said Tuesday that its fourth-quarter earnings are likely to be 4 cents to 6 cents a share below its previous estimates due to a decision not to sell a real estate parcel.
In October, Rayonier projected fourth-quarter earnings that were "somewhat below" the 46 cents a share it earned before items in the third quarter. A poll conducted by Thomson Financial shows that analysts estimate Rayonier's fourth-quarter earnings to be 38 cents a share.
The company, which deals in timberland and wood products, said that its 570-acre property near the coastal community of Kingsland, Ga., zoned residential and commercial, will earn greater value if developed by its real estate subsidiary, TerraPointe, together with a joint venture partner.
The company, organized as real estate investment trust, said it continues to experience strong demand across all product lines. It has 2.2 million acres of prime timberland and real estate in the U.S. and New Zealand.
The stock fell 53 cents to $42.73 at midday Wednesday.
This story was created through a joint venture between TheStreet.com and IRIS.