Rayonier (RYN) Q4 FY2023 earnings: revenue $467 million, up 90.5% on the year

Rayonier Inc. (RYN) reported revenue of $467 million for Q4 FY2023, the quarter ended 31 December 2023, up 90.5% on the same quarter a year earlier. Net income was $127 million, up 283.7% on the year, and diluted earnings per share $0.85. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$467 millionup 90.5%

Net income$127 millionup 283.7%

Diluted EPS$0.85

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	467	202	n/a	n/a
Cost of revenue	299	146	n/a	n/a
Gross profit	168	56.0	n/a	n/a
Gross margin	36.0%	27.8%	n/a
Selling, general and administrative	20.1	18.9	n/a	n/a
Operating income	145	35.4	n/a	n/a
Operating margin	31.1%	17.5%	n/a
Interest expense	11.6	12.6	n/a	n/a
Pre-tax income	133	23.3	n/a	n/a
Income tax	3.3	0.5	n/a	n/a
Effective tax rate	2.5%	2.3%	n/a
Net income	127	19.2	n/a	n/a
Net margin	27.2%	9.5%	n/a
Diluted EPS	$0.85	$0.13	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	89.4	82.6	n/a	n/a
Capital expenditure	28.3	16.3	n/a	n/a
Free cash flow	61.1	66.3	n/a	n/a
Free cash flow margin	13.1%	32.9%	n/a
Cash from investing	204	-23.2	n/a	n/a
Cash from financing	-195	-43.1	n/a	n/a
Depreciation and amortisation	135	37.0	n/a	n/a
Share-based compensation	3.8	3.4	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	42.4	42.4	n/a	n/a
Dividend per share	n/a	$0.28	n/a	n/a
Diluted shares, weighted	151m	151m	n/a	n/a
Shares outstanding at period end	148m	148m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,861	1,816	n/a	n/a
Non-controlling interest	17.1	16.2	n/a	n/a
Redeemable equity	81.7	69.8	n/a	n/a
Debt	1,366	1,511	n/a	n/a
Operating lease liabilities	87.7	85.1	n/a	n/a
Other liabilities	235	209	n/a	n/a
Total liabilities and equity	3,648	3,708	n/a	n/a
Fixed assets	27.0	26.0	n/a	n/a
Goodwill	7.8	n/a	n/a	n/a
Cash and equivalents	208	108	n/a	n/a
Receivables	28.7	31.4	n/a	n/a
Inventory	31.0	33.1	n/a	n/a
Other assets	3,345	3,509	n/a	n/a
Total assets	3,648	3,708	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	202	467	114	99.6	124	726	82.9	107	178	n/a	277	396
Cost of revenue	146	299	86.1	74.3	86.3	366	65.0	74.9	119	n/a	230	321
Gross profit	56.0	168	27.6	25.3	37.8	361	18.0	31.6	58.4	n/a	46.5	75.7
Gross margin	28%	36%	24%	25%	30%	50%	22%	30%	33%	n/a	17%	19%
SG&A	18.9	20.1	19.0	20.6	18.3	16.6	16.7	16.9	17.0	n/a	21.7	30.7
Operating income	35.4	145	8.6	4.5	18.8	346	0.1	14.5	41.7	n/a	-45.7	34.6
Operating margin	18%	31%	8%	5%	15%	48%	0%	14%	23%	n/a	-16%	9%
Interest expense	12.6	11.6	9.7	9.0	9.2	7.3	6.4	6.5	6.8	n/a	14.3	16.9
Pre-tax income	23.3	133	-5.5	-3.9	22.2	341	-5.3	9.8	43.7	n/a	-51.9	22.1
Tax rate	2%	3%	n/a	n/a	0%	2%	n/a	0%	0%	n/a	n/a	13%
Net income	19.2	127	1.4	1.9	28.8	327	-3.4	409	43.2	n/a	-12.4	19.1
Net margin	10%	27%	1%	2%	23%	45%	-4%	384%	24%	n/a	-4%	5%
Diluted EPS	$0.13	$0.85	$0.01	$0.01	$0.19	$2.15	-$0.02	$2.63	$0.28	n/a	-$0.05	$0.06
Operating cash flow	82.6	89.4	52.3	55.3	66.2	87.8	27.7	61.0	116	n/a	34.6	111
Capital expenditure	16.3	28.3	18.9	18.1	24.0	39.6	4.1	14.5	16.3	n/a	4.5	27.4
Free cash flow	66.3	61.1	33.4	37.3	42.2	48.3	23.6	46.5	99.9	n/a	30.0	83.2
Buybacks	0.0	0.0	0.0	4.1	0.0	0.0	0.0	2.6	0.0	n/a	1.0	2.2
Dividends paid	42.4	42.4	72.3	43.2	42.6	42.5	110	42.8	42.1	n/a	81.1	78.0
Shares outstanding	148m	148m	149m	149m	149m	149m	156m	155m	154m	161m	302m	299m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 23 February 2024, accession 0000052827-24-000014: the filing on EDGAR. All of Rayonier Inc.'s filings: EDGAR company page.

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