Rayonier Inc. (RYN) on Wednesday reported a wider first-quarter loss from last year, as merger-related costs tied to its PotlatchDeltic acquisition offset sharply higher revenue growth.
Net loss attributable to Rayonier totaled $12.40 million, or $0.05 per share, compared with a net loss of $3.40 million, or $0.02 per share, in the year-ago quarter.
Pro forma net income was $17.40 million, or $0.07 per share, compared with a pro forma net loss of $2.70 million, or $0.02 per share, a year ago.
The quarter included $69.50 million in merger-related costs and a $0.90 million inventory purchase price adjustment, partially offset by a $40.30 million tax benefit from the release of a valuation allowance.
Revenue surged to $276.80 million from $82.90 million last year.
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