Rayonier Inc. (RYN), a land resources company engaged in timberland management and the sale of real estate, Thursday said fourth-quarter attributable net income plunged to $9 million or $0.07 per share from $80 million or $0.62 per share in the prior year period.
Excluding items, pro forma net income was $0.09 per share, while it totaled $0.25 per share in the prior year period. On average, seven analysts polled by Thomson Reuters expected earnings of $0.09 per share for the quarter. Analysts' estimates typically exclude special items.
Sales dropped to $147.4 million from $$238.5 million reported last year. Analysts expected revenues of $139.74 million.
In 2015, the firm expects further improvement in Southern pine sawlog prices as the US housing market and economy continue to slowly recover.
With the devaluation of the Russian ruble, strong headwinds are anticipated in the China log export market, which will likely have a negative impact on demand and pricing in the Pacific Northwest segment.
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