Cullen/Frost Bankers (CFR) Q1 FY2024 earnings: revenue $501 million, down 0.7% on the year

Cullen/Frost Bankers, Inc. (CFR) reported revenue of $501 million for Q1 FY2024, the quarter ended 31 March 2024, down 0.7% on the same quarter a year earlier. Net income was $136 million, down 23.6% on the year, and diluted earnings per share $2.06. The figures are the company's own, from the 10-Q it filed with the SEC on 25 April 2024.

Revenue$501 milliondown 0.7%

Net income$136 milliondown 23.6%

Diluted EPS$2.06

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	501	502	n/a	n/a
Interest expense	195	191	n/a	n/a
Pre-tax income	162	121	n/a	n/a
Income tax	25.9	18.1	n/a	n/a
Effective tax rate	16.0%	15.0%	n/a
Net income	136	103	n/a	n/a
Net margin	27.1%	20.4%	n/a
Diluted EPS	$2.06	$1.55	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	488	-83.0	n/a	n/a
Capital expenditure	38.2	40.6	n/a	n/a
Free cash flow	450	-124	n/a	n/a
Cash from investing	621	-112	n/a	n/a
Cash from financing	-1,332	1,264	n/a	n/a
Depreciation and amortisation	20.2	20.2	n/a	n/a
Share-based compensation	3.7	11.9	n/a	n/a
Buybacks	2.1	2.2	n/a	n/a
Dividends paid	59.8	59.8	n/a	n/a
Dividend per share	$0.92	n/a	n/a	n/a
Diluted shares, weighted	64m	64m	n/a	n/a
Shares outstanding at period end	64m	64m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	3,638	3,716	n/a	n/a
Deposits	40,806	41,921	n/a	n/a
Other liabilities	5,061	5,208	n/a	n/a
Total liabilities and equity	49,505	50,845	n/a	n/a
Fixed assets	1,211	1,190	n/a	n/a
Securities held for sale or to maturity	18,783	20,198	n/a	n/a
Loans	19,138	18,578	n/a	n/a
Trading assets	39.6	31.7	n/a	n/a
Cash and equivalents	8,465	8,687	n/a	n/a
Other assets	1,870	2,160	n/a	n/a
Total assets	49,505	50,845	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	491	502	501	508	518	536	540	547	567	581	575	576
Interest expense	176	191	195	200	204	n/a	169	172	178	n/a	139	147
Pre-tax income	187	121	162	175	175	184	179	187	208	198	202	205
Tax rate	17%	15%	16%	17%	16%	16%	16%	16%	16%	16%	16%	16%
Net income	156	103	136	145	147	155	151	157	174	166	171	172
Net margin	32%	20%	27%	29%	28%	29%	28%	29%	31%	29%	30%	30%
Diluted EPS	$2.38	$1.55	$2.06	$2.21	$2.24	$2.36	$2.30	$2.39	$2.67	$2.56	$2.65	$2.70
Operating cash flow	239	-83.0	488	130	307	64.3	-296	141	249	181	237	52.9
Capital expenditure	32.9	40.6	38.2	26.6	25.3	37.6	41.0	26.3	36.9	42.5	38.6	60.1
Free cash flow	206	-124	450	103	282	26.7	-337	115	212	138	199	-7.1
Buybacks	11.4	2.2	2.1	30.2	20.0	8.6	2.6	0.1	69.8	85.4	72.3	90.9
Dividends paid	59.5	59.8	59.8	59.8	61.3	61.5	61.7	64.9	64.7	64.1	64.0	64.8
Shares outstanding	64m	64m	64m	64m	64m	64m	64m	64m	64m	63m	63m	62m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 25 April 2024, accession 0000039263-24-000039: the filing on EDGAR. All of Cullen/Frost Bankers, Inc.'s filings: EDGAR company page.

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