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hurt Rayonier
Rayonier struck by natural disasters
MARK BASCH CONTRIBUTING WRITER
Hurricane Laura in Louisiana and Oregon fires result in nearly $8 million in damages to the timber company.
Every company is dealing with the impact of COVID-19, but Rayonier Inc. was hit by two unrelated disasters in the third quarter.
Rayonier last week said it wrote off $6 million in damages to timberland in Louisiana caused by Hurricane Laura in August, and wrote off another $1.9 million in timber damage caused by wildfires in Oregon.
As a result, the timber and real estate company headquartered in Wildlight in Nassau County reported a net loss of 1 cent per share in the third quarter.
Excluding one-time charges, Rayonier said net income was 6 cents a share in the quarter. That was 2 cents higher than the consensus forecast of analysts, according to Zacks Investment Research.
“Despite facing some ongoing challenges associated with the COVID-19 pandemic, we benefited from robust new residential construction activity, continued strong repair and remodel spending, improved demand from key export log markets, and strong market dynamics for our pulpwood customers,” CEO David Nunes said in Rayonier’s third-quarter conference call with analysts.
Revenue rose 27% to $199 million.
FIS reports flat revenue quarter
Fidelity National Information Services Inc., or FIS, reported third-quarter revenue rose 13% to $3.2 billion, mainly due to its acquisition of Worldpay Inc. in the 2019 third quarter.
USDA Forest Service Firefighters use helicopters to battle the Lionshead Fire in Oregon in September. Rayonier says it suffered $1.9 million in damage from wildfires in Oregon.
However, aside from the acquisition, revenue rose only 1% on an organic basis. Adjusted earnings of $1.42 a share were a penny lower than the third quarter of 2019.
The Jacksonville-based financial technology company said the COVID-19 pandemic reduced payments and other transactions, which has been affecting its revenue.
In the company’s conference call, Chief Financial Officer Woody Woodall said revenue growth should pick up as the economy recovers from the pandemic.
“With our backlog consistently growing in the mid-toupper single digits for multiple quarters in a row, I feel really good about our ability to accelerate revenue growth next year, consistent with the 7 to 9% range we have been messaging,” he said.
FNF, Black Knight add directors
The two companies that share the Riverside Avenue headquarters campus with FIS both added new directors to their boards last week.
Mortgage technology company Black Knight Inc. elected Katie Burke as a director, increasing the size of its board to nine.
Burke is chief strategy officer of communications firm Daniel J. Edelman Holdings Inc.
Title insurance firm Fidelity National Financial Inc. said it is increasing its board to 11 directors with the election of Sandra Morgan, who most recently served as chairwoman of the Nevada Gaming Control Board.
Fidelity also last week announced its board declared an increase to 36 cents a share, up 3 cents, in the quarterly dividend on its common stock.
Black Knight and FIS both were spun off from Fidelity National Financial.
Advanced Disposal buyout completed
Waste Management Inc. completed its $4.6 billion acquisition of Ponte Vedrabased Advanced Disposal Services Inc. on Oct. 30, more than 18 months after the two waste services companies agreed to merge.
Closing of the deal was delayed by a long antitrust review of the merger by the U.S. Department of Justice.
The Justice Department ordered the companies to divest certain assets in an Oct. 23 lawsuit. Houston-based Waste Management said it completed the sale of those assets to GFL Environmental immediately after completing the acquisition of Advanced Disposal.
In Jacksonville, Advanced Disposal Services Jacksonville LLC sold its hauling facility at 7580 Philips Highway to GFL Solid Waste Southeast LLC on Oct. 30 for $1.67 million.
Advanced Disposal moved into a new headquarters building in the Nocatee development in Ponte Vedra in 2013, and Waste Management has not said what will happen to that office.
Advanced Disposal said in its annual report its lease on the offices at 90 Fort Wade Rd. expires in 2021.
Waste Management officials did say in a Nov. 2 conference call with analysts, as the company announced quarterly earnings, that they will be cutting costs as they integrate the Advanced Disposal operations.
“We worked closely with the ADS team for many months and are hard at work on integration, giving us confidence that we will exceed the $100 million synergy target despite higher-thanoriginally-expected divestitures,” said Chief Operating Officer John Morris, according to a transcript of the call posted by the company.
Analyst upgrades CSX to ‘outperform’
RBC Capital Markets analyst Walter Spracklin last week raised his rating on CSX Corp. from “sector perform” to “outperform.”
“With the worst from the pandemic seemingly behind us, we are more confident in the outlook going forward,” Spracklin said in a research note.
“We believe that CSX’s powerful operating model will drive further incremental margin as the economy recovers, and therefore strong earnings growth,” he said.
