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.
Source: Read the original article
Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
