Marzetti (MZTI) Q2 FY2024 earnings: revenue $486 million, up 1.8% on the year

Marzetti Co. (MZTI) reported revenue of $486 million for Q2 FY2024, the quarter ended 31 December 2023, up 1.8% on the same quarter a year earlier. Net income was $51 million, up 28.8% on the year, and diluted earnings per share $1.87. The figures are the company's own, from the 10-Q it filed with the SEC on 1 February 2024.

Revenue$486 millionup 1.8%

Net income$51 millionup 28.8%

Diluted EPS$1.87

QuarterQ2 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	486	462	n/a	n/a
Cost of revenue	364	353	n/a	n/a
Gross profit	121	109	n/a	n/a
Gross margin	25.0%	23.6%	n/a
Selling, general and administrative	55.7	51.9	n/a	n/a
Operating income	65.8	56.8	n/a	n/a
Operating margin	13.5%	12.3%	n/a
Pre-tax income	67.2	57.6	n/a	n/a
Income tax	15.7	13.7	n/a	n/a
Effective tax rate	23.4%	23.7%	n/a
Net income	51.5	44.0	n/a	n/a
Net margin	10.6%	9.5%	n/a
Diluted EPS	$1.87	$1.59	n/a	n/a

$ 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 and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	106	35.6	n/a	n/a
Capital expenditure	18.8	18.3	n/a	n/a
Free cash flow	87.1	17.3	n/a	n/a
Free cash flow margin	17.9%	3.7%	n/a
Cash from investing	-20.5	-19.7	n/a	n/a
Cash from financing	-25.3	-30.6	n/a	n/a
Depreciation and amortisation	13.9	13.6	n/a	n/a
Share-based compensation	2.9	2.6	n/a	n/a
Buybacks	0.0	6.7	n/a	n/a
Dividends paid	24.8	23.4	n/a	n/a
Dividend per share	$0.90	$0.85	n/a	n/a
Diluted shares, weighted	27m	27m	n/a	n/a
Shares outstanding at period end	28m	28m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	908	879	n/a	n/a
Operating lease liabilities	13.3	15.3	n/a	n/a
Other liabilities	227	236	n/a	n/a
Total liabilities and equity	1,149	1,130	n/a	n/a
Fixed assets	490	489	n/a	n/a
Goodwill	208	208	n/a	n/a
Intangible assets	4.6	4.7	n/a	n/a
Cash and equivalents	134	73.7	n/a	n/a
Receivables	100	120	n/a	n/a
Inventory	158	178	n/a	n/a
Other assets	53.4	56.5	n/a	n/a
Total assets	1,149	1,130	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	462	486	471	453	467	509	458	475	493	518	453	465
Cost of revenue	353	364	367	355	356	377	352	369	375	381	346	351
Gross profit	109	121	104	97.6	111	133	106	106	119	137	107	114
Gross margin	24%	25%	22%	22%	24%	26%	23%	22%	24%	27%	24%	25%
SG&A	51.9	55.7	57.2	53.2	55.0	57.1	56.1	62.1	58.4	60.4	61.4	74.3
Operating income	56.8	65.8	35.1	41.7	55.9	75.7	49.9	38.9	59.3	75.2	46.6	57.7
Operating margin	12%	14%	7%	9%	12%	15%	11%	8%	12%	15%	10%	12%
Pre-tax income	57.6	67.2	36.9	43.8	57.9	63.2	51.8	40.5	60.8	76.3	48.3	56.5
Tax rate	24%	23%	23%	21%	23%	23%	21%	20%	22%	23%	23%	15%
Net income	44.0	51.5	28.4	34.8	44.7	49.0	41.1	32.5	47.2	59.1	37.1	48.3
Net margin	10%	11%	6%	8%	10%	10%	9%	7%	10%	11%	8%	10%
Diluted EPS	$1.59	$1.87	$1.03	$1.26	$1.62	$1.78	$1.49	$1.18	$1.71	$2.15	$1.35	$1.76
Operating cash flow	35.6	106	75.9	34.1	19.9	108	45.8	88.2	69.5	88.6	70.5	55.2
Capital expenditure	18.3	18.8	14.9	15.6	17.6	11.0	15.1	14.3	15.6	17.7	21.3	23.1
Free cash flow	17.3	87.1	61.1	18.5	2.3	96.6	30.8	73.9	53.9	70.9	49.3	32.1
Buybacks	6.7	0.0	0.9	0.0	1.4	0.0	0.1	6.5	1.1	20.1	0.0	15.1
Dividends paid	23.4	24.8	24.9	24.8	24.9	26.3	26.2	26.2	26.3	27.6	27.5	27.4
Shares outstanding	28m	28m	28m	28m	28m	28m	28m	28m	28m	27m	27m	27m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 1 February 2024, accession 0000057515-24-000006: the filing on EDGAR. All of Marzetti Co.'s filings: EDGAR company page.

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