Timber company Rayonier on Wednesday said it would take a one-time charge of $15 million to $18 million in the second quarter to write down the value of 64,000 acres of timberland damaged by wildfires in the Southeastern United States since mid-April.

The non-cash charge equals about 19 cents to 23 cents per share, Rayonier said in a statement. Analysts had been expecting earnings of 52 cents per share, on average, according to Reuters Estimates.