WILDLIGHT, Fla. (AP) _ Rayonier Inc. (RYN) on Wednesday reported first-quarter earnings of $25.9 million.
On a per-share basis, the Wildlight, Florida-based company said it had net income of 20 cents. Earnings, adjusted for non-recurring gains, were less than 1 cent on a per-share basis.
The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
The forest products company posted revenue of $259.1 million in the period. Its adjusted revenue was $143.1 million.
Rayonier expects full-year earnings in the range of 5 cents to 15 cents per share.
Rayonier shares have declined 19% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $26.46, a drop of 16% in the last 12 months.