ERJ staff report (LMH)
Jacksonville, Florida - Forest products company Rayonier has posted third quarter income of $105 million (euro 75 million), up from $63 million during the same period in 2010. Third quarter sales were $385 million, a modest increase from $378 million in 2010.
For the nine months ended 30 Sept, income was $220 million, Rayonier said in a 26 Oct results report, up from $158 million during the same period last year. Sales were $1.1 billion, up from $1 billion in 2010.
In its performance fibres business, which makes technical fibres for reinforcing tyres, third quarter sales were $224 million, up $9 million from the same period in 2010. Operating income was up $13 million at $75 million.
Rayonier said the Q3 results reflect higher cellulose specialties prices due to strong market demand partially offset by increased input costs and lower sales volumes due to the timing of customer orders.
For the nine month period, sales of $739 million were $91 million above 2010, while operating income of $222 million increased $70 million.
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Press release from Rayonier