ERJ staff report (LMH)
Jacksonville, Florida - Rayonier has reported second quarter net income of $69 million compared to $56 million in the prior year period. For the first six months, net income increased to $123 million compared to $115 million in 2011.
In its performance fibres business, which makes technical fibres for reinforcing tyres, second quarter sales of $255 million were $22 million above the prior year period, while operating income of $84 million was $13 million higher.
Year-to-date sales of $505 million were $21 million above 2011, while operating income of $164 million increased $17 million. Stronger cellulose specialties prices more than offset increased production costs and a decline in absorbent materials prices due to soft markets, Rayonier said.
"As we enter the second-half of 2012, we are well positioned for another strong year and are pleased to be able to increase the dividend by 10 percent, our eighth increase in the past ten years," said Paul Boynton, CEO of Rayonier. "In Performance Fibers, we anticipate another record year driven by strong cellulose specialties markets. Also, we remain on track to complete our cellulose specialties expansion project by mid-2013."
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