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Rayonier (NYSE:RYN) today reported second quarter 2012 net income of $69 million, or 54 cents per share, compared to $56 million, or 45 cents per share, in the prior year period. For the first six months, net income increased to $123 million, or 96 cents per share, compared to $115 million, or 92 cents per share, in 2011.
Cash provided by operating activities was $209 million for the first six months of 2012 compared to $195 million for the prior year period. Year-to-date cash available for distribution (CAD)
1 was $141 million versus $134 million in the first half of 2011. (See Schedule D for more details.)
“We are pleased to report a 20 percent increase in second quarter earnings per share over the prior year period, coupled with year-to-date CAD growth,” said Paul G. Boynton, Chairman, President and CEO. “Monday’s announcement of a 10 percent increase in the quarterly dividend, from 40 cents per share to 44 cents per share effective with the third quarter distribution, underscores our continuing confidence for 2012 and beyond.”
Second quarter sales of $53 million and operating income of $8 million were $4 million below the prior year period. Year-to-date sales of $105 million were consistent with the prior year, while operating income of $16 million declined $7 million. In the Pacific Northwest, 2012 results were negatively impacted by lower prices and volumes due to weaker Asian demand, and higher logging costs. Our New Zealand joint venture was also impacted by lower export demand. The 2011 results included a $3 million loss for damage from forest fires in the Southeast.
Second quarter sales of $12 million were consistent with the prior year period, while operating income of $6 million increased $1 million. Year-to-date sales of $24 million were $2 million below 2011, and operating income of $12 million was consistent with the prior year. While 2012 volumes were comparable to the prior year periods, margins improved due to geographic property mix.