Rayonier (RYN) reported Q4 pro forma earnings late Wednesday of $0.27 per diluted share, up from $0.17 a year earlier.

Analysts polled by FactSet expected non-GAAP EPS of $0.20.

Pro forma revenue for the quarter ended Dec. 31 was $231.3 million, up from $225.2 million a year earlier. Three analysts surveyed by FactSet expected sales of $207.4 million, if comparable.

The company said it expects 2025 EPS between $0.51 and $0.64. Analysts expect $0.53.

Rayonier declared quarterly dividend of $0.2725 per share, payable March 31 to shareholders of record on March 17. The adjustment to $0.2725 per share from $0.285 reflects the 7.6 million incremental shares issued as part the recent special dividend.

Rayonier shares were up more than 5% in after-hours activity.