CNX Resources (CNX) Q4 FY2023 earnings: revenue $969 million, down 40.8% on the year

CNX Resources Corp. (CNX) reported revenue of $969 million for Q4 FY2023, the quarter ended 31 December 2023, down 40.8% on the same quarter a year earlier. Net income was $514 million, down 56.2% on the year, and diluted earnings per share $2.79. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2024.

Revenue$969 milliondown 40.8%

Net income$514 milliondown 56.2%

Diluted EPS$2.79

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	969	351	n/a	n/a
Operating income	639	19.2	n/a	n/a
Operating margin	66.0%	5.5%	n/a
Interest expense	37.3	35.4	n/a	n/a
Income tax	125	-2.1	n/a	n/a
Net income	514	21.4	n/a	n/a
Net margin	53.1%	6.1%	n/a
Diluted EPS	$2.79	$0.12	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	161	206	n/a	n/a
Capital expenditure	108	206	n/a	n/a
Free cash flow	53.4	0.3	n/a	n/a
Free cash flow margin	5.5%	0.1%	n/a
Cash from investing	-99.7	-187	n/a	n/a
Cash from financing	-69.7	-33.6	n/a	n/a
Depreciation and amortisation	113	112	n/a	n/a
Share-based compensation	4.2	2.9	n/a	n/a
Buybacks	113	47.5	n/a	n/a
Dividend per share	n/a	$0.00	n/a	n/a
Diluted shares, weighted	192m	191m	n/a	n/a
Shares outstanding at period end	154m	160m	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	4,361	3,957	n/a	n/a
Debt	2,214	2,169	n/a	n/a
Operating lease liabilities	89.5	102	n/a	n/a
Finance lease liabilities	5.5	5.4	n/a	n/a
Other liabilities	1,956	2,259	n/a	n/a
Total liabilities and equity	8,627	8,493	n/a	n/a
Fixed assets	7,343	7,309	n/a	n/a
Goodwill	323	323	n/a	n/a
Intangible assets	70.4	72.1	n/a	n/a
Cash and equivalents	0.4	8.7	n/a	n/a
Receivables	116	75.9	n/a	n/a
Inventory	19.8	20.0	n/a	n/a
Other assets	754	684	n/a	n/a
Total assets	8,627	8,493	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	351	969	385	321	424	137	82.4	962	584	610	787	618
Operating income	19.2	639	6.3	-15.2	82.6	-194	-273	586	266	224	428	237
Operating margin	5%	66%	2%	-5%	19%	-142%	-331%	61%	46%	37%	54%	38%
Interest expense	35.4	37.3	37.4	38.6	37.9	36.6	41.6	44.0	43.0	42.0	40.5	39.0
Net income	21.4	514	6.9	-18.3	65.5	-145	-198	433	202	196	348	203
Net margin	6%	53%	2%	-6%	15%	-106%	-240%	45%	35%	32%	44%	33%
Diluted EPS	$0.12	$2.79	$0.04	-$0.12	$0.37	-$0.89	-$1.34	$2.53	$1.21	$1.58	$2.18	$1.32
Operating cash flow	206	161	185	192	170	269	216	282	234	297	278	280
Capital expenditure	206	108	168	152	115	105	131	114	75.5	174	170	142
Free cash flow	0.3	53.4	16.9	39.8	55.4	163	84.2	169	158	123	108	138
Buybacks	47.5	113	51.8	44.4	63.0	25.0	125	116	182	100	54.0	200
Shares outstanding	160m	154m	153m	152m	149m	149m	145m	142m	136m	143m	142m	149m
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. 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 8 February 2024, accession 0001070412-24-000015: the filing on EDGAR. All of CNX Resources Corp.'s filings: EDGAR company page.

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