Sylvamo (SLVM) FY2023 results: revenue $3.7 billion, up 2.6% on the year

Sylvamo Corp. (SLVM) reported revenue of $3.7 billion for fiscal 2023, the year ended 31 December 2023, up 2.6% on the year before. Net income was $253 million, up 114.4%, and diluted earnings per share $5.93. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$3.7 billion

+2.6% on the year

FY2019FY2023

Operating margin

11.9%

15.2% a year earlier

FY2019FY2023

Net income

$253 million

+114.4% on the year

FY2019FY2023

Diluted EPS

$5.93

+122.9% on the year

FY2019FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,721	3,628	2,828	+2.6%
Cost of revenue	2,809	2,619	2,143	+7.3%
Gross profit	912	1,009	685	-9.6%
Gross margin	24.5%	27.8%	24.2%
Selling, general and administrative	343	325	207	+5.5%
Operating income	441	553	n/a	-20.3%
Operating margin	11.9%	15.2%	n/a
Interest expense	64.0	80.0	32.0	-20.0%
Pre-tax income	369	467	328	-21.0%
Income tax	116	131	101	-11.5%
Effective tax rate	31.4%	28.1%	30.8%
Net income	253	118	331	+114.4%
Net margin	6.8%	3.3%	11.7%
Diluted EPS	$5.93	$2.66	$7.53	+122.9%

$ million except per share.

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

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	504	438	549	+15.1%
Capital expenditure	210	149	69.0	+40.9%
Free cash flow	294	289	480	+1.7%
Free cash flow margin	7.9%	8.0%	17.0%
Cash from investing	-377	180	127
Cash from financing	-219	-470	-589
Depreciation and amortisation	143	125	126	+14.4%
Share-based compensation	23.0	20.0	14.0	+15.0%
Buybacks	70.0	80.0	0.0	-12.5%
Dividends paid	57.0	10.0	0.0	+470.0%
Dividend per share	$1.40	$0.47	n/a	+194.7%
Diluted shares, weighted	43m	44m	44m	-3.8%
Shares outstanding at period end	41m	43m	44m	-3.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	901	678	182	+32.9%
Debt	959	1,032	1,500	-7.1%
Operating lease liabilities	46.0	28.0	25.0	+64.3%
Finance lease liabilities	14.0	14.0	17.0	0.0%
Other liabilities	952	958	873	-0.6%
Total liabilities and equity	2,872	2,710	2,597	+6.0%
Goodwill	139	128	122	+8.6%
Intangible assets	6.0	7.0	9.0	-14.3%
Investments	109	80.0	64.0	+36.2%
Cash and equivalents	280	360	159	-22.2%
Receivables	404	430	391	-6.0%
Inventory	404	364	279	+11.0%
Other assets	1,530	1,341	1,573	+14.1%
Total assets	2,872	2,710	2,597	+6.0%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.