Reports Q1 revenue $179.1M, consensus $216.3M. "Our team navigated numerous market challenges throughout the first quarter," said David Nunes, CEO. "Amid weaker end-market demand and continued macroeconomic headwinds, the total Adjusted EBITDA generated by our Timber segments collectively declined 30% relative to an extraordinarily strong first quarter in 2022. Southern Timber Adjusted EBITDA declined $5.6 million relative to the prior year quarter, as weaker demand for pulp products and lumber coupled with drier weather conditions drove a 14% reduction in net stumpage prices. Pacific Northwest Timber Adjusted EBITDA fell $14.4 million versus the prior year quarter, driven by 24% lower harvest volumes and a 12% decline in domestic sawtimber prices, as both domestic and export markets weakened."
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on RYN:
