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Rayonier misses 1Q profit forecasts

JACKSONVILLE, Fla. (AP) _ Rayonier Inc. (RYN) on Wednesday reported first-quarter profit of $33.8 million.

The Jacksonville, Florida-based company said it had net income of 27 cents per share. Earnings, adjusted for non-recurring gains, were 5 cents per share.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.

The forest products company posted revenue of $186.5 million in the period.

Rayonier shares have risen almost 6 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $28.10, a rise of 14 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RYN at https://www.zacks.com/ap/RYN

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Keywords: Rayonier, Earnings Report