Rayonier (RYN) Q1 2025 earnings summary

Executive summary

• Q1 2025 net loss attributable to shareholders was $3.4 million ($0.02 per share) on revenues of $82.9 million, compared to net income of $1.4 million ($0.01 per share) in Q1 2024, with New Zealand operations reclassified as discontinued following the pending $710 million sale agreement.

• Adjusted EBITDA for Q1 2025 was $27.1 million, down 39% year-over-year, mainly due to lower Southern Timber and Real Estate results, partially offset by Pacific Northwest Timber strength.

• Share repurchases totaled ~$13 million year-to-date through April 30, with $287.4 million remaining on the current authorization.

• Cash available for distribution (CAD) was $20.3 million, down from $31.1 million in Q1 2024.

Financial highlights

• Q1 2025 sales from continuing operations were $82.9 million, down from $113.7 million in Q1 2024; operating income was $0.1 million, and pro forma net loss was $2.7 million ($0.02 per share).

• Adjusted EBITDA fell to $27.1 million from $44.6 million year-over-year.

• Cash provided by operating activities was $27.7 million, down from $52.3 million year-over-year.

• Q1 included $2.5 million income from discontinued operations, $1.7 million net legal settlement costs, and $1.1 million restructuring charges.

Outlook and guidance

• 2025 full-year Adjusted EBITDA guidance is $215–$235 million, net income $424–$458 million ($2.71–$2.93 per share), and pro forma EPS $0.34–$0.41, all excluding New Zealand operations.

• Southern Timber full-year harvest volumes expected at 6.9–7.0 million tons, with pine stumpage prices anticipated to improve as salvage supply moderates.

• Pacific Northwest Timber full-year harvest guidance remains at ~0.9 million tons, with log pricing expected to trend higher due to increased lumber prices and tariffs.

• Real Estate segment closings expected to be concentrated in Q3 and Q4, with a strong transaction pipeline.

• 2025 capital expenditures projected at $52–56 million.