Feb. 5 at 9:36 PM
$RYN Rayonier sees FY25 EPS 51c-64c, consensus 54c
The company said, "In our Southern Timber segment, we expect to achieve full-year harvest volumes of 6.9 to 7.1 million tons-a modest increase in harvest volumes versus the prior year, primarily due to the carryover of some planned 2024 volume into 2025, partially offset by reduced volume from the recent disposition in Oklahoma. Further, while we expect pine stumpage realizations to trend higher as the year progresses, we anticipate that full-year realizations will be slightly lower versus the prior year, due in part to the continued impact of salvage volume on the market. Lastly, we expect slightly lower non-timber income for full-year 2025 as compared to the prior year, which benefited from significant pipeline easement activity.
Overall, we expect full-year Adjusted EBITDA of
$141 to
$149 million, slightly below full-year 2024 results. In our Pacific Northwest Timber segment, we expect to achieve full-year harvest volumes of approximately 0.9 million tons, which reflects the reduction in our Pacific Northwest sustainable yield resulting from the recent dispositions in Washington. Further, we expect that full-year weighted average log pricing will increase modestly versus the prior year as a result of improving demand conditions. Overall, we expect full-year Adjusted EBITDA of
$21 to
$26 million, comparable to full-year 2024 results. In our New Zealand Timber segment, we expect full-year harvest volumes of 2.5 to 2.7 million tons. We expect that full-year domestic and export sawtimber pricing will improve modestly relative to the full-year pricing achieved in 2024 as supply-demand fundamentals continue to improve.
We further anticipate a modest increase in carbon credit sales in 2025, as pricing appears to have stabilized following a period of unusual market volatility. Overall, we expect full-year Adjusted EBITDA of
$54 to
$60 million, up modestly versus full-year 2024 results. urning to our Real Estate segment, we are encouraged by the continued strong demand and value realizations for our HBU properties, and we expect another solid year in both our rural land sales program as well as our improved development projects based on our current pipeline of transactions. However, similar to 2024, we anticipate very light closing activity (and a correspondingly low Adjusted EBITDA contribution of less than
$10 million) in the first quarter. Overall, we expect full-year Adjusted EBITDA of
$86 to
$96 million, down from the exceptionally strong full-year 2024 results."
