Rayonier Inc. (NYSE:RYN) Q2 2023 Earnings Conference Call August 3, 2023 10:00 AM ET

Company Participants

Collin Mings - VP-Capital Markets and Strategic Planning

Dave Nunes - CEO

Mark McHugh - President and CFO

Doug Long - EVP and Chief Resource Officer

Conference Call Participants

Mike Roxland - Truist Securities

Mark Weintraub - Seaport Research Partners

Anthony Pettinari - Citi Research

Ketan Mamtora - BMO Capital Markets

Buck Horne - Raymond James

Mark Weintraub - Seaport Research Partners

Paul Quinn - RBC Capital Markets

Operator

Welcome and thank you for joining Rayonier's Second Quarter 2023 Teleconference Call. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at that time.

Now I will turn the meeting over to Mr. Collin Mings, Vice President, Capital Markets and Strategic Planning.

Collin Mings

Thank you, and good morning. Welcome to Rayonier's investor teleconference covering second quarter earnings. Our earnings statements and financial supplement were released yesterday afternoon and are available on our website at rayonier.com. I would like to remind you that in these presentations we include forward-looking statements made pursuant to the Safe Harbor provisions of federal securities laws. Our earnings release and Forms 10-K and 10-Q filed with the SEC list some of the factors that may cause actual results to differ materially from the forward-looking statements we may make. They are also referenced on Page 2 of our financial supplement. Throughout these presentations, we will also discuss non-GAAP financial measures, which are defined and reconciled to the nearest GAAP measures in our earnings release and supplemental materials.

With that let's start our teleconference with opening comments from Dave Nunes, our CEO. Dave?

Dave Nunes

Thanks, Colin, and good morning, everyone.

First, I'll make some high-level comments before turning it over to Mark McHugh, President and Chief Financial Officer, to review our consolidated financial results. Then we'll ask Doug Long, Executive Vice President and Chief Resource Officer to comment on our U.S. and New Zealand Timber results, and following the review of our Timber segments, Mark will discuss our real estate results as well as our outlook for the remainder of 2023.

In the second quarter, we generated adjusted EBITDA of $69 million, and pro forma net income of $8 million or $0.05 per share. Adjusted EBITDA generated from our Timber segments collectively declined 13% to the prior year quarter. Favorable results in our Southern Timber segment were more than offset by lower adjusted EBITDA in our Pacific Northwest Timber and New Zealand Timber segments.