Fri, May 2, 9:01 PM (21 days ago)
**Rayonier Inc. (RYN) Q1 2025 Financial Summary** **Quarterly Financial Health:** - **Revenue:** $82.9 million, down 27% YoY due to lower timber sales and real estate volumes. - **Net Loss:** $3.4 million, compared to a profit of $1.4 million in Q1 2024. - **Operating Income:** $0.1 million, down from $8.6 million in Q1 2024. - **Adjusted EBITDA:** $27.1 million, down 39% YoY. **Performance Metrics:** - **Gross Margin:** Negative due to higher costs and lower revenues. - **Operating Margin:** Negative 1.2%. - **Net Margin:** Negative 4.1%. **Revenue & Profit Margins:** - **Total Revenue:** $82.9 million, down 27% YoY. - **Cost of Sales:** $64.9 million, up 26% YoY. - **Selling & General Expenses:** $16.7 million, down 12% YoY. - **Operating Income:** $0.1 million, down from $8.6 million in Q1 2024. **Cash Flow:** - **Operating Cash Flow:** $27.7 million, down 47% YoY. - **Investing Cash Flow:** -$21.4 million, down 11% YoY. - **Financing Cash Flow:** -$116.5 million, up 55% YoY. **Earnings Changes:** - **EPS:** -$0.02, down from $0.01 in Q1 2024. - **Adjusted EBITDA per Share:** $0.17, down from $0.29 in Q1 2024. **Quarterly Performance Discussion:** - **Southern Timber:** Sales down 27% YoY, volumes down 21%, prices down 19%. - **Pacific Northwest Timber:** Sales down 15% YoY, volumes down 18%, prices up 3%. - **Real Estate:** Sales down 65% YoY, volumes down 47%, prices up 44%. - **Trading:** Sales down 86% YoY, volumes down 96%. **Trends & Uncertainties:** - **Timber Prices:** Expected to trend higher in 2025. - **Real Estate:** Transaction pipeline is encouraging, but closings may be backloaded. - **Interest Rates:** Higher rates may impact buyer demand, but favorable migration trends support improved development projects. **Future Operations Impact:** - **Capital Expenditures:** Expected to be $52-56 million in 2025, excluding timberland acquisitions. - **Real Estate Development Investments:** Expected to be $23-27 million in 2025. - **Dividends:** Expected to be $171 million for Rayonier Inc. and $2 million for Rayonier, L.P. in 2025. - **Share Repurchases:** Future repurchases depend on liquidity, cash flow, and market conditions.