Rayonier (RYN) FY2020 results: revenue $859 million, up 20.7% on the year
Rayonier Inc. (RYN) reported revenue of $859 million for fiscal 2020, the year ended 31 December 2020, up 20.7% on the year before. Net income was $37 million, down 37.3%, and diluted earnings per share $0.27. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$859 million
+20.7% on the year
FY2013FY2020
Operating margin
8.7%
15.0% a year earlier
FY2013FY2020
Net income
$37 million
-37.3% on the year
FY2013FY2020
Diluted EPS
$0.27
-41.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
859
712
816
+20.7%
Cost of revenue
712
558
605
+27.6%
Gross profit
147
153
211
-4.2%
Gross margin
17.1%
21.5%
25.8%
Selling, general and administrative
50.6
41.6
42.0
+21.6%
Operating income
74.4
107
170
-30.5%
Operating margin
8.7%
15.0%
20.8%
Interest expense
38.8
31.7
32.1
+22.2%
Pre-tax income
36.8
80.6
143
-54.4%
Income tax
7.0
12.9
25.2
-45.8%
Effective tax rate
19.0%
16.1%
17.7%
Net income
37.1
59.1
102
-37.3%
Net margin
4.3%
8.3%
12.5%
Diluted EPS
$0.27
$0.46
$0.79
-41.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
204
214
310
-4.7%
Capital expenditure
6.5
6.8
9.5
-5.0%
Free cash flow
198
207
301
-4.7%
Free cash flow margin
23.0%
29.2%
36.8%
Cash from investing
-214
-219
-133
Cash from financing
27.0
-79.6
-194
Depreciation and amortisation
200
128
144
+56.3%
Share-based compensation
8.0
6.9
6.4
+16.3%
Buybacks
1.6
4.2
3.0
-62.2%
Dividends paid
146
141
137
+3.7%
Dividend per share
$1.08
$1.08
$1.06
0.0%
Diluted shares, weighted
137m
130m
130m
+5.7%
Shares outstanding at period end
138m
129m
129m
+6.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,474
1,440
1,557
+2.4%
Non-controlling interest
389
97.7
97.7
+297.9%
Redeemable equity
130
0.0
n/a
Debt
1,361
1,055
973
+28.9%
Operating lease liabilities
100
90.5
0.0
+10.8%
Other liabilities
275
178
154
+54.8%
Total liabilities and equity
3,729
2,861
2,781
+30.3%
Fixed assets
30.4
22.3
22.8
+36.6%
Goodwill
8.9
8.6
8.3
+3.9%
Cash and equivalents
84.5
68.7
148
+22.9%
Receivables
49.1
27.1
26.2
+80.9%
Inventory
10.6
14.5
15.7
-27.0%
Other assets
3,545
2,720
2,559
+30.4%
Total assets
3,729
2,861
2,781
+30.3%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.