Marzetti (MZTI) FY2022 results: revenue $1.7 billion, up 14.3% on the year

Marzetti Co. (MZTI) reported revenue of $1.7 billion for fiscal 2022, the year ended 30 June 2022, up 14.3% on the year before. Net income was $90 million, down 37.1%, and diluted earnings per share $3.25. The figures are the company's own, from the 10-K it filed with the SEC on 25 August 2022.

Revenue

$1.7 billion

+14.3% on the year

FY2015FY2022

Operating margin

6.7%

12.7% a year earlier

FY2015FY2022

Net income

$90 million

-37.1% on the year

FY2015FY2022

Diluted EPS

$3.25

-37.0% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,676	1,467	1,334	+14.3%
Cost of revenue	1,321	1,080	976	+22.2%
Gross profit	356	387	358	-8.0%
Gross margin	21.2%	26.4%	26.8%
Selling, general and administrative	212	205	181	+3.3%
Operating income	112	186	176	-39.8%
Operating margin	6.7%	12.7%	13.2%
Pre-tax income	112	186	179	-39.5%
Income tax	22.8	43.4	42.1	-47.5%
Effective tax rate	20.3%	23.4%	23.5%
Net income	89.6	142	137	-37.1%
Net margin	5.3%	9.7%	10.3%
Diluted EPS	$3.25	$5.16	$4.97	-37.0%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	102	174	171	-41.6%
Capital expenditure	132	87.9	82.6	+50.2%
Free cash flow	-30.2	86.3	88.1
Free cash flow margin	-1.8%	5.9%	6.6%
Cash from investing	-132	-89.0	-83.3
Cash from financing	-97.3	-95.4	-85.5
Depreciation and amortisation	45.9	44.5	38.0	+3.1%
Share-based compensation	9.6	7.1	6.1	+34.2%
Buybacks	7.6	8.5	5.5	-11.4%
Dividends paid	86.8	81.2	75.6	+6.8%
Dividend per share	$3.15	$2.95	$2.75	+6.8%
Diluted shares, weighted	27m	28m	27m	-0.2%
Shares outstanding at period end	28m	28m	28m	-0.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	845	843	783	+0.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	20.5	17.2	17.9	+19.0%
Finance lease liabilities	4.3	6.7	1.6	-35.2%
Other liabilities	221	234	191	-5.7%
Total liabilities and equity	1,090	1,101	993	-1.0%
Fixed assets	451	365	293	+23.8%
Goodwill	208	208	208	0.0%
Intangible assets	32.3	58.8	65.2	-45.0%
Cash and equivalents	60.3	188	198	-67.9%
Receivables	135	97.9	86.6	+38.4%
Inventory	145	122	85.0	+18.7%
Other assets	57.8	61.7	56.6	-6.3%
Total assets	1,090	1,101	993	-1.0%

10-K for the year ended 30 June 2022, filed 25 August 2022: the filing.