Rayonier Provides Initial 2026 Guidance for Combined Company
The company said, "Given the recent completion of our merger with PotlatchDeltic, we are providing the following initial segment guidance for the combined company for 2026 (which reflects the anticipated pro rata contribution from the PotlatchDeltic operations for January 31, 2026 through December 31, 2026): Southern Timber: In our Southern Timber segment, we expect to achieve full-year harvest volumes of 12.1 to 12.6 million tons-reflecting the increase in our sustainable yield due to the merger with PotlatchDeltic. We further expect that regional pine stumpage realizations will trend modestly higher from fourth quarter levels during the year as supply-demand conditions normalize. However, we expect that full-year 2026 average pine stumpage realizations for the combined company's Southern Timber segment will be lower than the standalone realizations for Rayonier in the prior year based on the pro forma geographic mix of the combined company. Northwest Timber: In our Northwest Timber segment, we expect to achieve full-year harvest volumes of 2.0 to 2.3 million tons-reflecting the increase in our sustainable yield due to the merger with PotlatchDeltic. We further expect that full-year 2026 average log pricing for the combined company's Northwest Timber segment will be higher than the standalone pricing for Rayonier in the prior year based on improving demand conditions, a higher mix of sawtimber, and the pro forma geographic mix of the combined company. However, we anticipate that the combined company's pricing in the Northwest will have increased sensitivity to lumber pricing compared to legacy Rayonier, as a significant portion of our sawlog sales in Idaho are indexed to lumber prices. Wood Products: In our Wood Products segment, we've been encouraged by the positive momentum in lumber prices to start the year. For the 11 months of contribution from the Wood Products segment in 2026, we expect lumber shipments to total ~1.1 billion board feet. Based on quarter-to-date price realizations and current lumber pricing, we would expect the Wood Products segment to have a slightly positive contribution to overall Adjusted EBITDA in the first quarter. Real Estate: We anticipate continued momentum in our Real Estate segment as a combined company to start 2026, supported by a strong pipeline of rural land sales and improved development projects. Based on our current transaction pipeline and sales closed to date, we expect an Adjusted EBITDA contribution in the first quarter of $30 to $35 million dollars. For the full year, we expect an Adjusted EBITDA contribution from our Real Estate segment of $180 to $200 million."
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Rayonier (RYN) Q3 2024 Earnings Call Transcript
Rayonier Completes Merger with PotlatchDeltic Ahead of Schedule
- Merger Completion: Rayonier's merger with PotlatchDeltic was completed ahead of schedule on January 30, creating a premier diversified land resources company with a high-quality timberland portfolio spanning over 4 million acres, marking a significant milestone in the industry.
- Strong Financial Performance: The company reported an adjusted EBITDA of $248 million for 2025, an 8% increase over the previous year, exceeding expectations primarily due to record results in the Real Estate segment, indicating robust operational strength.
- Future Outlook: For 2026, the Southern Timber segment is expected to achieve harvest volumes of 12.1 to 12.6 million tons, while the Real Estate segment is projected to contribute adjusted EBITDA of $180 to $200 million, reflecting the anticipated synergies and market opportunities post-merger.
- Capital Allocation Flexibility: Following the merger, Rayonier maintains a conservative leverage profile with a dividend yield exceeding 4.5%, and plans to continue share repurchases, enhancing shareholder value and capital returns in the competitive landscape.
Rayonier to Announce Q4 Earnings on February 11
- Earnings Announcement Schedule: Rayonier is set to release its Q4 earnings report on February 11 after market close, with consensus estimates predicting a funds from operations (FFO) of $0.40 per share and revenue of $109.22 million, reflecting an 85% year-over-year decline.
- Merger Progress: Shareholders of Rayonier and PotlatchDeltic have approved the merger, a strategic move that could enhance the company's market competitiveness and resource integration capabilities in the future.
- Historical Performance Review: Historical earnings data for Rayonier indicates that despite facing challenges, the company has demonstrated resilience in its financial performance, and the upcoming merger is expected to lead to improved results.
- Dividend Performance Analysis: Rayonier's dividend scorecard reveals that despite current revenue pressures, the company is striving to maintain shareholder returns, reflecting its commitment to shareholder interests.
RAYONIER MAY CHOOSE TO RAISE COMMITMENTS UNDER REVOLVING CREDIT FACILITY BY UP TO $200 MILLION UNDER SPECIFIC CONDITIONS
Credit Facility Increase: A new credit facility may increase commitments under certain conditions by a maximum amount of $200 million.
Potential Impact: This increase in commitments could have significant implications for financial operations and liquidity management.
