Marzetti (MZTI) FY2019 results: revenue $1.3 billion, up 6.9% on the year
Marzetti Co. (MZTI) reported revenue of $1.3 billion for fiscal 2019, the year ended 30 June 2019, up 6.9% on the year before. Net income was $151 million, up 11.3%, and diluted earnings per share $5.46. The figures are the company's own, from the 10-K it filed with the SEC on 27 August 2019.
Revenue
$1.3 billion
+6.9% on the year
FY2012FY2019
Operating margin
14.6%
14.0% a year earlier
FY2012FY2019
Net income
$151 million
+11.3% on the year
FY2012FY2019
Diluted EPS
$5.46
+11.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,308
1,223
1,202
+6.9%
Cost of revenue
982
919
883
+6.8%
Gross profit
326
304
319
+7.5%
Gross margin
24.9%
24.8%
26.5%
Selling, general and administrative
150
130
126
+15.3%
Operating income
191
172
174
+11.3%
Operating margin
14.6%
14.0%
14.5%
Pre-tax income
196
174
176
+12.2%
Income tax
45.0
38.9
60.2
+15.7%
Effective tax rate
23.0%
22.3%
34.3%
Net income
151
135
115
+11.3%
Net margin
11.5%
11.1%
9.6%
Diluted EPS
$5.46
$4.92
$4.20
+11.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
198
161
146
+23.0%
Capital expenditure
70.9
31.0
27.0
+128.5%
Free cash flow
127
130
119
-2.3%
Free cash flow margin
9.7%
10.6%
9.9%
Cash from investing
-127
-31.5
-60.6
Cash from financing
-80.2
-66.6
-60.8
Depreciation and amortisation
31.8
26.9
24.9
+18.4%
Share-based compensation
6.0
5.0
4.2
+18.5%
Buybacks
7.4
1.1
0.9
+572.5%
Dividends paid
70.1
64.5
59.0
+8.6%
Dividend per share
$2.55
$2.35
$2.15
+8.5%
Diluted shares, weighted
28m
27m
27m
+0.3%
Shares outstanding at period end
27m
27m
27m
+0.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
727
652
576
+11.4%
Debt
0.0
0.0
0.0
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
179
152
140
+17.3%
Total liabilities and equity
905
804
716
+12.5%
Fixed assets
247
191
181
+29.5%
Goodwill
208
168
168
+24.0%
Intangible assets
70.3
56.2
60.2
+25.1%
Cash and equivalents
196
206
143
-4.6%
Receivables
75.7
73.0
69.9
+3.7%
Inventory
86.1
90.9
76.4
-5.3%
Other assets
21.7
19.9
18.1
+8.8%
Total assets
905
804
716
+12.5%
10-K for the year ended 30 June 2019, filed 27 August 2019: the filing.