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Rayonier Profit Falls

Stock quotes in this article: RYN  

Rayonier(RYN Quote) said its third-quarter earnings fell 26.7% from the year-ago period.

The Jacksonville, Fla.-based company earned $55 million, or 70 cents a share, in the quarter, compared with $75 million, or 96 cents a share, a year ago. Adjusted for special item gain of $5.3 million, or 7 cents a share, for prior years' IRS audit settlements, earnings were 63 cents a share. Analysts polled by Thomson First Call were expecting earnings of 55 cents a share in the most recent quarter.

Third-quarter revenue rose 4.2% from a year ago to $312 million. Analysts were expecting revenue of $315 million. ...

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