Rayonier (RYN) FY2019 results: revenue $712 million, down 12.8% on the year
Rayonier Inc. (RYN) reported revenue of $712 million for fiscal 2019, the year ended 31 December 2019, down 12.8% on the year before. Net income was $59 million, down 42.2%, and diluted earnings per share $0.46. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$712 million
-12.8% on the year
FY2012FY2019
Operating margin
15.0%
20.8% a year earlier
FY2012FY2019
Net income
$59 million
-42.2% on the year
FY2012FY2019
Diluted EPS
$0.46
-41.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
712
816
820
-12.8%
Cost of revenue
558
605
568
-7.8%
Gross profit
153
211
251
-27.3%
Gross margin
21.5%
25.8%
30.7%
Selling, general and administrative
41.6
42.0
40.2
-0.7%
Operating income
107
170
215
-37.1%
Operating margin
15.0%
20.8%
26.3%
Interest expense
31.7
32.1
34.1
-1.1%
Pre-tax income
80.6
143
183
-43.5%
Income tax
12.9
25.2
21.7
-48.7%
Effective tax rate
16.1%
17.7%
11.8%
Net income
59.1
102
149
-42.2%
Net margin
8.3%
12.5%
18.2%
Diluted EPS
$0.46
$0.79
$1.16
-41.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
214
310
256
-30.9%
Capital expenditure
6.8
9.5
15.8
-28.4%
Free cash flow
207
301
240
-31.0%
Free cash flow margin
29.2%
36.8%
29.3%
Cash from investing
-219
-133
-235
Cash from financing
-79.6
-194
-6.9
Depreciation and amortisation
128
144
146
-11.0%
Share-based compensation
6.9
6.4
5.4
+7.4%
Buybacks
4.2
3.0
0.2
+42.4%
Dividends paid
141
137
127
+3.1%
Dividend per share
$1.08
$1.06
$1.00
+1.9%
Diluted shares, weighted
130m
130m
128m
-0.1%
Shares outstanding at period end
129m
129m
129m
-0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,440
1,557
1,593
-7.5%
Non-controlling interest
97.7
97.7
99.9
-0.0%
Redeemable equity
0.0
n/a
n/a
Debt
1,055
973
1,025
+8.5%
Operating lease liabilities
90.5
0.0
n/a
Other liabilities
178
154
140
+15.8%
Total liabilities and equity
2,861
2,781
2,858
+2.9%
Fixed assets
22.3
22.8
23.4
-2.2%
Goodwill
8.6
8.3
8.8
+3.7%
Cash and equivalents
68.7
148
113
-53.7%
Receivables
27.1
26.2
27.7
+3.7%
Inventory
14.5
15.7
24.1
-7.5%
Other assets
2,720
2,559
2,662
+6.3%
Total assets
2,861
2,781
2,858
+2.9%
10-K for the year ended 31 December 2019, filed 22 February 2021: the filing.