Rayonier Inc. - RYN STOCK NEWS

Rayonier (NYSE:RYN) has signed an underground pore space easement agreement with Reliant Carbon Capture & Storage covering approximately 104,000 acres in Alabama. The agreement aims to support carbon capture and storage initiatives, with Reliant specializing in capturing CO2 emissions from power plants and industrial facilities for safe sequestration in subsurface geologic formations.

Reliant is currently completing a front-end engineering design report for a power generating station in the area. This agreement aligns with Rayonier's land-based solutions strategy, positioning the company to benefit from the transition to a low-carbon economy. The partnership aims to develop a large-scale sequestration hub to help decarbonize heavy industry in the region.

Rayonier has awarded $144,125 in grants to 46 organizations serving Nassau County and North Florida through its Community Fund. The grants will support programs focused on education, environmental conservation, cultural enrichment, civic engagement, and health and human services.

The company celebrated the grant recipients at an annual awards breakfast at FSCJ Betty P. Cook Nassau Center, attended by local leaders including county commissioners, law enforcement officials, and education representatives. Among the beneficiaries, Take Stock in Children will use the funding to provide four-year university scholarships for underserved children in Nassau County.

Rayonier (NYSE:RYN) has announced a new $300 million share repurchase authorization, replacing its existing $100 million program. The repurchases can be executed through open market or private transactions, with no time limit and flexibility for suspension. CEO Mark McHugh emphasized the program reflects confidence in the company's underlying net asset value amid a disconnect between public and private timberland values. The company reports approximately 148.5 million common shares and 2.0 million operating partnership units outstanding as of November 29, 2024.

Rayonier (NYSE:RYN) has declared a one-time special dividend of $1.80 per common share, payable on January 30, 2025, to shareholders of record on December 12, 2024. The dividend will be distributed as 25% cash and 75% common shares, following $495 million in timberland dispositions completed in Q4. Shareholders can elect to receive the dividend all in cash or all in shares, with a minimum cash payment of $0.45 per share for those electing cash. The number of shares issued will be calculated based on the volume-weighted average trading prices during January 17-22, 2025.

Rayonier has awarded $63,700 in grants to 27 nonprofit organizations across the Pacific Northwest through its Community Fund. The grants will support various initiatives including educational, environmental, cultural, civic, and health and human services programs. The company celebrated the recipients at an annual awards breakfast in Aberdeen, attended by local leaders including Mayor Douglas Orr.

The awarded organizations include diverse entities such as the Agriculture and Forestry Education Foundation, Coastal Harvest, Family Promise of Grays Harbor, and various community food banks. These grants aim to strengthen local communities and support essential services for residents of all ages.

Rayonier (NYSE:RYN) reported Q3 2024 results with net income of $28.8 million ($0.19 per share) on revenues of $195.0 million, compared to $19.2 million ($0.13 per share) in the prior year. Pro forma net income was $18.1 million ($0.12 per share). Adjusted EBITDA decreased 9% to $71.8 million.

The company updated its full-year guidance, now expecting net income of $343-359 million, EPS of $2.30-2.40, and Adjusted EBITDA of $275-290 million. The revision reflects lower harvest volumes due to recent timberland dispositions, including 91,000 acres in Oklahoma and 109,000 acres in Washington.

Rayonier (NYSE:RYN) announced timberland dispositions totaling ~200,000 acres for $495 million (~$2,475/acre) through four separate transactions. The sales include ~91,000 acres in Southeast Oklahoma and ~109,000 acres in Northwest Washington. Three transactions representing ~75% of proceeds have closed in Q4, with the remaining deal expected to close by year-end. The sale price represents a 45x multiple of trailing three-year average EBITDA. The company has used $90 million to pay down floating rate debt, with remaining proceeds targeted for leverage reduction and shareholder returns. Pro forma Net Debt to Adjusted EBITDA is expected to decrease to ~2.8x.

Rayonier Inc. (NYSE:RYN) has announced its fourth quarter 2024 dividend. The company's board of directors has declared a cash dividend of $0.285 per common share, payable on December 31, 2024, to shareholders of record on December 17, 2024. Additionally, the board, acting as the board of directors of the general partner of Rayonier, L.P., has declared a fourth quarter cash distribution of $0.285 per operating partnership unit, with the same payment and record dates as the common share dividend.

Rayonier Inc. (NYSE:RYN) has announced its schedule for releasing third quarter 2024 earnings. The company plans to disclose its financial results after the market closes on Wednesday, November 6, 2024. Following this, Rayonier will host a conference call and live audio webcast on Thursday, November 7, at 10:00 a.m. (ET) to discuss the results.

Investors can access supplemental materials and the live audio webcast at www.rayonier.com. A replay of the webcast will be available on the company's website shortly after the call. For those preferring to listen via phone, the conference call can be accessed by dialing 888-604-9366 (domestic) or 517-308-9338 (international) using the passcode: RAYONIER.

A replay of the conference call will be available for one month, until Friday, December 6, 2024, by dialing 800-395-6236 (domestic) or 203-369-3270 (international) with the passcode: 4077.