Key Highlights

  • Sales were USD 565.6 million, with pro forma sales of USD 420.6 million excluding a USD 145.0 million Large Disposition.
  • Pro forma EPS was USD 0.13 against an estimate of USD 0.10, and GAAP EPS was USD 0.41.
  • Adjusted EBITDA was USD 144.6 million against USD 114.3 million a year earlier, and cash was USD 361.4 million.
  • The board approved a new incremental USD 300 million share repurchase authorization on November 3.

Rayonier Inc. (NYSE:RYN) gave a segment-by-segment view of the fourth quarter alongside its third quarter results, guiding to Real Estate Adjusted EBITDA of USD 60 million to USD 70 million, Southern Timber harvests of 3.0 to 3.2 million tons and lumber shipments of 295 to 305 million board feet. Consolidated third quarter results include PotlatchDeltic for the entire period, following a Merger that closed on January 30, 2026.

Fourth Quarter Guidance by Segment

In Southern Timber, management projects full-year harvest volumes of 12.2 to 12.4 million tons and fourth quarter volumes of 3.0 to 3.2 million tons. It projects regional sawtimber and pulpwood prices to stay relatively stable against the third quarter.

Northwest Timber is guided to full-year harvests of 2.0 to 2.1 million tons and fourth quarter harvests of 500,000 to 550,000 tons, with sawtimber prices lower than in the third quarter because of lower sawlog prices in Idaho. In Wood Products, lumber shipments are guided to about 1.1 billion board feet for the 11 months of 2026 contribution, with fourth quarter lumber realizations projected below the third quarter on softer market conditions and seasonal Demand patterns.

The Third Quarter in Detail

Net income attributable to Rayonier was USD 123.3 million, or USD 0.41 per diluted share, on sales of USD 565.6 million. A year earlier the company reported USD 43.2 million, or USD 0.28 per share, on sales of USD 177.5 million. The quarter includes USD 90.6 million of after-tax income from a Large Disposition in Washington and USD 6.9 million of after-tax merger costs. Excluding those items, pro forma Net Income was USD 40.0 million, or USD 0.13 per diluted share, against USD 50.2 million, or USD 0.32, in the prior-year period. Pro forma sales were USD 420.6 million.

Operating income was USD 146.9 million, against USD 41.7 million, and pro forma Operating Income was USD 63.3 million, against USD 48.8 million. The company closed timberland transactions with RMS, a USD 145 million Large Disposition of about 36,000 acres in Washington and a USD 146 million Acquisition of about 57,000 acres in Texas and Alabama.

Segment Operations

Southern Timber sales were USD 107.4 million, with harvest volumes of 3.02 million tons against 1.94 million tons. Adjusted EBITDA was USD 52.4 million. Northwest Timber sales were USD 73.6 million, and its Adjusted EBITDA was USD 32.3 million.

Wood Products sales were USD 206.2 million on lumber shipments of 327 million board feet at an average realization of USD 528 per thousand board feet. Adjusted EBITDA for the segment was USD 27.0 million. Real Estate sales were USD 208.0 million, including the Large Disposition, and 7,127 acres were sold excluding it at a weighted-average USD 8,012 per acre, against 23,348 acres at USD 3,486. Real Estate Adjusted EBITDA was USD 48.5 million.

CEO Mark McHugh said the company repurchased USD 60 million of stock in the quarter, bringing nine-month repurchases to USD 163 million.

Next Reporting Checkpoints

Adjusted EBITDA of USD 144.6 million sits alongside cash of USD 361.4 million, Debt outstanding of USD 1.86 billion and share repurchases of USD 59.8 million at an average USD 21.00 per share. The company had USD 66.2 million remaining on its 2024 authorization at September 30, and the board added the new USD 300 million authorization on November 3. A conference call is scheduled for November 5 at 10:00 AM ET, and management named fourth quarter ranges for harvests, shipments and Real Estate Adjusted EBITDA.