Rayonier Inc. (RYN), Thursday reported first-quarter net income of $147.7 million or $1.13 per share, compared to $53.4 million or $0.42 per share last year.
Analysts polled by Thomson Reuters estimated earnings of $0.61 per share.
Results for the quarter included income from discontinued operations of $45 million or $0.34 per share, primarily due to the $43 million net gain resulting from the sale of the Wood Products business. Last year results which included income from discontinued operations of $1 million, or $0.01 per share.
Sales for the quarter grew to $393.7 million from $336.6 million last year. Analysts estimated revenues of $378.05 million for the quarter.
Looking forward to full year 2013, the company continues to expects operating income and earnings to be slightly above 2012.
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