WASHINGTON (dpa-AFX) - Rayonier Inc. (RYN) released a profit for second quarter that decreased from last year and missed the Street estimates.
The company's earnings came in at $1.9 million, or $0.01 per share. This compares with $19.0 million, or $0.13 per share, in last year's second quarter.
Excluding items, Rayonier Inc. reported adjusted earnings of $3.7 million or $0.02 per share for the period.
Analysts on average had expected the company to earn $0.14 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 16.9% to $173.6 million from $208.9 million last year.
Rayonier Inc. earnings at a glance (GAAP) :
-Earnings (Q2): $1.9 Mln. vs. $19.0 Mln. last year. -EPS (Q2): $0.01 vs. $0.13 last year. -Revenue (Q2): $173.6 Mln vs. $208.9 Mln last year.
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