Core Natural Resources (CNR) Q4 FY2021 earnings: revenue $481 million, up 48.1% on the year

Core Natural Resources, Inc. (CNR) reported revenue of $481 million for Q4 FY2021, the quarter ended 31 December 2021, up 48.1% on the same quarter a year earlier. Net income was $117 million, up 796.6% on the year, and diluted earnings per share $3.39. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$481 million

+48.1% on the year · +222.5% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

33.8%

5.7% a year earlier

Q1 FY2020Q4 FY2021

Net income

$117 million

+796.6% on the year

Q1 FY2020Q4 FY2021

Diluted EPS

$3.39

+564.7% on the year

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	481	149	325	+222.5%	+48.1%
Selling, general and administrative	20.1	n/a	n/a
Operating income	163	-154	18.6		+775.9%
Operating margin	33.8%	-103.4%	5.7%
Interest expense	15.8	n/a	n/a
Pre-tax income	163	n/a	n/a
Income tax	45.3	n/a	n/a
Effective tax rate	27.8%	n/a	n/a
Net income	117	-114	13.1		+796.6%
Net margin	24.4%	n/a	n/a
Diluted EPS	$3.39	-$3.30	$0.51		+564.7%

$ 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

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	52.4	n/a	n/a
Capital expenditure	29.4	n/a	n/a
Free cash flow	23.0	n/a	n/a
Free cash flow margin	4.8%	n/a	n/a
Cash from investing	-35.8	n/a	n/a
Cash from financing	-30.8	n/a	n/a
Depreciation and amortisation	56.5	56.0	54.7	+1.0%	+3.3%
Share-based compensation	2.0	n/a	n/a
Dividends paid	0.0	n/a	n/a
Diluted shares, weighted	35m	34m	26m	+2.6%	+35.8%
Shares outstanding at period end	34m	34m	34m	0.0%	+1.3%

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

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	673	485	554	+38.8%	+21.6%
Debt	605	673	657	-10.2%	-8.0%
Operating lease liabilities	15.3	n/a	n/a
Finance lease liabilities	26.6	n/a	n/a
Other liabilities	1,254	n/a	n/a
Total liabilities and equity	2,574	n/a	n/a
Fixed assets	1,979	n/a	n/a
Cash and equivalents	150	162	50.9	-7.5%	+194.8%
Receivables	104	n/a	n/a
Inventory	62.9	n/a	n/a
Other assets	278	n/a	n/a
Total assets	2,574	n/a	n/a

Questions

What was Core Natural Resources' revenue in Q4 FY2021?

Core Natural Resources (CNR) reported revenue of $481 million for Q4 FY2021, the quarter ended 31 December 2021, up 48.1% on the same quarter a year earlier.

How much did Core Natural Resources earn in Q4 FY2021?

Net income for Q4 FY2021 was $117 million, up 796.6% on the year, and diluted earnings per share $3.39.

When did Core Natural Resources report Q4 FY2021 results?

Core Natural Resources filed its 10-K for the year that ended with the quarter on 11 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	481	359	545	562	637	689	661	570	649	565	501	575	595	1,017	1,102	1,003	1,042	1,084	1,141	1,145
Cost of revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	354	344	354	379	870	913	827	934	879	889	947
Gross profit	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	211	157	220	216	147	190	175	108	205	252	198
Gross margin	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	37%	31%	38%	36%	14%	17%	17%	10%	19%	22%	17%
SG&A	20.1	36.6	27.9	30.4	21.8	17.3	25.1	37.3	23.7	20.6	20.9	36.2	37.6	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income	163	-8.0	150	192	235	272	205	122	179	124	71.9	117	37.9	-53.9	-19.3	-11.8	-97.1	32.7	156	6.7
Operating margin	34%	-2%	27%	34%	37%	39%	31%	21%	28%	22%	14%	20%	6%	-5%	-2%	-1%	-9%	3%	14%	1%
Interest expense	15.8	14.4	13.1	12.0	13.2	10.3	7.2	6.6	5.2	5.4	5.0	4.7	7.1	1.7	3.6	10.6	11.4	11.2	11.6	10.3
Pre-tax income	163	-8.0	150	192	235	272	205	122	179	119	67.1	113	31.7	-73.5	-29.4	-21.4	-109	20.6	143	-3.6
Tax rate	28%	n/a	16%	21%	18%	15%	18%	17%	12%	14%	13%	15%	3%	n/a	n/a	n/a	n/a	-2%	12%	n/a
Net income	117	-4.5	126	152	193	230	168	101	157	102	58.1	95.6	30.8	-69.3	-36.6	31.6	-79.0	21.0	126	9.0
Net margin	24%	-1%	23%	27%	30%	33%	25%	18%	24%	18%	12%	17%	5%	-7%	-3%	3%	-8%	2%	11%	1%
Diluted EPS	$3.39	-$0.13	$3.54	$4.25	$5.41	$6.55	$4.94	$3.11	$5.19	$3.39	$1.96	$3.22	$1.04	-$1.38	-$0.70	$0.61	-$1.54	$0.41	$2.51	$0.18
Operating cash flow	52.4	148	198	153	151	249	228	163	219	77.5	116	161	121	-110	220	87.9	107	119	250	175
Capital expenditure	29.4	36.6	39.4	58.4	37.0	33.8	42.3	41.7	50.0	42.4	55.4	39.4	40.8	64.8	89.2	49.3	81.3	73.1	102	94.4
Free cash flow	23.0	112	159	94.7	114	215	185	121	169	35.1	60.9	122	80.5	-174	131	38.6	26.0	46.3	149	80.1
Buybacks	n/a	0.0	0.0	0.0	0.0	75.1	65.4	137	122	57.9	13.0	0.0	0.0	101	81.9	19.4	21.7	41.9	63.0	84.7
Dividends paid	0.0	0.0	0.0	34.9	36.6	38.3	37.2	0.0	0.0	0.6	0.5	7.4	7.4	10.7	5.2	5.1	5.2	5.1	5.0	4.9
Shares outstanding	34m	35m	35m	35m	35m	34m	33m	31m	30m	29m	29m	29m	29m	53m	51m	51m	51m	51m	50m	49m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	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 its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-K for the period ended 31 December 2021, filed 11 February 2022: the filing.