RAYONIER LP: SIGNS SECOND AMENDED AND RESTATED CREDIT AGREEMENT - SEC FILING
- Credit Agreement Update: Rayonier LP has entered into a second amended and restated credit agreement.
- Filing Details: The details of this agreement were disclosed in a recent SEC filing.
Rayonier Completes Merger with PotlatchDeltic Corporation
- Merger Completion: Rayonier has officially completed its merger with PotlatchDeltic, resulting in a combined company that owns over four million acres of diverse timberland, which is expected to generate significant value for shareholders and stakeholders.
- Leadership Team Composition: The new senior leadership team comprises top talent from both Rayonier and PotlatchDeltic, ensuring balanced management and collaboration, which enhances the company's governance capabilities.
- Board Composition: The new Board of Directors consists of five directors from Rayonier and five from PotlatchDeltic, with Eric J. Cremers serving as Executive Chairman, ensuring stability and continuity in governance post-merger.
- Future Development Plans: The merged company will initially retain the Rayonier name and plans to list on the New York Stock Exchange on February 2, 2026, with intentions to announce a new name and ticker symbol, reflecting the company's long-term strategic planning.
Rayonier (RYN) Q3 2024 Earnings Call Transcript
Rayonier Completes Merger with PotlatchDeltic Ahead of Schedule
- Merger Completion: Rayonier's merger with PotlatchDeltic was completed ahead of schedule on January 30, creating a premier diversified land resources company with a high-quality timberland portfolio spanning over 4 million acres, marking a significant milestone in the industry.
- Strong Financial Performance: The company reported an adjusted EBITDA of $248 million for 2025, an 8% increase over the previous year, exceeding expectations primarily due to record results in the Real Estate segment, indicating robust operational strength.
- Future Outlook: For 2026, the Southern Timber segment is expected to achieve harvest volumes of 12.1 to 12.6 million tons, while the Real Estate segment is projected to contribute adjusted EBITDA of $180 to $200 million, reflecting the anticipated synergies and market opportunities post-merger.
- Capital Allocation Flexibility: Following the merger, Rayonier maintains a conservative leverage profile with a dividend yield exceeding 4.5%, and plans to continue share repurchases, enhancing shareholder value and capital returns in the competitive landscape.
Rayonier to Announce Q4 Earnings on February 11
- Earnings Announcement Schedule: Rayonier is set to release its Q4 earnings report on February 11 after market close, with consensus estimates predicting a funds from operations (FFO) of $0.40 per share and revenue of $109.22 million, reflecting an 85% year-over-year decline.
- Merger Progress: Shareholders of Rayonier and PotlatchDeltic have approved the merger, a strategic move that could enhance the company's market competitiveness and resource integration capabilities in the future.
- Historical Performance Review: Historical earnings data for Rayonier indicates that despite facing challenges, the company has demonstrated resilience in its financial performance, and the upcoming merger is expected to lead to improved results.
- Dividend Performance Analysis: Rayonier's dividend scorecard reveals that despite current revenue pressures, the company is striving to maintain shareholder returns, reflecting its commitment to shareholder interests.
RAYONIER MAY CHOOSE TO RAISE COMMITMENTS UNDER REVOLVING CREDIT FACILITY BY UP TO $200 MILLION UNDER SPECIFIC CONDITIONS
Credit Facility Increase: A new credit facility may increase commitments under certain conditions by a maximum amount of $200 million.
Potential Impact: This increase in commitments could have significant implications for financial operations and liquidity management.
RAYONIER LP: SIGNS SECOND AMENDED AND RESTATED CREDIT AGREEMENT - SEC FILING
- Credit Agreement Update: Rayonier LP has entered into a second amended and restated credit agreement.
- Filing Details: The details of this agreement were disclosed in a recent SEC filing.
Rayonier Completes Merger with PotlatchDeltic Corporation
- Merger Completion: Rayonier has officially completed its merger with PotlatchDeltic, resulting in a combined company that owns over four million acres of diverse timberland, which is expected to generate significant value for shareholders and stakeholders.
- Leadership Team Composition: The new senior leadership team comprises top talent from both Rayonier and PotlatchDeltic, ensuring balanced management and collaboration, which enhances the company's governance capabilities.
- Board Composition: The new Board of Directors consists of five directors from Rayonier and five from PotlatchDeltic, with Eric J. Cremers serving as Executive Chairman, ensuring stability and continuity in governance post-merger.
- Future Development Plans: The merged company will initially retain the Rayonier name and plans to list on the New York Stock Exchange on February 2, 2026, with intentions to announce a new name and ticker symbol, reflecting the company's long-term strategic planning.
