by higher weighted-average prices [7]. - The Trading segment reported a slight operating loss of $0.1 million compared to an operating income of $0.1 million in the prior year [7]. Balance Sheet - Rayonier ended Q4 2024 with $323.2 million in cash and cash equivalents, a significant increase from $74.2 million as of September 30, 2024 [8]. 2025 Outlook - Management projects full-year net income attributable to Rayonier between $79 million and $100 million, with EPS expected to be between 51 cents and 64 cents [9]. - Adjusted EBITDA is anticipated to range from $270 million to $300 million [9]. - The guidance excludes potential impacts from additional asset sales related to a $1 billion disposition target announced in November 2023 [10]. Estimate Trends - There has been a downward trend in estimates, with the consensus estimate shifting down by 41.38% recently [11]. VGM Scores - Rayonier has an average Growth Score of C, a Momentum Score of B, and a Value Score of D, placing it in the bottom 40% for the value investment strategy [12]. Overall Outlook - Estimates for Rayonier have been trending downward, indicating a potential in-line return in the coming months, with a Zacks Rank of 3 (Hold) [13].

Core Viewpoint - Rayonier Advanced Materials (RYAM) reported a narrower loss in Q4 2024 compared to the previous year, indicating improved operational performance despite flat sales year-over-year [1][12]. Financial Performance - RYAM reported a loss of 10 cents per share in Q4 2024, better than the Zacks Consensus estimate of a loss of 12 cents per share, and an adjusted loss of 22 cents per share in the same quarter last year [1][12]. - The company’s net sales were $422 million in Q4 2024, flat year-over-year, missing the Zacks Consensus Estimate of $436 million [3]. - The cost of sales decreased by 2.5% year-over-year to $385 million, while gross profit increased by 37% to $37 million, resulting in a gross margin of 8.8%, a 240-basis-point improvement year-over-year [3][4]. - Selling, general and administrative expenses surged by 53% year-over-year to $26 million, but operating income improved to $11 million from an operating loss of $61 million in Q4 2023 [4]. - Adjusted EBITDA rose by 38% year-over-year to $51 million, with an adjusted EBITDA margin of 12.1%, up from 8.8% in the previous year [4]. Segment Performance - The High Purity Cellulose segment reported sales of $338 million, down 3% year-over-year, with adjusted EBITDA increasing by 38% to $62 million [5][6]. - The Paperboard segment's sales increased by 9% to $60 million, with a 13% rise in sales volumes, although prices fell by 3% [7]. - The High-Yield Pulp segment saw sales rise by 28% to $32 million, driven by a 4% price increase and a 22.5% increase in volumes, but adjusted EBITDA remained negative at $8 million [8]. Cash Position - RYAM ended 2024 with cash and cash equivalents of $125 million, up from $76 million at the end of 2023, and net cash provided by operating activities was $203 million compared to $136 million in the prior year [9][10]. - Adjusted free cash flow increased to $128 million from $53 million in 2023 [9]. 2024 Performance Overview - For the full year 2024, RYAM reported an adjusted loss of five cents per share, better than the Zacks Consensus Estimate of a loss of eight cents, and a decrease in net sales by 0.8% year-over-year to $1.63 billion [12]. Guidance for 2025 - RYAM anticipates net custodial site costs of $20 - $22 million in 2025 due to the indefinite suspension of Temiscaming HPC operations [13]. - The company expects adjusted EBITDA to range between $215 million and $235 million in 2025, with stronger earnings anticipated in the second half of the year [15]. - Adjusted free cash flow is projected to be between $25 million and $45 million in 2025 [16]. Stock Performance - RYAM shares have increased by 97.1% over the past year, significantly outperforming the industry growth of 18.5% [17].

Group 1 - The Conservative Income Portfolio targets value stocks with high margins of safety and aims to reduce volatility through well-priced options [1][2] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1][2] - Trapping Value focuses on generating options income and capital preservation, with a team of analysts having over 40 years of combined experience [3] Group 2 - The Covered Calls Portfolio aims for lower volatility income investing with an emphasis on capital preservation [2][3] - The Fixed Income Portfolio is centered on acquiring securities that offer high income potential and are significantly undervalued compared to peers [2]