Spracklin raised his price target on the Jacksonvillebased railroad company from $80 to $89, with the stock trading at $77.89 at the time of his Oct. 30 report.
St. Joe declares first dividend in 13 years
The St. Joe Co. last week declared its first cash dividend since 2007 as the real estate development company reported an increase in thirdquarter earnings.
Panama City Beach-based St. Joe, which develops properties in the Florida Panhandle, said revenue rose 28% to $42 million and earnings rose by 3 cents a share to 13 cents.
The company also announced a quarterly cash dividend of 7 cents per share.
“With the continued improvement in business, the Board of Directors initiated a new quarterly dividend program, and today declared a $0.07 per share dividend. I expect the dividend will grow with earnings and complement our existing share buyback program and growth investments,” CEO Jorge Gonzalez said in a news release.
St. Joe had discontinued dividends in 2007, when the company was headquartered in Jacksonville. It moved its offices to the Panhandle in 2010 to be closer to its real estate activities.
PulteGroup sees big jump in home orders
PulteGroup Inc. reported a big increase in third-quarter earnings with signs of a strong comeback in the home construction industry.
The Atlanta-based homebuilding company, which is active in the Jacksonville market, said net new orders rose 36% in the quarter, with new orders jumping 39% in Florida.
“While COVID-19 still weighs on much of the U.S. economy, housing demand continued to benefit from low interest rates, supportive demographics, limited housing supply and a desire for new homes with features that can meet the evolving needs of today’s homebuyers,” CEO Ryan Marshall said in a news release.
PulteGroup’s adjusted earnings rose by 33 cents in the quarter to $1.34 a share.
Tapestry names Crevoiserat as CEO
Tapestry Inc. last week said interim CEO Joanne Crevoiserat was appointed permanent chief executive.
Crevoiserat was promoted from chief financial officer in July when Jide Zeitlin resigned as CEO after less than a year on the job.
Tapestry is the parent company of the Coach, Kate Spade and Stuart Weitzman brands.
The New York-based company handles all of Coach’s North American distribution through an 850,000-squarefoot facility at Jacksonville International Tradeport in North Jacksonville.
The company said its board appointed Crevoiserat after an internal and external search for Zeitlin’s replacement.
Tapestry also said last week sales fell 14% in the first quarter ended Sept. 26 to $1.17 billion, with Coach sales falling 9%. With profit margins increasing, adjusted earnings rose by 18 cents a share to 58 cents.
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Top 10 home sales of week
FROM STAFF
Here are the top 10 single-family residential real estate sales in Northeast Florida, comprising Duval and St. Johns counties. The sales were recorded Oct. 26-Nov. 1.
ST. JOHNS
$4,000,000
519 Ponte Vedra Blvd., Ponte Vedra Beach Type: Single-family Lot size: 0.28 acres House size: 3,584 square feet Buyer: Paisley Boney IV Seller: Thomas M. Willingham III, The Thomas Marion Willingham II Revocable Trust, Winburn B. Willingham and the Lila Jean Willingham Disclaimer Trust
Previous sale: $705,000 in 1989 About the property: Oceanfront two-story home built in 1935. Features five bedrooms, 5½ baths, wood and carpet flooring, garage and dune walkover.
ST. JOHNS
$3,600,000
5 San Juan Circle, Ponte Vedra Beach
Type: Single-family Lot size: 0.64 acres House size: 4,959 square feet Buyer: David J. and Kelly M. DeLuca Seller: Tricia R. Andrews and Jeffery K. Jenkins ST. JOHNS
$2,200,000
205 Deer Haven Drive, Ponte Vedra Beach
Type: Single-family Lot size: 2.04 acres House size: 6,967 square feet Buyer: Joshua A. Ehrenfield and Raeanna C. Adams Seller: Robert and Amy Hardman Previous sale: $1,900,000 in 2014 DUVAL
$2,100,000
4105 Ortega Blvd., Jacksonville
Type: Single-family Lot size: 0.67 acres House size: 4,790 square feet Buyer: Laura B. Jones Seller: Thomas M. and Donna M. Taylor Previous sale: $1,295,000 in 2010 DUVAL
$1,765,000
13762 Mandarin Road, Jacksonville
Type: Single-family Lot size: 6.07 acres House size: 3,642 square feet Buyer: Richard and Danielle Caplin Seller: Larry K. Manning Previous sale: $820,000 in 1994
ST. JOHNS
$1,700,000
103 Marine St., St. Augustine
Type: Single-family Lot size: 0.21 acres House size: 2,988 square feet Buyer: Auggie 103 LLC Seller: Barbara Lupient and the Barbara Lupient Revocable Trust Previous sale: $28,000 in 2014
DUVAL
$1,645,000
4439 Catheys Club Lane, Jacksonville
Type: Single-family Lot size: 0.62 acres House size: 4,758 square feet Buyer: William B. and Nancy R. Thompson Seller: Cynthia G. Harris and Scott M. McMillan Previous sale: $1,444,400 in 2004 DUVAL
$1,590,000
315 12th St., Atlantic Beach
Type: Single-family Lot size: 0.23 acres House size: 3,698 square feet Buyer: The Margaret McKinney 2007 Trust Seller: Kyle Marcotte Previous sale: $1,605,000 in 2016
DUVAL
$1,350,000
14402 Marina San Pablo Place, No. 902, Jacksonville
Type: Marina San Pablo Condominium Condominium size: 3,201 square feet Buyer: John R. and Carol A. Faiella Seller: Robert G. and Nancy B. Kyle Previous sale: $500,000 in 2011
ST. JOHNS
$1,200,000
19 Portsmouth Bay Ave., Ponte Vedra
Type: Single-family Lot size: 0.37 acres House size: 4,259 square feet Buyer: Jonathan C. and Amanda S. West Seller: Toll Jacksonville LP
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Promotions, hirings and happenings for business people in Northeast Florida. Send items to kmathis@jaxdailyrecord.com
The Community Foundation for Northeast Florida elected Carol J. Alexander and Velma Monteiro-Tribble to its board of trustees for three-year terms, starting in January.
