California Resources (CRC) FY2018 results: revenue $3.1 billion, up 52.7% on the year
California Resources Corp. (CRC) reported revenue of $3.1 billion for fiscal 2018, the year ended 31 December 2018, up 52.7% on the year before. Net income was $328 million, and diluted earnings per share $6.77. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$3.1 billion
+52.7% on the year
FY2012FY2018
Operating margin
25.1%
3.6% a year earlier
FY2012FY2018
Net income
$328 million
FY2012FY2018
Diluted EPS
$6.77
FY2012FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
3,064
2,006
1,547
+52.7%
Cost of revenue
2,295
1,933
n/a
+18.7%
Gross profit
769
73.0
n/a
+953.4%
Gross margin
25.1%
3.6%
n/a
Selling, general and administrative
299
249
235
+20.1%
Operating income
769
73.0
-293
+953.4%
Operating margin
25.1%
3.6%
-18.9%
Pre-tax income
429
-262
201
Income tax
0.0
0.0
-78.0
Effective tax rate
0.0%
n/a
-38.8%
Net income
328
-266
279
Net margin
10.7%
-13.3%
18.0%
Diluted EPS
$6.77
-$6.26
$6.76
$ million except per share. Read moreFree 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
461
248
130
+85.9%
Capital expenditure
690
371
75.0
+86.0%
Free cash flow
-229
-123
55.0
Free cash flow margin
-7.5%
-6.1%
3.6%
Cash from investing
-1,156
-313
-61.0
Cash from financing
692
73.0
-69.0
+847.9%
Depreciation and amortisation
502
544
559
-7.7%
Share-based compensation
45.0
29.0
30.0
+55.2%
Dividends paid
0.0
0.0
0.0
Diluted shares, weighted
47m
42m
40m
+11.5%
Shares outstanding at period end
49m
43m
43m
+13.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
-361
-814
-557
Non-controlling interest
114
94.0
n/a
+21.3%
Redeemable equity
756
n/a
n/a
Debt
5,251
5,306
5,268
-1.0%
Other liabilities
1,398
1,621
1,643
-13.8%
Total liabilities and equity
7,158
6,207
6,354
+15.3%
Fixed assets
6,455
5,696
5,885
+13.3%
Cash and equivalents
17.0
20.0
12.0
-15.0%
Receivables
299
277
232
+7.9%
Inventory
69.0
56.0
58.0
+23.2%
Other assets
318
158
167
+101.3%
Total assets
7,158
6,207
6,354
+15.3%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.