Marzetti (MZTI) FY2024 results: revenue $1.9 billion, up 2.7% on the year

Marzetti Co. (MZTI) reported revenue of $1.9 billion for fiscal 2024, the year ended 30 June 2024, up 2.7% on the year before. Net income was $159 million, up 42.5%, and diluted earnings per share $5.76. The figures are the company's own, from the 10-K it filed with the SEC on 22 August 2024.

Revenue

$1.9 billion

+2.7% on the year

FY2017FY2024

Operating margin

10.7%

7.8% a year earlier

FY2017FY2024

Net income

$159 million

+42.5% on the year

FY2017FY2024

Diluted EPS

$5.76

+42.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,872	1,823	1,676	+2.7%
Cost of revenue	1,439	1,434	1,321	+0.4%
Gross profit	432	389	356	+11.3%
Gross margin	23.1%	21.3%	21.2%
Selling, general and administrative	218	222	212	-1.8%
Operating income	199	142	112	+40.9%
Operating margin	10.7%	7.8%	6.7%
Interest expense	0.0	n/a	n/a
Pre-tax income	206	143	112	+43.4%
Income tax	46.9	32.0	22.8	+46.5%
Effective tax rate	22.8%	22.3%	20.3%
Net income	159	111	89.6	+42.5%
Net margin	8.5%	6.1%	5.3%
Diluted EPS	$5.76	$4.04	$3.25	+42.6%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	252	226	102	+11.4%
Capital expenditure	67.6	90.2	132	-25.1%
Free cash flow	184	136	-30.2	+35.6%
Free cash flow margin	9.8%	7.4%	-1.8%
Cash from investing	-67.4	-90.8	-132
Cash from financing	-109	-107	-97.3
Depreciation and amortisation	55.9	51.2	45.9	+9.2%
Share-based compensation	11.4	9.1	9.6	+25.1%
Buybacks	7.6	9.2	7.6	-16.9%
Dividends paid	97.9	92.4	86.8	+6.0%
Dividend per share	$3.55	$3.35	$3.15	+6.0%
Diluted shares, weighted	27m	27m	27m	-0.1%
Shares outstanding at period end	28m	28m	28m	-0.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	926	862	845	+7.4%
Debt	0.0	0.0	0.0
Operating lease liabilities	44.6	17.0	20.5	+162.6%
Finance lease liabilities	0.8	2.3	4.3	-65.3%
Other liabilities	236	232	221	+1.9%
Total liabilities and equity	1,207	1,113	1,090	+8.4%
Fixed assets	478	482	451	-0.9%
Goodwill	208	208	208	0.0%
Intangible assets	0.0	4.8	32.3
Cash and equivalents	163	88.5	60.3	+84.7%
Receivables	95.6	115	135	-16.9%
Inventory	173	158	145	+9.5%
Other assets	88.6	55.9	57.8	+58.6%
Total assets	1,207	1,113	1,090	+8.4%

10-K for the year ended 30 June 2024, filed 22 August 2024: the filing.