Rayonier (RYN) FY2014 results: revenue $604 million, down 8.5% on the year
Rayonier Inc. (RYN) reported revenue of $604 million for fiscal 2014, the year ended 31 December 2014, down 8.5% on the year before. Net income was $99 million, down 73.3%, and diluted earnings per share $0.76. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$604 million
-8.5% on the year
FY2008FY2014
Operating margin
16.3%
16.5% a year earlier
FY2008FY2014
Net income
$99 million
-73.3% on the year
FY2008FY2014
Diluted EPS
$0.76
-73.4% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
604
660
379
-8.5%
Cost of revenue
484
531
305
-8.8%
Gross profit
120
129
73.1
-7.2%
Gross margin
19.8%
19.5%
19.3%
Selling, general and administrative
47.9
55.4
58.6
-13.6%
Operating income
98.3
109
32.1
-9.5%
Operating margin
16.3%
16.5%
8.5%
Interest expense
44.2
40.9
42.8
+8.1%
Pre-tax income
44.8
70.2
-10.3
-36.1%
Income tax
-9.6
-35.7
-27.1
Effective tax rate
-21.4%
-50.9%
n/a
Net income
99.3
372
279
-73.3%
Net margin
16.5%
56.4%
73.6%
Diluted EPS
$0.76
$2.86
$2.17
-73.4%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
320
547
446
-41.4%
Capital expenditure
3.7
1.3
n/a
+184.4%
Free cash flow
317
546
n/a
-41.9%
Free cash flow margin
52.5%
82.7%
n/a
Cash from investing
-197
-471
-473
Cash from financing
-161
-157
229
Depreciation and amortisation
120
117
84.6
+2.7%
Share-based compensation
7.9
11.7
15.1
-32.6%
Buybacks
1.9
11.3
7.8
-83.6%
Dividends paid
258
237
207
+8.6%
Dividend per share
$2.03
$1.86
$1.68
+9.1%
Diluted shares, weighted
131m
130m
129m
+0.7%
Shares outstanding at period end
127m
126m
123m
+0.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,488
1,661
1,438
-10.4%
Non-controlling interest
86.7
94.1
0.0
-7.9%
Debt
752
1,574
1,270
-52.3%
Other liabilities
126
356
415
-64.5%
Total liabilities and equity
2,453
3,686
3,123
-33.4%
Fixed assets
6.7
861
707
-99.2%
Goodwill
9.7
10.2
0.0
-4.8%
Cash and equivalents
162
200
281
-19.1%
Receivables
24.0
95.0
100
-74.7%
Inventory
8.4
139
128
-94.0%
Other assets
2,243
2,381
1,907
-5.8%
Total assets
2,453
3,686
3,123
-33.4%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.