Rayonier Inc. announced that the company's board of directors has declared a second quarter cash dividend of 44 cents per common share. The dividend is payable on June 28, 2013 to shareholders of record on June 14, 2013.

Rayonier Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported sales of $393.7 million against $336.6 million a year ago. Operating income was $115.4 million against $82.7 million a year ago. Income from continuing operations before taxes was $107.7 million against $70.9 million a year ago. Income from continuing operations was $103.3 million or $0.79 per diluted share against $52.6 million or $0.41 per diluted share a year ago. Net income was $147.7 million or $1.13 per diluted share against $53.4 million or $0.42 per diluted share a year ago. Cash provided by operating activities was $89.7 million against $111.4 million a year ago. Capital expenditures were $32.7 million against $42.1 million a year ago. Purchase of timberlands was $1.6 million against $8.7 million a year ago. Net debt was $934 million. The company expects 2013 earnings from continuing operations to be weighted more heavily toward the first half of the year with the benefit of the tax credits recognized in the first quarter and the impact of the CSE project phase-in on the second half. Overall, excluding the results of the Wood Products business and gain on sale, the company continues to expect 2013 operating second half. Overall, excluding the results of the Wood Products business and gain on sale, the company continues to expect 2013 operating income and EPS to be slightly above 2012. Capital expenditures, excluding strategic investments for timberland acquisitions in the CSE project, are expected to total about $153 million. The company continued to expect 2013 spending on the CSE to range between $130 million and $145 million. The company expects interest expense, net of interest income of about $47 million, which is net of $5 million of interest capitalized for the CSE project. The company expects its effective tax rate from continuing operations to range between 18% and 19%. The company expects operating income to be slightly above 2012. The company continues to expect that 2013 earnings will be weighted more heavily to the first half of the year, reflecting the realization of the tax credits, the first quarter $20 million timberland sale and the impact of the CSE on the back half of the year.

Rayonier Inc., Q1 2013 Earnings Call, Apr 25, 2013