Rayonier jumped after earnings. Why we still see upside for the timber REIT

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Rayonier shares rose more than 8% on Thursday after quarterly earnings beat expectations, while the S&P 500 fell more than 4% and the Nasdaq dropped 5.5%. Adjusted earnings per share declined 60% to 13 cents following the sale of 36,000 acres of timberland in Washington state, but exceeded the consensus estimate of 10 cents. Adjusted revenue reached $420.6 million versus $407 million expected, mainly because of the acquisition of Potlatch Deltic in January. Rayonier expects $60 million to $70 million in adjusted EBITDA from its real estate segment, bought back $59.8 million of shares in the third quarter and received authorization for an additional $300 million in repurchases.

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Telemac
Telemachttp://cryptoinfo.ch
Passionné de nouvelles technologies, j’explore l’univers de la blockchain et des cryptomonnaies pour partager l’actualité et les innovations du secteur.

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