Timberland Holdings and Inventory - Rayonier owns, leases, or manages approximately 2.5 million acres of timberland and real estate, with 1.75 million acres in the U.S. South, 308,000 acres in the U.S. Pacific Northwest, and 412,000 gross acres in New Zealand[28]. - As of December 31, 2024, Rayonier's merchantable timber inventory is estimated at 95,479 thousand short green tons, with 69,876 thousand in the South (73%), 7,525 thousand in the Pacific Northwest (8%), and 18,078 thousand in New Zealand (19%)[42]. - As of December 31, 2024, the Southern timberlands acreage consisted of approximately 1.75 million acres, with an estimated sustainable yield of 6.5 to 6.9 million tons annually[45][46]. - The gross timber inventory and merchantable timber inventory of the Southern timberlands were 83 million tons and 70 million tons, respectively, as of September 30, 2024[48]. - The Pacific Northwest timberlands comprised approximately 308,000 acres, with a sustainable yield estimated at 115 to 135 MMBF (0.90 to 1.05 million tons) annually[50][51]. - The gross timber inventory and merchantable timber inventory of the Pacific Northwest timberlands were 1,981 MMBF and 971 MMBF, respectively, as of September 30, 2024[53]. - The New Zealand timberlands consisted of approximately 412,000 acres, with a sustainable yield estimated at 2.1 to 2.4 million cubic meters (2.4 to 2.7 million tons) annually[55][57]. - The gross timber inventory and merchantable timber inventory of the New Zealand timberlands were both 16.2 million cubic meters as of December 31, 2024[58]. - The company expects the average annual harvest volume across its timberlands over the next five years to be generally in line with its sustainable yield estimates[46][51][57]. Financial Performance - Rayonier's total sales for 2024 reached $1,263.0 million, a 19.5% increase from $1,056.9 million in 2023[208]. - Net income attributable to Rayonier Inc. for 2024 was $359.1 million, a substantial increase from $173.5 million in 2023, representing a growth of 106.5%[208]. - Adjusted EBITDA for 2024 was $298.8 million, slightly up from $296.5 million in 2023, indicating stable operational performance[208]. - Rayonier's operating income for 2024 was $402.5 million, significantly higher than $211.3 million in 2023, reflecting a 90.5% increase[208]. - The company reported liabilities related to environmental contamination and natural resource damages amounting to $7.9 million as of December 31, 2024[205]. Real Estate Development - The company has a multi-year pipeline of real estate development opportunities primarily in Florida, Georgia, and Washington, focusing on rural and recreational high-value property sales[32]. - The company’s Real Estate segment includes sales from properties sold for development, with categories such as Improved Development and Unimproved Development[64]. - In 2024, Rayonier achieved significant growth in the Real Estate segment, with total sales of $643.8 million in 2024, compared to $390.0 million in 2023, marking a 65.0% increase[208]. Environmental and Regulatory Considerations - The company is subject to extensive environmental laws and regulations that may restrict its ability to conduct business, potentially impacting timber harvesting and real estate development[128]. - Delays or restrictions in obtaining regulatory and environmental permits could adversely affect various operations, including timber harvesting[129]. - Environmental groups may increasingly intervene in regulatory processes, potentially delaying or preventing operations on the company's properties[130]. - The company has accrued amounts on its balance sheet for environmental liabilities associated with the Port Gamble site, which is undergoing remediation[80]. Safety and Employee Welfare - In 2024, Rayonier achieved zero fatalities or significant incidents, emphasizing its commitment to workplace safety[105]. - The company conducted 1,364 contractor safety meetings in 2024, highlighting its focus on safety management for both employees and contractors[107]. - Rayonier's employee wellness program, Stay Strong, promotes health and well-being through various resources and financial investments[108]. - The company offers a comprehensive benefits package, including medical, dental, vision, and a 401(k) retirement savings plan with company matching contributions[103]. Market and Economic Risks - The company is exposed to economic risks such as inflation and rising energy costs, which could negatively impact its financial condition and operations[114]. - The ongoing geopolitical tensions, including the Russia-Ukraine conflict, have increased volatility in global log and lumber markets, potentially impacting the company's operations and financial condition[119]. - Weather and climate change may limit timber harvest and sales, affecting the volume and value of timber that can be harvested[120]. - The company operates in highly competitive markets, particularly in the Timber and Real Estate segments, facing significant pressures from competitors with greater financial resources[118]. Capital Expenditures and Investments - Total capital expenditures for 2024 amounted to $79.8 million, a decrease of 1.9% from $81.4 million in 2023[227]. - Southern Timber capital expenditures increased to $48.4 million in 2024 from $46.5 million in 2023, driven by higher reforestation and silviculture expenditures[227]. - Real estate development investments rose to $25.8 million in 2024, compared to $23.1 million in 2023, reflecting ongoing project commitments[227]. Shareholder Returns and Dividends - The company declared ordinary cash dividends of $1.14 per common share for the years ended December 31, 2024, and 2023, maintaining the same dividend level[173]. - Rayonier's Board of Directors approved a new share repurchase program of up to $300 million, replacing the previous $100 million program, with no shares repurchased under the new program in Q4 2024[176].

