Rayonier Inc. (RYN) has reported an 133.10 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $33.80 million, or $0.27 a share in the quarter, compared with $14.50 million, or $0.12 a share for the same period last year. On the other hand, Pro forma net income for the quarter stood at $6.30 million, or $0.05 a share compared with $13.70 million or $0.11 a share, a year ago.
Revenue during the quarter surged 38.35 percent to $186.50 million from $134.80 million in the previous year period.
Cost of revenue rose 26.30 percent or $28.40 million during the quarter to $136.40 million. Gross margin for the quarter expanded 698 basis points over the previous year period to 26.86 percent.
Total expenses were $137.20 million for the quarter, up 22.72 percent or $25.40 million from year-ago period. Operating margin for the quarter expanded 937 basis points over the previous year period to 26.43 percent.
Operating income for the quarter was $49.30 million, compared with $23 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $57.10 million compared with $55.60 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1063 basis points in the quarter to 30.62 percent from 41.25 percent in the last year period.
"We are pleased with our start to 2017, as favorable New Zealand Timber and Pacific Northwest Timber results more than offset the impact of lower volume and prices in Southern Timber and fewer acres sold in our Real Estate segment (excluding Large Dispositions2)," said David Nunes, President and CEO. "Southern Timber volumes decreased 22% relative to an extraordinarily strong first quarter 2016, but were generally in line with our expectations relative to full-year 2017 guidance. Average stumpage prices in Southern Timber decreased 3% relative to the prior year quarter as mill outages and dry weather patterns contributed to softer market conditions."
Operating cash flow improves
Rayonier Inc has generated cash of $33.90 million from operating activities during the quarter, up 9.35 percent or $2.90 million, when compared with the last year period.
The company has spent $33.60 million cash to meet investing activities during the quarter as against cash outgo of $20.30 million in the last year period.
Cash flow from financing activities was $133.20 million for the quarter, up 894.03 percent or $119.80 million, when compared with the last year period.
Cash and cash equivalents stood at $219.40 million as on Mar. 31, 2017, up 187.91 percent or $143.20 million from $76.20 million on Mar. 31, 2016.
Real estate inventory stood at $73.70 million as on Mar. 31, 2017. Net receivables were at $73 million as on Mar. 31, 2017, up 165.48 percent or $45.50 million from year-ago.
Total assets grew 25.16 percent or $586.76 million to $2,918.90 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,271.60 million as on Mar. 31, 2017, up 27.62 percent or $275.24 million from year-ago.
Return on assets moved up 104 basis points to 1.92 percent in the quarter. At the same time, return on equity moved up 97 basis points to 2.05 percent in the quarter.
Debt moves up
Total debt was at $1,071 million as on Mar. 31, 2017, up 23.15 percent or $201.36 million from year-ago. Shareholders equity stood at $1,647.30 million as on Mar. 31, 2017, up 23.32 percent or $311.52 million from year-ago. As a result, debt to equity ratio was almost stable at 0.65 percent in the quarter, when compared with the last year period.
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