Rayonier Inc. (NYSE:RYN) Q2 2022 Earnings Conference Call August 4, 2022 10:00 AM ET

Company Participants

Collin Mings - Vice President Capital Markets & Strategic Planning

Dave Nunes - President & Chief Executive Officer

Mark McHugh - Senior Vice President & Chief Financial Officer

Doug Long - Senior Vice President, Forest Resources

Conference Call Participants

Greg Andreopoulos - Citi

Mark Wilde - Bank of Montreal

Mark Weintraub - Seaport Research Partners

Paul Quinn - RBC Capital Markets

Operator

Welcome, and thank you for joining Rayonier's Second Quarter 2022 Teleconference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this 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 measure in our earnings release and supplemental materials.

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

Dave Nunes

Thanks, Collin. Good morning, everyone. First, I'll make some high-level comments, before turning it over to Mark McHugh, Senior Vice President and Chief Financial Officer to review our consolidated financial results. Then we'll ask Doug Long, Senior Vice President, Forest Resources to comment on our US and New Zealand timber results. And following the review of our Timber REIT segments, Mark will discuss our real estate results as well as our outlook for the balance of 2022.

We achieved earnings per share of $0.16 and adjusted EBITDA of $83 million in the second quarter. Adjusted EBITDA was 13% below the prior year quarter, as favorable results in our Southern Timber and Pacific Northwest Timber segments were more than offset by lower adjusted EBITDA in our New Zealand Timber and Real Estate segments.