Q4 2024 Financial Supplement February 2025 Safe Harbor Statement Q4 2024 Financial Supplement | February 2025 2 Table of Contents SECTION 1 Financial and Segment Information SECTION 2 Supplemental Information Q4 2024 Financial Supplement | February 2025 Forward-Looking Statements - Certain statements in this presentation regarding anticipated financial outcomes including Rayonier's earnings guidance, if any, business and market conditions, outlook, expected dividend rate, Rayonier's business strategies, exp ...

Rayonier Inc. (NYSE:RYN) Q4 2024 Earnings Conference Call February 6, 2025 10:00 AM ET Company Participants Collin Mings - Vice President, Capital Markets and Strategic Planning Mark McHugh - President and CEO April Tice - Senior Vice President and CFO Doug Long - Executive Vice President and CRO Conference Call Participants Matthew McKellar - RBC Mark Weintraub - Seaport Mike Roxland - Truist Anthony Pettinari - Citi Ketan Mamtora - BMO Capital Markets Operator Welcome, and thank you for joining Rayonier I ...

Core Insights - Rayonier, Inc. (RYN) reported a fourth-quarter 2024 pro-forma net income of 27 cents per share, exceeding the Zacks Consensus Estimate of 19 cents and up from 17 cents in the prior-year quarter [1][3] - Total revenues for the fourth quarter reached $726.3 million, surpassing the Zacks Consensus Estimate of $203 million and reflecting a year-over-year increase of 55.4% [3] - The company’s full-year 2024 pro forma net income per share was 47 cents, up from 36 cents in the prior year, and total revenues of $1.26 billion increased 19.5% year over year [3] Segment Performance - The Southern Timber segment reported pro-forma operating income of $18 million, a 31.4% increase from the prior-year quarter, attributed to higher non-timber income and lower costs [4] - The Pacific Northwest Timber segment experienced a pro-forma operating loss of $1.3 million, an improvement from a loss of $2.5 million a year ago, driven by lower costs and higher non-timber income [5] - The New Zealand Timber segment's pro-forma operating income rose to $14.2 million from $6.8 million, benefiting from favorable foreign exchange impacts and higher volumes [6] - Real Estate's pro-forma operating income increased to $35 million from $32.8 million, supported by higher weighted-average prices [7] - The Trading segment reported a slight operating loss of $0.1 million compared to an operating income of $0.1 million in the prior-year quarter [7] Financial Position - Rayonier ended the fourth quarter of 2024 with $323.2 million in cash and cash equivalents, a significant increase from $74.2 million as of September 30, 2024 [8] 2025 Outlook - Management projects full-year net income attributable to Rayonier in the range of $79-$100 million, with earnings per share (EPS) expected between 51 cents and 64 cents [9] - The adjusted EBITDA is anticipated to be between $270 million and $300 million, excluding potential impacts from additional asset sales related to a $1 billion disposition target announced in November 2023 [9]

Core Viewpoint - Rayonier reported quarterly earnings of $0.27 per share, exceeding the Zacks Consensus Estimate of $0.19 per share, and showing an increase from $0.17 per share a year ago, indicating a 42.11% earnings surprise [1] Financial Performance - The company posted revenues of $726.3 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 257.78%, compared to $225.2 million in revenues a year ago [2] - Over the last four quarters, Rayonier has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Stock Performance - Rayonier shares have declined approximately 1.5% since the beginning of the year, while the S&P 500 has gained 2.7% [3] - The current Zacks Rank for Rayonier is 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.10 on revenues of $194.6 million, and for the current fiscal year, it is $0.53 on revenues of $805 million [7] - The estimate revisions trend for Rayonier is mixed, and future changes in estimates will be closely monitored [6][7] Industry Context - The Building Products - Wood industry, to which Rayonier belongs, is currently in the top 35% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - UFP Industries, another company in the same industry, is expected to report a year-over-year earnings decline of 24.1% for the quarter ended December 2024 [9]

