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Forest products company Rayonier Inc. said Tuesday it sees 2007 first-quarter earnings falling slightly below last year’s results, as the continued housing slowdown depresses prices for its wood products.

Rayonier said lower timber earnings will push first-quarter results “slightly below” first-quarter 2006 levels, when the company earned 30 cents per share. Analysts are currently looking for 47 cents per share, according to Thomson Financial.

The company, which owns forest land, makes specialty fibers and operates real estate holdings, expects 2007 profit “generally in line with 2006.”

“While the housing slowdown will put pressure on timber and real estate markets in the near term, the impact should be mostly offset by the strength of our performance fibers business,” the company said.

Rayonier shares added 11 cents to $42.23 in morning trading on the New York Stock Exchange.