Marzetti (MZTI) FY2020 results: revenue $1.3 billion, up 2.0% on the year
Marzetti Co. (MZTI) reported revenue of $1.3 billion for fiscal 2020, the year ended 30 June 2020, up 2.0% on the year before. Net income was $137 million, down 9.0%, and diluted earnings per share $4.97. The figures are the company's own, from the 10-K it filed with the SEC on 27 August 2020.
Revenue
$1.3 billion
+2.0% on the year
FY2013FY2020
Operating margin
13.2%
14.6% a year earlier
FY2013FY2020
Net income
$137 million
-9.0% on the year
FY2013FY2020
Diluted EPS
$4.97
-9.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,334
1,308
1,223
+2.0%
Cost of revenue
976
982
919
-0.5%
Gross profit
358
326
304
+9.8%
Gross margin
26.8%
24.9%
24.8%
Selling, general and administrative
181
150
130
+20.8%
Operating income
176
191
172
-7.8%
Operating margin
13.2%
14.6%
14.0%
Pre-tax income
179
196
174
-8.4%
Income tax
42.1
45.0
38.9
-6.4%
Effective tax rate
23.5%
23.0%
22.3%
Net income
137
151
135
-9.0%
Net margin
10.3%
11.5%
11.1%
Diluted EPS
$4.97
$5.46
$4.92
-9.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
171
198
161
-13.6%
Capital expenditure
82.6
70.9
31.0
+16.6%
Free cash flow
88.1
127
130
-30.5%
Free cash flow margin
6.6%
9.7%
10.6%
Cash from investing
-83.3
-127
-31.5
Cash from financing
-85.5
-80.2
-66.6
Depreciation and amortisation
38.0
31.8
26.9
+19.2%
Share-based compensation
6.1
6.0
5.0
+2.4%
Buybacks
5.5
7.4
1.1
-26.3%
Dividends paid
75.6
70.1
64.5
+7.9%
Dividend per share
$2.75
$2.55
$2.35
+7.8%
Diluted shares, weighted
27m
28m
27m
-0.1%
Shares outstanding at period end
28m
27m
27m
+0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
783
727
652
+7.8%
Debt
0.0
0.0
0.0
Operating lease liabilities
17.9
0.0
n/a
Finance lease liabilities
1.6
n/a
n/a
Other liabilities
191
179
152
+6.8%
Total liabilities and equity
993
905
804
+9.7%
Fixed assets
293
247
191
+18.7%
Goodwill
208
208
168
0.0%
Intangible assets
65.2
70.3
56.2
-7.2%
Cash and equivalents
198
196
206
+1.0%
Receivables
86.6
75.7
73.0
+14.4%
Inventory
85.0
86.1
90.9
-1.2%
Other assets
56.6
21.7
19.9
+161.1%
Total assets
993
905
804
+9.7%
10-K for the year ended 30 June 2020, filed 27 August 2020: the filing.