Rayonier Inc

Latest Results (18.05.2026):

Rayonier Inc first quarter 2026 results: the combined company reported a GAAP net loss attributable to Rayonier of $12.4 million (‑$0.05 diluted EPS) on $276.8 million of revenues, while pro forma net income (adjusting for merger-related and other items) was $17.4 million ($0.07 per share). Adjusted EBITDA was $94.1 million. The quarter includes the January 30, 2026 merger with PotlatchDeltic and related one‑time items.

Key headline numbers

Q1 2026 GAAP net loss attributable to Rayonier: ($12.4M) or ($0.05) per diluted share; revenues: $276.8M; pro forma net income: $17.4M ($0.07/share); Adjusted EBITDA: $94.1M.

Merger impact and one‑time items

The company completed the merger with PotlatchDeltic on January 30, 2026. Q1 results included $69.5M of merger-related costs (net of tax) and a $0.9M inventory purchase-price adjustment (net of tax), partially offset by a $40.3M tax benefit from releasing a valuation allowance. Operating reported merger-related operating costs of $70.4M.

Cash, liquidity and balance sheet

As of March 31, 2026 Rayonier had ~$681.7M in cash and ~$2.06B of debt outstanding. Cash provided by operating activities was $34.6M; cash available for distribution (CAD) was $90.2M (up $69.9M year-over-year).

Capital return and share activity

Rayonier repurchased ~1.5M shares in Q1 for $31.1M at an average $20.98/share and has ~$198.4M remaining on its repurchase authorization. Dividends and other financing actions are reflected in the cash flows.

Segment performance highlights

Real Estate: Adjusted EBITDA $46.2M (strong quarter; 7,695 acres sold), including a $22.5M sale to a solar developer at >$10,000/acre. Southern Timber: Adjusted EBITDA $45.5M, sales $88.7M, harvest 2.78M tons (up 76%). Northwest Timber: Adjusted EBITDA $8.6M, sales $32.1M, harvest 361k tons. Wood Products (new segment): sales $108.5M, lumber shipments 199 MMBF, average lumber realization ~$437/MMBF, Adjusted EBITDA $6.8M.

Profitability bridge

Reported operating loss was ($45.7M) due to merger and other one‑time items, but pro forma operating income (ex‑one‑time items) was $25.9M for the quarter, demonstrating underlying operating contribution from combined businesses.

Other notable items

Interest expense rose to $14.3M (incremental debt from the merger) while interest income was $7.2M (higher cash). The $40.3M tax benefit materially reduced the GAAP loss by enabling the valuation allowance release tied to the acquisition accounting.

Outlook provided

Guidance reflects pro rata PotlatchDeltic contribution: Southern Timber full‑year harvest 12.1–12.6M tons; Northwest Timber full‑year 2.0–2.3M tons; Wood Products shipments ~1.1B board feet (11 months contribution), Q2 shipments ~310–320M board feet; Real Estate Q2 Adjusted EBITDA expected $25–35M and full‑year Real Estate Adjusted EBITDA $180–200M.