Marzetti (MZTI) FY2021 results: revenue $1.5 billion, up 9.9% on the year
Marzetti Co. (MZTI) reported revenue of $1.5 billion for fiscal 2021, the year ended 30 June 2021, up 9.9% on the year before. Net income was $142 million, up 3.9%, and diluted earnings per share $5.16. The figures are the company's own, from the 10-K it filed with the SEC on 26 August 2021.
Revenue
$1.5 billion
+9.9% on the year
FY2014FY2021
Operating margin
12.7%
13.2% a year earlier
FY2014FY2021
Net income
$142 million
+3.9% on the year
FY2014FY2021
Diluted EPS
$5.16
+3.8% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
1,467
1,334
1,308
+9.9%
Cost of revenue
1,080
976
982
+10.7%
Gross profit
387
358
326
+8.0%
Gross margin
26.4%
26.8%
24.9%
Selling, general and administrative
205
181
150
+13.5%
Operating income
186
176
191
+5.6%
Operating margin
12.7%
13.2%
14.6%
Pre-tax income
186
179
196
+3.7%
Income tax
43.4
42.1
45.0
+3.1%
Effective tax rate
23.4%
23.5%
23.0%
Net income
142
137
151
+3.9%
Net margin
9.7%
10.3%
11.5%
Diluted EPS
$5.16
$4.97
$5.46
+3.8%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
174
171
198
+2.0%
Capital expenditure
87.9
82.6
70.9
+6.3%
Free cash flow
86.3
88.1
127
-2.0%
Free cash flow margin
5.9%
6.6%
9.7%
Cash from investing
-89.0
-83.3
-127
Cash from financing
-95.4
-85.5
-80.2
Depreciation and amortisation
44.5
38.0
31.8
+17.2%
Share-based compensation
7.1
6.1
6.0
+16.5%
Buybacks
8.5
5.5
7.4
+56.3%
Dividends paid
81.2
75.6
70.1
+7.4%
Dividend per share
$2.95
$2.75
$2.55
+7.3%
Diluted shares, weighted
28m
27m
28m
+0.1%
Shares outstanding at period end
28m
28m
27m
+0.0%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
843
783
727
+7.6%
Debt
0.0
0.0
0.0
Operating lease liabilities
17.2
17.9
0.0
-3.7%
Finance lease liabilities
6.7
1.6
n/a
+322.0%
Other liabilities
234
191
179
+22.9%
Total liabilities and equity
1,101
993
905
+10.9%
Fixed assets
365
293
247
+24.3%
Goodwill
208
208
208
0.0%
Intangible assets
58.8
65.2
70.3
-9.9%
Cash and equivalents
188
198
196
-5.2%
Receivables
97.9
86.6
75.7
+13.0%
Inventory
122
85.0
86.1
+43.3%
Other assets
61.7
56.6
21.7
+9.1%
Total assets
1,101
993
905
+10.9%
10-K for the year ended 30 June 2021, filed 26 August 2021: the filing.