The following is a summary of the Rayonier Inc. (RYN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Rayonier reported Q1 revenue of $168 million with a net income attributable to Rayonier of $1 million or $0.01 per share. On a pro forma basis, net income was $7 million or $0.05 per share.

• The Company registered adjusted EBITDA of $56 million, a 3% increase from the same period the previous year due to stronger results from the Southern Timber and New Zealand Timber segments.

• The firm ended the quarter with $160 million of cash and approximately $1.4 billion of debt, resulting in a net debt to enterprise value ratio of 19%.

Business Progress:

• Rayonier has identified approximately 215,000 acres of nature for disposition, as part of their $1 billion disposition plan, aiming to cut leverage in rising interest rates and exploit the gap between public and private values for timberland assets.

• The company is making significant progress in key sectors including carbon capture storage (CCS) and solar, with increasing industry interest and expanded acreage under option for solar development.

• Rayonier continues to see promising demand for its Radiata pine product in the recovering Chinese market, and expects improved pricing and demand for its products due to increased offtake and falling supply.

• The firm is actively exploring strategic options in New Zealand and the U.S, including potential land sales beyond the targeted $1 billion.

More details: Rayonier Inc IR

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