Financial Performance - Fourth quarter net income attributable to Rayonier was $327.1 million, or $2.15 per share, compared to $126.9 million, or $0.85 per share in the prior year quarter, representing a 158% increase[3]. - Fourth quarter pro forma net income was $41.1 million, or $0.27 per share, up from $25.4 million, or $0.17 per share in the prior year, indicating a 62% increase[4]. - Full-year net income attributable to Rayonier was $359.1 million, or $2.39 per share, compared to $173.5 million, or $1.17 per share in the prior year, reflecting a 107% increase[6]. - Operating income for Q4 2024 was $346.2 million, up 138.2% from $145.2 million in the same quarter last year[39]. - Net income attributable to Rayonier Inc. for the year ended December 31, 2024, was $359.1 million, compared to $173.5 million in 2023, representing a 106.5% increase[39]. - Basic earnings per share for Q4 2024 were $2.20, a rise of 156.0% from $0.86 in Q4 2023[39]. - Adjusted EBITDA for the year ended December 31, 2024, was $298.8 million, slightly up from $296.5 million in 2023, indicating a stable performance[54]. - The company reported cash available for distribution of $183.7 million for the year ended December 31, 2024, compared to $163.9 million in 2023, an increase of 12.0%[54]. Segment Performance - The Real Estate segment achieved Adjusted EBITDA of $63.4 million in the fourth quarter, driven by the sale of approximately 7,800 acres[9]. - Fourth quarter Adjusted EBITDA for New Zealand Timber was $20.0 million, up 66% or $7.9 million compared to the prior year[13]. - Real Estate segment sales reached $567.2 million, an increase of $256.7 million year-over-year, with operating income rising by $188.2 million to $326.1 million[14]. - The Southern Timber segment reported sales of $250.4 million for the year ended December 31, 2024, down from $264.1 million in 2023, a decline of 5.0%[55]. - The Pacific Northwest Timber segment experienced a decrease in sales to $100.8 million for the year ended December 31, 2024, compared to $124.1 million in 2023, a drop of 18.8%[55]. - New Zealand Timber reported fourth quarter sales of $72.4 million, an increase of $12.3 million or 21% year-over-year, with sales volumes up 15% to 729,000 tons[13]. Cash and Debt Management - The company reduced Net Debt to 2024 Adjusted EBITDA to 2.6x as of December 31, 2024[4]. - Cash provided by operating activities for the year was $261.6 million, down from $298.4 million in 2023[47]. - Cash and cash equivalents increased to $323.2 million as of December 31, 2024, compared to $207.7 million at the end of 2023[41]. - Rayonier's long-term debt reduced to $1,089.8 million from $1,365.8 million in 2023, reflecting a decrease of 20.2%[41]. Future Guidance - The company expects full-year 2025 net income attributable to Rayonier to be between $79 million and $100 million, with Adjusted EBITDA projected at $270 million to $300 million[20]. - Southern Timber segment anticipates full-year harvest volumes of 6.9 to 7.1 million tons, with slightly lower pine stumpage realizations expected compared to the prior year[21]. - The Real Estate segment expects full-year Adjusted EBITDA of $86 million to $96 million, down from exceptionally strong results in 2024[24]. - The guidance for adjusted EBITDA for 2025 is projected between $270.0 million and $300.0 million[62]. - The net income attributable to Rayonier Inc. for 2025 is expected to be between $79.0 million and $99.9 million[62]. Shareholder Returns - The company declared a dividend of $2.94 per share for the year, totaling $438.6 million, compared to $199.5 million in 2023[43]. - During the fourth quarter, the company repurchased 488,000 shares at an average price of $30.10 per share, totaling $14.7 million[19]. Asset Management - Rayonier completed $495 million of Large Dispositions in the fourth quarter, contributing to a total of $737 million since November 2023[4]. - The company plans to continue its asset disposition initiatives, which were announced in November 2023, to optimize its portfolio[60].

For Immediate ReleasesChicago, IL – December 12, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include including Rayonier Advanced Materials Inc. (RYAM) , Private Bancorp of America Inc. (PBAM) , MediaAlpha Inc. (MAX) , Townsquare Media Inc. (TSQ) and Lands' End Inc. (LE) .Here are highlights from Thursday’s Analyst Blo ...