Strong Performance fibres results at Rayonier in Q3
US-based international company specialising in performance fibres, timber and real estate Rayonier has reported third quarter net income of $55 million compared with $42.8 million in the second quarter and $75 million in third quarter 2005.
Results included a special item gain of $5.3 million for prior years' IRS audit settlements, including associated interest expense. Second quarter income included a special item gain of $6.5 million while third quarter 2005 included three special item gains totalling $39.1 million.
Chairman, president and CEO Lee Nutter said, “Particularly strong results were achieved by Performance Fibers, which continues to experience growing demand for its high-value cellulose specialties.”
Sales for the third quarter of $312 million were comparable to the second quarter and $13 million above third quarter 2005.
For its Performance Fibers segment, sales of $164 million were $2 million below second quarter while they increased $4 million compared with the third quarter in 2005.
