Rayonier (NYSE: RYN) came out with quarterly earnings of $0.05 per share, beating the Zacks Consensus Estimate of $0.04 per share. This compares to earnings of $0.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 25%. A quarter ago, it was expected that this forest products company would post earnings of $0.17 per share when it actually produced earnings of $0.17, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Rayonier, which belongs to the Zack…