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May 10, 2023

Rayonier first quarter income down

Rayonier Inc. had net income of $8.3 million for the first quarter of 2023, down from net income of $29.3 million in the first quarter of 2022. Operating income was $10.6 million for the quarter versus $45.3 million in the prior-year period. First quarter operating income included a $2.3 million loss from a timber write-off resulting from a tropical cyclone casualty event in New Zealand. Earnings before interest and taxes were $54.7 million versus $98.1 million in the prior-year period. First quarter sales for southern timber decreased 6% year over year; first quarter sales for Pacific northwest timber decreased 26%; and first quarter sales for New Zealand timber decreased 14%.  

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