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WILDLIGHT, Fla. (AP) _ Rayonier Inc. (RYN) on Wednesday reported fourth-quarter profit of $10.3 million.
On a per-share basis, the Wildlight, Florida-based company said it had net income of 7 cents. Earnings, adjusted for costs related to mergers and acquisitions, came to 8 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.
The forest products company posted revenue of $205.5 million in the period. Its adjusted revenue was $196.3 million.
For the year, the company reported profit of $37.1 million, or 27 cents per share. Revenue was reported as $720.4 million.
Rayonier shares have increased 12% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $32.81, a climb of slightly more than 8% in the last 12 months.