Rayonier Stock Earnings Reports

Rayonier reported solid Q3 2025 results driven by a very strong Real Estate quarter and improved Southern Timber performance, producing adjusted EBITDA of $114 million and pro forma EPS of $0.32. Real Estate delivered a large conservation sale in Florida and healthy development closings (Wildlight, Heartwood), putting the segment above guidance and lifting the firm toward the high end (or above) of full-year adjusted EBITDA and pro forma EPS guidance. Southern Timber saw a 24% increase in harvest volumes but faced weaker pulpwood pricing and pressure from regional mill closures; Pacific Northwest Timber had lower volumes (down 34%) due to prior dispositions, partially offset by higher log prices. Management reiterated confidence in achieving full-year adjusted EBITDA at or above the high end of prior guidance, provided quarterly Q4 guidance (net income $13–$17M, EPS $0.08–$0.11, adjusted EBITDA $50–$60M), and emphasized strong liquidity (≈$920M cash, ~$1.1B debt) and low net leverage (net debt ~3% of EV, <1x mid-point EBITDA). Capital allocation: $30M of repurchases in Q3, $232M remaining buyback authorization but repurchases limited ahead of the PotlatchDeltic merger. Rayonier announced a $1.40 per share special dividend (cash and shares) tied to taxable gains from the NZ JV sale, payable Dec. 12. The company is progressing integration planning with PotlatchDeltic, expecting roughly $40M of run-rate synergies and a close in late Q1/early Q2 2026, subject to approvals. Management highlighted opportunities in land-based solutions (solar, carbon, bioenergy/biofuels) but noted timing for alternative pulpwood demand (biofuels, export opportunities) is multi-year and regional dynamics will drive recovery timing.