Rayonier (RYN) FY2013 results: revenue $660 million, up 74.2% on the year
Rayonier Inc. (RYN) reported revenue of $660 million for fiscal 2013, the year ended 31 December 2013, up 74.2% on the year before. Net income was $372 million, up 33.4%, and diluted earnings per share $2.86. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$660 million
+74.2% on the year
FY2008FY2013
Operating margin
16.5%
8.5% a year earlier
FY2008FY2013
Net income
$372 million
+33.4% on the year
FY2008FY2013
Diluted EPS
$2.86
+31.8% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
660
379
1,421
+74.2%
Cost of revenue
531
305
1,006
+73.8%
Gross profit
129
73.1
415
+76.3%
Gross margin
19.5%
19.3%
29.2%
Selling, general and administrative
55.4
58.6
65.3
-5.5%
Operating income
109
32.1
357
+238.9%
Operating margin
16.5%
8.5%
25.1%
Interest expense
40.9
42.8
50.8
-4.4%
Pre-tax income
70.2
-10.3
307
Income tax
-35.7
-27.1
30.7
Effective tax rate
-50.9%
n/a
10.0%
Net income
372
279
276
+33.4%
Net margin
56.4%
73.6%
19.4%
Diluted EPS
$2.86
$2.17
$2.20
+31.8%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
547
446
432
+22.6%
Capital expenditure
1.3
n/a
n/a
Free cash flow
546
n/a
n/a
Free cash flow margin
82.7%
n/a
n/a
Cash from investing
-471
-473
-489
Cash from financing
-157
229
-215
Depreciation and amortisation
117
84.6
133
+38.1%
Share-based compensation
11.7
15.1
16.2
-22.7%
Buybacks
11.3
7.8
7.9
+45.5%
Dividends paid
237
207
185
+14.7%
Dividend per share
$1.86
$1.68
$1.52
+10.7%
Diluted shares, weighted
130m
129m
125m
+1.1%
Shares outstanding at period end
126m
123m
122m
+2.4%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,661
1,438
1,323
+15.5%
Non-controlling interest
94.1
0.0
n/a
Debt
1,574
1,270
847
+23.9%
Other liabilities
356
415
399
-14.2%
Total liabilities and equity
3,686
3,123
2,569
+18.0%
Fixed assets
861
707
462
+21.8%
Goodwill
10.2
0.0
n/a
Cash and equivalents
200
281
78.6
-28.9%
Receivables
95.0
100
95.0
-5.4%
Inventory
139
128
122
+8.5%
Other assets
2,381
1,907
1,812
+24.9%
Total assets
3,686
3,123
2,569
+18.0%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.