Rayonier Slides After Restated Earnings and Cut Dividend
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Rayonier Inc., a U.S. forestry company, cut its dividend and restated quarterly earnings after an internal review found some timberlands incorrectly included in inventory. The stock plunged the most in almost six years.
The company restated first- and second-quarter earnings after finding “material weakness” in internal controls, Jacksonville, Florida-based Rayonier said today in a third-quarter earnings statement. Some timber listed as salable was in “restricted, environmentally sensitive or economically inaccessible areas,” Rayonier said in the statement.