Core Natural Resources (CNR) FY2021 results: revenue $1.3 billion, up 23.2% on the year

Core Natural Resources, Inc. (CNR) reported revenue of $1.3 billion for fiscal 2021, the year ended 31 December 2021, up 23.2% on the year before. Net income was $34 million, and diluted earnings per share $0.96. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$1.3 billion

+23.2% on the year

FY2015FY2021

Operating margin

2.8%

-0.9% a year earlier

FY2015FY2021

Net income

$34 million

FY2015FY2021

Diluted EPS

$0.96

FY2015FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,259	1,022	1,431	+23.2%
Selling, general and administrative	87.2	72.1	67.1	+20.9%
Operating income	35.4	-9.2	98.1
Operating margin	2.8%	-0.9%	6.9%
Interest expense	63.3	61.2	66.5	+3.5%
Pre-tax income	35.4	-9.2	98.1
Income tax	1.3	4.0	4.5	-67.3%
Effective tax rate	3.7%	n/a	4.6%
Net income	34.1	-9.8	76.0
Net margin	2.7%	-1.0%	5.3%
Diluted EPS	$0.96	-$0.37	$2.81

$ million except per share.

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	FY2021	FY2020	FY2019	On the year
Operating cash flow	306	129	245	+136.3%
Capital expenditure	133	86.0	170	+54.4%
Free cash flow	173	43.3	74.8	+298.9%
Free cash flow margin	13.7%	4.2%	5.2%
Cash from investing	-127	-76.3	-173
Cash from financing	-30.9	-82.4	-257
Depreciation and amortisation	225	211	207	+6.6%
Share-based compensation	6.6	11.6	12.8	-42.7%
Buybacks	0.0	0.0	32.7
Dividends paid	0.0	0.0	n/a
Dividend per share	$0.00	$0.00	n/a
Diluted shares, weighted	35m	26m	27m	+35.8%
Shares outstanding at period end	34m	34m	26m	+1.3%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	673	554	435	+21.6%
Non-controlling interest	n/a	0.0	137
Debt	605	657	686	-8.0%
Operating lease liabilities	15.3	35.7	55.4	-57.2%
Finance lease liabilities	26.6	36.2	9.0	-26.5%
Other liabilities	1,254	1,241	1,371	+1.1%
Total liabilities and equity	2,574	2,523	2,694	+2.0%
Fixed assets	1,979	2,049	2,092	-3.4%
Cash and equivalents	150	50.9	80.3	+194.8%
Receivables	104	118	132	-12.0%
Inventory	62.9	56.2	54.1	+11.9%
Other assets	278	249	336	+11.7%
Total assets	2,574	2,523	2,694	+2.0%

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