Rayonier exhibits strong growth in Q4
Rayonier Inc. posted full-year net income of $372 million, up 33.3% from 2012's take-home total of $279 million.
Net sales for the quarter came in at $520.2 million, a 35.2% increase over the third quarter of 2013 and a 26.0% year-ago improvement. Full-year sales were $1.25 billion, also up from 2012's $1.03 billion.
Finally, net income for the fourth quarter ended Dec. 31 was $80 million, compared to $76 million during the same period last year.
“We are pleased with our outstanding performance in 2013, resulting in a 14% increase in pro forma EPS to $2.41 and strong operating cash flows," said chairman, president and CEO Paul Boynton. "These results were achieved during a year in which we accomplished key strategic initiatives including completing our Jesup mill cellulose specialties expansion and increasing our ownership to acquire a majority interest in our New Zealand timberland joint venture."
Boynton also acknowledged the company's plans to spin off its performance fibers business into a separate publicly traded company.
“Over the past few years, we have completed a number of strategic steps to position these businesses to operate as two industry-leading public companies with significant growth opportunities," he said. "The separation will provide investors with two strong companies, distinct businesses and focused investment identities. With an improving housing market and economy, and expanded capacity in Performance Fibers, we are excited about the prospects for these two businesses in the years ahead.”