Trustee and U.S. District Court Judge Brian J. Davis will become chairman-elect of the board, in anticipation of becoming chairman in January 2022.
Alexander is president and chief creative officer of MaBu: A Cultural Resource. She was the founding executive director of Ritz Theatre & LaVilla Museum, and she founded and directed the artistic and educational operations at the American Beach Museum on Amelia Island since it opened in 2014.
Monteiro-Tribble is director of grants and programs for the Florida Blue Foundation. She previously served as executive officer and assistant treasurer of the Alcoa Foundation.
Marius Dobren, co-founder and president of Sawgrass Finance LLC, announced the asset-based lender has opened at 822 N. Florida A1A, Suite 310, in Ponte Vedra Beach. It will provide lines of credit of up to $3 million to small and medium size businesses by leveraging the company’s assets such as accounts receivable, inventory, machinery and equipment.
Gov. Ron DeSantis appointed Christopher Lazzara, of Atlantic Beach, to the University of North Florida board of trustees. Lazzara is COO of Mountain-
Alexander Monteiro-Tribble Davis Dobren
Mangin Gunn Foss Barker
Hepp Williams
Star Capital and previously was a senior managing partner of Ponte Vedra Management Group. The appointment is subject to confirmation by the Florida Senate.
Cmdr. Joshua Garland assumed the role of director for Surgical Services at Naval Hospital Jacksonville. He previously served as orthopedic surgeon at the hospital.
Three women joined the board of the Memorial Park Association board of directors for three-year terms. Leah Kavanagh-Lim is a 20year veteran with Medtronic. Ann Mackey has a 35-year career in the financial industry, including serving as CFO for
Bridegan King
Step Up For Students Inc. She will serve as the association treasurer. Vickie Mangin owns and operates Avignon Services LLC, a personal consulting business that focuses on customer service leadership training, project management and community advocacy.
The JAX Chamber Professional Women’s Council honored six Hidden Gems at the annual Women Connecting Women Awards. Criteria for award winners include being a JAX Chamber member, role model and mentor for other women, and active supporter of women in the community. Frontline Woman of the Year: Elizabeth Gunn, vice president,
Garland Kavanagh-Lim Mackey
Fulmore-Hardwick Wesley Bautista
Mark Bowles
Patient Care Services, Baptist Medical Center. Professional Business Woman of the Year: Jillian Foss, founder, Ladies Executive Golf Society and associate adviser, BKS-Partners. Woman Business Owner of the Year: Mindy Barker, founder and CEO, Barker Associates. Women’s Advocate of the Year: Melissa Fulmore-Hardwick, vice president, IT Enterprise Applications, Acosta, and founder, Brown Girls in the Boardroom. Female First Responder of the Year: Deborah Wesley, assistant chief, Jacksonville Sheriff’s Office. Professional Minority Woman of the Year: Shardae Bautista, founder and president, TEAM Inc., and procurement special-
Jenkins
ist, Kaman Aerospace Corp.
Jacksonville-based Stellar, a design, engineering, construction and mechanical services company, promoted seven leaders on its senior management team. Bob Hepp was named division vice president of Parts, Service and Compressors. Chris Williams was named division vice president of Mechanical Services. Justin Bridegan was named vice president of marketing. Stacey King was named vice president of human resources. Joe Mark, John Bowles and Tim Jenkins were named vice presidents of operations in the Commercial Division.
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