UPDATE: Rayonier Posts Upbeat Q3 Earnings, Revenue Misses View

Rayonier

reported better-than-expected earnings for the third quarter. The Jacksonville, Florida-based company posted a quarterly profit of $32.7 million, or $0.25 per share, versus a year-ago profit of $57.4 million, or $0.44 per share. Excluding non-recurring costs, the company earned $0.27 per share. Its sales slipped 6% to $149.8 million. However, analysts were expecting earnings of $0.19 per share on revenue of $181 million. Sales for the forest resources segment fell $3 million to $108 million in the quarter, while sales for real estate segment gained $13 million to $27 million. The company announced its plans to realign its strategy. It also restated results for the first half of this year and lowered its quarterly dividend to $0.25 per share from $0.30 per share. “Despite a number of organizational challenges, Rayonier posted solid results in the third quarter of 2014, which was our first full quarter of operations following the spin-off of the Performance Fibers business,” said David Nunes, Rayonier's chief executive officer. For 2015, the company expects operating income of $85 million to $105 million range and adjusted EBITDA of $200 million to $220 million. Rayonier shares gained 0.68% to close at $33.90 on Friday.