In this study, we model and analyse a production line with asynchronous part transfers, processing time variability, and cyclic scheduling in the same framework. We consider a production line with multiple parts and finite interstation buffers. The line produces a batch of n jobs repetitively using the same order of jobs in every batch. The processing time of a job on a station is a random variable and is assumed to have a phase-type distribution. Parts are transferred between the stations in an asynchronous manner. We first present a continuous time Markov chain model to analyse the performance of this system for a given sequence. A state-space representation of the model and the associated rate matrix are generated automatically. The steady state probabilities of the Markov chain are determined by using a recursive method that exploits the special structure of the rate matrix. The cycle time, the production rate, and the expected Work-In-Progress (WIP) inventory are used as the main performance measures. We then present an approximate procedure to determine the cyclic sequence that minimises the cycle time. We then investigate the effects of operating decisions, system structure, processing time variability, and their interaction in the same framework. Numerical results for the performance evaluation and scheduling of cyclic production lines are also presented.