CF Industries Holdings (CF) FY2019 results: revenue $4.6 billion, up 3.6% on the year
CF Industries Holdings, Inc. (CF) reported revenue of $4.6 billion for fiscal 2019, the year ended 31 December 2019, up 3.6% on the year before. Net income was $493 million, up 70.0%, and diluted earnings per share $2.23. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$4.6 billion
+3.6% on the year
FY2012FY2019
Operating margin
21.9%
17.3% a year earlier
FY2012FY2019
Net income
$493 million
+70.0% on the year
FY2012FY2019
Diluted EPS
$2.23
+79.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
4,590
4,429
4,130
+3.6%
Cost of revenue
3,416
3,512
3,696
-2.7%
Gross profit
1,174
917
434
+28.0%
Gross margin
25.6%
20.7%
10.5%
Selling, general and administrative
239
214
191
+11.7%
Operating income
1,003
766
234
+30.9%
Operating margin
21.9%
17.3%
5.7%
Interest expense
237
241
315
-1.7%
Pre-tax income
772
547
-125
+41.1%
Income tax
126
119
-575
+5.9%
Effective tax rate
16.3%
21.8%
n/a
Net income
493
290
358
+70.0%
Net margin
10.7%
6.5%
8.7%
Diluted EPS
$2.23
$1.24
$1.53
+79.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,505
1,497
1,631
+0.5%
Capital expenditure
404
422
473
-4.3%
Free cash flow
1,101
1,075
1,158
+2.4%
Free cash flow margin
24.0%
24.3%
28.0%
Cash from investing
-319
-375
-413
Cash from financing
-1,583
-1,270
-1,564
Depreciation and amortisation
875
888
883
-1.5%
Share-based compensation
28.0
22.0
17.0
+27.3%
Buybacks
370
467
0.0
-20.8%
Dividends paid
265
280
280
-5.4%
Dividend per share
$1.20
$1.20
$1.20
0.0%
Diluted shares, weighted
222m
234m
234m
-5.2%
Shares outstanding at period end
216m
223m
233m
-3.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,897
2,958
3,579
-2.1%
Non-controlling interest
2,740
2,773
3,105
-1.2%
Short-term borrowings
0.0
n/a
n/a
Debt
3,957
4,698
4,692
-15.8%
Operating lease liabilities
193
0.0
n/a
Other liabilities
2,385
2,232
2,087
+6.9%
Total liabilities and equity
12,172
12,661
13,463
-3.9%
Fixed assets
8,170
8,623
9,175
-5.3%
Goodwill
2,365
2,353
2,371
+0.5%
Intangible assets
110
115
129
-4.3%
Cash and equivalents
287
682
835
-57.9%
Receivables
242
235
307
+3.0%
Inventory
351
309
275
+13.6%
Other assets
647
344
371
+88.1%
Total assets
12,172
12,661
13,463
-3.9%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.