Rayonier (RYN) FY2018 results: revenue $816 million, down 0.4% on the year
Rayonier Inc. (RYN) reported revenue of $816 million for fiscal 2018, the year ended 31 December 2018, down 0.4% on the year before. Net income was $102 million, down 31.3%, and diluted earnings per share $0.79. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$816 million
-0.4% on the year
FY2011FY2018
Operating margin
20.8%
26.3% a year earlier
FY2011FY2018
Net income
$102 million
-31.3% on the year
FY2011FY2018
Diluted EPS
$0.79
-31.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
816
820
816
-0.4%
Cost of revenue
605
568
526
+6.5%
Gross profit
211
251
289
-16.1%
Gross margin
25.8%
30.7%
35.5%
Selling, general and administrative
42.0
40.2
42.8
+4.2%
Operating income
170
215
256
-21.1%
Operating margin
20.8%
26.3%
31.3%
Interest expense
32.1
34.1
32.2
-5.9%
Pre-tax income
143
183
223
-22.2%
Income tax
25.2
21.7
5.1
+16.4%
Effective tax rate
17.7%
11.8%
2.3%
Net income
102
149
212
-31.3%
Net margin
12.5%
18.2%
26.0%
Diluted EPS
$0.79
$1.16
$1.73
-31.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
310
256
204
+21.0%
Capital expenditure
9.5
15.8
8.7
-39.8%
Free cash flow
301
240
195
+25.0%
Free cash flow margin
36.8%
29.3%
23.9%
Cash from investing
-133
-235
-235
Cash from financing
-194
-6.9
114
Depreciation and amortisation
144
146
151
-1.3%
Share-based compensation
6.4
5.4
5.1
+19.1%
Buybacks
3.0
0.2
0.7
+1,595.5%
Dividends paid
137
127
123
+7.6%
Dividend per share
$1.06
$1.00
$1.00
+6.0%
Diluted shares, weighted
130m
128m
123m
+1.5%
Shares outstanding at period end
129m
129m
123m
+0.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,557
1,593
1,412
-2.3%
Non-controlling interest
97.7
99.9
85.1
-2.2%
Debt
973
1,025
1,065
-5.2%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
154
140
124
+9.6%
Total liabilities and equity
2,781
2,858
2,686
-2.7%
Fixed assets
22.8
23.4
14.0
-2.7%
Goodwill
8.3
8.8
8.7
-5.3%
Cash and equivalents
148
113
85.9
+31.7%
Receivables
26.2
27.7
20.7
-5.6%
Inventory
15.7
24.1
21.4
-35.0%
Other assets
2,559
2,662
2,535
-3.8%
Total assets
2,781
2,858
2,686
-2.7%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.