Rayonier Inc. (NYSE:RYN) Q1 2022 Earnings Conference Call May 4, 2022 10:00 AM ET

Company Participants

Collin Mings - VP, Capital Markets and Strategic Planning

Dave Nunes - President and CEO

Mark Mchugh - SVP and CFO

Doug Long - SVP, Forest Resources

Conference Call Participants

Anthony Pettinari - Citi

Mark Wilde - Bank of Montreal

Mark Weintraub - Seaport Research Partners

Buck Horne - Raymond James

Paul Quinn - RBC Capital Markets

Babcock - Bank of America

Operator

Welcome, and thank you for joining Rayonier's First 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 first quarter earnings. Our earnings statements and financial supplement were released yesterday afternoon and are available on our web site 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 Form 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 two 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 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 2022.

Overall, we were very pleased with our strong start to 2022. For the first quarter. We achieved earnings per share of $0.20 and adjusted EBITDA of $98 million. First quarter adjusted EBITDA increased 41% versus the prior year quarter as record results in both our U.S. timber segments coupled with a very solid contribution from our real estate segment more than offset lower adjusted EBITDA from our New Zealand timber segment.