Q1 2024 Rayonier Inc Earnings Call Transcript
Key Points
- Adjusted EBITDA increased to $56 million, up from $55 million in the prior year, driven by stronger results in Southern Timber and New Zealand Timber segments.
- Southern Timber segment saw a 6% increase in harvest volumes, boosting its adjusted EBITDA to $45 million.
- New Zealand Timber segment's adjusted EBITDA rose by $5 million due to higher carbon credit sales and favorable foreign exchange impacts.
- Cash available for distribution rose to $37 million, up from $30 million in the prior year, reflecting higher adjusted EBITDA and cash interest received.
- The company is on track to meet its full year 2024 adjusted EBITDA guidance of $290 million to $325 million, excluding potential impacts from additional asset sales.
- Net income attributable to Rayonier was only $1 million, indicating minimal profitability.
- Real Estate segment's adjusted EBITDA was down $2 million from the prior year, with first quarter closings relatively light.
- Pacific Northwest Timber segment's adjusted EBITDA decreased by $2 million due to a 17% reduction in harvest volumes and an 11% decline in weighted average log prices.
- Export sawtimber prices in New Zealand decreased by 4%, reflecting ongoing challenges in China's property sector.
- The company faces uncertainty with its $1 billion disposition target and strategic evaluations, including potential exits from New Zealand operations.
Welcome, and thank you for joining Rayonier's First Quarter 2024 Conference Call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions) Now I will turn the meeting over to Mr. Collin Mings, Vice President, Capital Markets and Strategic Planning.
Thank you, and good morning. Welcome to Rayonier's investor teleconference covering first quarter earnings.
Our earnings statements and financial supplement were released yesterday afternoon and are available on our website at rayonier.com. I would like to remind you that in these presentations, we include forward-looking statements made pursuant to the safe harbor provisions of federal securities laws. Our earnings release and Forms 10-K and 10-Q filed with the SEC list some of the factors that may cause actual results to differ materially from the forward-looking statements we may make. They are also referenced on Page 2 of our financial supplement.
Throughout these presentations, we
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