CF Industries Holdings (CF) FY2018 results: revenue $4.4 billion, up 7.2% on the year
CF Industries Holdings, Inc. (CF) reported revenue of $4.4 billion for fiscal 2018, the year ended 31 December 2018, up 7.2% on the year before. Net income was $290 million, down 19.0%, and diluted earnings per share $1.24. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$4.4 billion
+7.2% on the year
FY2011FY2018
Operating margin
17.3%
5.7% a year earlier
FY2011FY2018
Net income
$290 million
-19.0% on the year
FY2011FY2018
Diluted EPS
$1.24
-19.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
4,429
4,130
3,685
+7.2%
Cost of revenue
3,512
3,696
2,842
-5.0%
Gross profit
917
434
843
+111.3%
Gross margin
20.7%
10.5%
22.9%
Selling, general and administrative
214
191
173
+12.0%
Operating income
766
234
138
+227.4%
Operating margin
17.3%
5.7%
3.7%
Interest expense
241
315
200
-23.5%
Pre-tax income
547
-125
-226
Income tax
119
-575
-68.0
Effective tax rate
21.8%
n/a
n/a
Net income
290
358
-277
-19.0%
Net margin
6.5%
8.7%
-7.5%
Diluted EPS
$1.24
$1.53
-$1.19
-19.0%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,497
1,631
617
-8.2%
Capital expenditure
422
473
2,211
-10.8%
Free cash flow
1,075
1,158
-1,594
-7.2%
Free cash flow margin
24.3%
28.0%
-43.3%
Cash from investing
-375
-413
-2,195
Cash from financing
-1,270
-1,564
2,439
Depreciation and amortisation
888
883
678
+0.6%
Share-based compensation
22.0
17.0
19.0
+29.4%
Buybacks
467
0.0
0.0
Dividends paid
280
280
280
0.0%
Dividend per share
$1.20
$1.20
$1.20
0.0%
Diluted shares, weighted
234m
234m
233m
-0.0%
Shares outstanding at period end
223m
233m
233m
-4.5%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,958
3,579
3,348
-17.4%
Non-controlling interest
2,773
3,105
3,144
-10.7%
Debt
4,698
4,692
5,778
+0.1%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
2,232
2,087
2,861
+6.9%
Total liabilities and equity
12,661
13,463
15,131
-6.0%
Fixed assets
8,623
9,175
9,652
-6.0%
Goodwill
2,353
2,371
2,345
-0.8%
Intangible assets
115
129
128
-10.9%
Cash and equivalents
682
835
1,169
-18.3%
Receivables
235
307
236
-23.5%
Inventory
309
275
339
+12.4%
Other assets
344
371
1,262
-7.3%
Total assets
12,661
13,463
15,131
-6.0%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.