CF Industries Holdings (CF) FY2020 results: revenue $4.1 billion, down 10.2% on the year
CF Industries Holdings, Inc. (CF) reported revenue of $4.1 billion for fiscal 2020, the year ended 31 December 2020, down 10.2% on the year before. Net income was $317 million, down 35.7%, and diluted earnings per share $1.47. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$4.1 billion
-10.2% on the year
FY2013FY2020
Operating margin
15.1%
21.9% a year earlier
FY2013FY2020
Net income
$317 million
-35.7% on the year
FY2013FY2020
Diluted EPS
$1.47
-34.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
4,124
4,590
4,429
-10.2%
Cost of revenue
3,323
3,416
3,512
-2.7%
Gross profit
801
1,174
917
-31.8%
Gross margin
19.4%
25.6%
20.7%
Selling, general and administrative
206
239
214
-13.8%
Operating income
623
1,003
766
-37.9%
Operating margin
15.1%
21.9%
17.3%
Interest expense
179
237
241
-24.5%
Pre-tax income
463
772
547
-40.0%
Income tax
31.0
126
119
-75.4%
Effective tax rate
6.7%
16.3%
21.8%
Net income
317
493
290
-35.7%
Net margin
7.7%
10.7%
6.5%
Diluted EPS
$1.47
$2.23
$1.24
-34.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,231
1,505
1,497
-18.2%
Capital expenditure
309
404
422
-23.5%
Free cash flow
922
1,101
1,075
-16.3%
Free cash flow margin
22.4%
24.0%
24.3%
Cash from investing
-299
-319
-375
Cash from financing
-542
-1,583
-1,270
Depreciation and amortisation
892
875
888
+1.9%
Share-based compensation
25.0
28.0
22.0
-10.7%
Buybacks
100
370
467
-73.0%
Dividends paid
258
265
280
-2.6%
Dividend per share
$1.20
$1.20
$1.20
0.0%
Diluted shares, weighted
215m
222m
234m
-2.9%
Shares outstanding at period end
214m
216m
223m
-1.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,922
2,897
2,958
+0.9%
Non-controlling interest
2,681
2,740
2,773
-2.2%
Short-term borrowings
n/a
0.0
n/a
Debt
3,961
3,957
4,698
+0.1%
Operating lease liabilities
174
193
0.0
-9.8%
Other liabilities
2,285
2,385
2,232
-4.2%
Total liabilities and equity
12,023
12,172
12,661
-1.2%
Fixed assets
7,632
8,170
8,623
-6.6%
Goodwill
2,374
2,365
2,353
+0.4%
Intangible assets
104
110
115
-5.5%
Cash and equivalents
683
287
682
+138.0%
Receivables
265
242
235
+9.5%
Inventory
287
351
309
-18.2%
Other assets
678
647
344
+4.8%
Total assets
12,023
12,172
12,661
-1.2%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.