Chemed (CHE) Q4 FY2023 earnings: revenue $586 million, up 7.2% on the year

Chemed Corp. (CHE) reported revenue of $586 million for Q4 FY2023, the quarter ended 31 December 2023, up 7.2% on the same quarter a year earlier. Net income was $90 million, up 45.0% on the year, and diluted earnings per share $5.90. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$586 millionup 7.2%

Net income$90 millionup 45.0%

Diluted EPS$5.90

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	586	565	n/a	n/a
Cost of revenue	358	362	n/a	n/a
Gross profit	228	202	n/a	n/a
Gross margin	38.8%	35.8%	n/a
Selling, general and administrative	100	99.6	n/a	n/a
Operating income	111	86.8	n/a	n/a
Operating margin	19.0%	15.4%	n/a
Interest expense	0.3	0.4	n/a	n/a
Pre-tax income	116	93.3	n/a	n/a
Income tax	25.5	18.3	n/a	n/a
Effective tax rate	22.1%	19.6%	n/a
Net income	90.1	75.0	n/a	n/a
Net margin	15.4%	13.3%	n/a
Diluted EPS	$5.90	$4.93	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	109	28.9	n/a	n/a
Capital expenditure	11.8	11.7	n/a	n/a
Free cash flow	96.8	17.3	n/a	n/a
Free cash flow margin	16.5%	3.1%	n/a
Cash from investing	-11.7	-15.4	n/a	n/a
Cash from financing	-6.1	-0.3	n/a	n/a
Depreciation and amortisation	15.5	15.4	n/a	n/a
Buybacks	n/a	14.3	n/a	n/a
Dividends paid	6.1	6.0	n/a	n/a
Dividend per share	n/a	$0.40	n/a	n/a
Diluted shares, weighted	15m	15m	n/a	n/a
Shares outstanding at period end	15m	15m	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,108	1,019	n/a	n/a
Debt	0.0	n/a	n/a	n/a
Operating lease liabilities	101	99.3	n/a	n/a
Other liabilities	459	443	n/a	n/a
Total liabilities and equity	1,668	1,562	n/a	n/a
Fixed assets	204	205	n/a	n/a
Goodwill	585	585	n/a	n/a
Intangible assets	90.3	92.8	n/a	n/a
Cash and equivalents	264	173	n/a	n/a
Receivables	182	168	n/a	n/a
Inventory	12.0	12.5	n/a	n/a
Other assets	332	325	n/a	n/a
Total assets	1,668	1,562	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	565	586	589	596	606	640	647	619	625	639	658	673
Cost of revenue	362	358	385	390	396	406	431	434	428	414	442	452
Gross profit	202	228	204	206	210	234	216	185	197	225	216	221
Gross margin	36%	39%	35%	35%	35%	37%	33%	30%	32%	35%	33%	33%
SG&A	99.6	100	116	102	102	104	106	100	106	106	114	115
Operating income	86.8	111	72.3	88.1	92.2	114	94.8	68.1	74.8	101	84.6	89.2
Operating margin	15%	19%	12%	15%	15%	18%	15%	11%	12%	16%	13%	13%
Interest expense	0.4	0.3	0.4	0.4	0.4	0.5	0.3	0.4	0.5	0.5	0.5	1.8
Pre-tax income	93.3	116	84.5	93.8	101	120	95.7	71.1	83.5	105	88.8	91.3
Tax rate	20%	22%	23%	24%	25%	25%	25%	26%	23%	27%	25%	26%
Net income	75.0	90.1	65.0	70.9	75.8	90.3	71.8	52.5	64.2	76.8	66.3	67.7
Net margin	13%	15%	11%	12%	13%	14%	11%	8%	10%	12%	10%	10%
Diluted EPS	$4.93	$5.90	$4.24	$4.65	$5.00	$6.02	$4.86	$3.57	$4.46	$5.48	$4.84	$5.13
Operating cash flow	28.9	109	84.5	77.5	90.5	165	32.7	139	83.4	134	88.2	84.8
Capital expenditure	11.7	11.8	12.2	96.4	18.6	12.8	13.3	15.8	17.5	16.3	17.1	15.5
Free cash flow	17.3	96.8	72.4	-18.9	71.9	152	19.5	123	65.9	117	71.1	69.3
Buybacks	14.3	n/a	38.5	55.8	57.8	209	33.2	42.9	181	175	190	97.5
Dividends paid	6.0	6.1	6.0	6.1	7.5	7.5	7.3	7.2	8.7	8.5	8.2	7.9
Shares outstanding	15m	15m	15m	15m	15m	15m	15m	15m	14m	14m	13m	13m
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-K for the period ended 31 December 2023, filed 29 February 2024, accession 0001562762-24-000045: the filing on EDGAR. All of Chemed Corp.'s filings: EDGAR company page.

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