Rayonier Inc. (NYSE:RYN) Q2 2024 Earnings Conference Call August 8, 2024 10:00 AM ET

Company Participants

Collin Mings - VP, Capital Markets and Strategic Planning
Mark McHugh - President and CEO
April Tice - SVP and CFO
Douglas Long - EVP and Chief Resource Officer

Conference Call Participants

Mark Weintraub - Seaport Research Partners
Gregory Andreopoulos - Citi
Matthew McKellar - RBC Capital Markets
Buck Horne - Raymond James

Operator

Welcome, and thank you for joining Rayonier's Second Quarter 2024 Conference 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, lists 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 Mark McHugh, our President and CEO. Mark?

Mark McHugh

Thanks, Collin. Good morning everyone. First, I'll make some high level comments before turning it over to April Tice, Senior Vice 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 US and New Zealand timber results. And following our review of our timber segments, April will discuss our real estate results and our outlook for the balance of the year.

Overall, we generated second quarter adjusted EBITDA of fixed $56 million and pro forma net income of $4 million or $0.02 per share. Market conditions remain challenging during the second quarter, with much of the decline in adjusted EBITDA versus the prior year period attributable to lower harvest volumes in our timber segments, reflecting generally softer demand and the deferral of some harvest activity. We expect to recoup much of this volume over the balance of the year, which should translate to stronger second half versus first half results for our timber segments collectively.