Marzetti (MZTI) Q3 FY2024 earnings: revenue $471 million, up 1.4% on the year

Marzetti Co. (MZTI) reported revenue of $471 million for Q3 FY2024, the quarter ended 31 March 2024, up 1.4% on the same quarter a year earlier. Net income was $28 million, up 15.5% on the year, and diluted earnings per share $1.03. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$471 millionup 1.4%

Net income$28 millionup 15.5%

Diluted EPS$1.03

QuarterQ3 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	471	486	n/a	n/a
Cost of revenue	367	364	n/a	n/a
Gross profit	104	121	n/a	n/a
Gross margin	22.2%	25.0%	n/a
Selling, general and administrative	57.2	55.7	n/a	n/a
Operating income	35.1	65.8	n/a	n/a
Operating margin	7.5%	13.5%	n/a
Pre-tax income	36.9	67.2	n/a	n/a
Income tax	8.5	15.7	n/a	n/a
Effective tax rate	23.2%	23.4%	n/a
Net income	28.4	51.5	n/a	n/a
Net margin	6.0%	10.6%	n/a
Diluted EPS	$1.03	$1.87	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	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	75.9	106	n/a	n/a
Capital expenditure	14.9	18.8	n/a	n/a
Free cash flow	61.1	87.1	n/a	n/a
Free cash flow margin	13.0%	17.9%	n/a
Cash from investing	-17.1	-20.5	n/a	n/a
Cash from financing	-27.9	-25.3	n/a	n/a
Depreciation and amortisation	14.4	13.9	n/a	n/a
Share-based compensation	3.5	2.9	n/a	n/a
Buybacks	0.9	0.0	n/a	n/a
Dividends paid	24.9	24.8	n/a	n/a
Dividend per share	$0.90	$0.90	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	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	913	908	n/a	n/a
Operating lease liabilities	11.5	13.3	n/a	n/a
Other liabilities	248	227	n/a	n/a
Total liabilities and equity	1,172	1,149	n/a	n/a
Fixed assets	484	490	n/a	n/a
Goodwill	208	208	n/a	n/a
Intangible assets	0.0	4.6	n/a	n/a
Cash and equivalents	165	134	n/a	n/a
Receivables	103	100	n/a	n/a
Inventory	161	158	n/a	n/a
Other assets	51.5	53.4	n/a	n/a
Total assets	1,172	1,149	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 March 2024, filed 2 May 2024, accession 0000057515-24-000012: the filing on EDGAR. All of Marzetti Co.'s filings: EDGAR company page.

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