Rayonier reports Q1 EPS (2c), consensus 8c

Reports Q1 revenue $82.9M vs $113.7M last year. “We continued to advance key strategic initiatives during the first quarter, underscored by our announcement of an agreement to sell our New Zealand joint venture interest in March,” said Mark McHugh, President and CEO. “To date, we’ve now completed or announced pending dispositions totaling $1.45 billion, which has allowed us to reduce leverage and return meaningful capital to shareholders. To this end, we’ve completed ~$13 million of share repurchases year-to-date (through April 30), as we’ve looked to create long-term value for our shareholders amid the ongoing disparity between public and private timberland values. Following the anticipated closing of the New Zealand transaction later this year, we expect to have significant additional capital allocation capacity, which we plan to deploy toward value-enhancing uses, including additional share repurchases.”