California Resources (CRC) FY2019 results: revenue $2.6 billion, down 14.0% on the year
California Resources Corp. (CRC) reported revenue of $2.6 billion for fiscal 2019, the year ended 31 December 2019, down 14.0% on the year before. Net income was -$28 million, and diluted earnings per share $-0.57. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$2.6 billion
-14.0% on the year
FY2012FY2019
Operating margin
16.3%
25.1% a year earlier
FY2012FY2019
Net income
-$28 million
FY2012FY2019
Diluted EPS
-$0.57
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,634
3,064
2,006
-14.0%
Cost of revenue
2,205
2,295
1,933
-3.9%
Gross profit
429
769
73.0
-44.2%
Gross margin
16.3%
25.1%
3.6%
Selling, general and administrative
290
299
249
-3.0%
Operating income
429
769
73.0
-44.2%
Operating margin
16.3%
25.1%
3.6%
Pre-tax income
100
429
-262
-76.7%
Income tax
1.0
0.0
0.0
Effective tax rate
1.0%
0.0%
n/a
Net income
-28.0
328
-266
Net margin
-1.1%
10.7%
-13.3%
Diluted EPS
-$0.57
$6.77
-$6.26
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
676
461
248
+46.6%
Capital expenditure
455
690
371
-34.1%
Free cash flow
221
-229
-123
Free cash flow margin
8.4%
-7.5%
-6.1%
Cash from investing
-394
-1,156
-313
Cash from financing
-282
692
73.0
Depreciation and amortisation
471
502
544
-6.2%
Share-based compensation
32.0
45.0
29.0
-28.9%
Buybacks
0.0
n/a
n/a
Dividends paid
0.0
0.0
0.0
Diluted shares, weighted
49m
47m
42m
+3.4%
Shares outstanding at period end
49m
49m
43m
+1.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-389
-361
-814
Non-controlling interest
93.0
114
94.0
-18.4%
Redeemable equity
802
756
n/a
+6.1%
Debt
5,123
5,251
5,306
-2.4%
Operating lease liabilities
37.0
n/a
n/a
Finance lease liabilities
1.0
n/a
n/a
Other liabilities
1,291
1,398
1,621
-7.7%
Total liabilities and equity
6,958
7,158
6,207
-2.8%
Fixed assets
6,352
6,455
5,696
-1.6%
Cash and equivalents
17.0
17.0
20.0
0.0%
Receivables
277
299
277
-7.4%
Inventory
67.0
69.0
56.0
-2.9%
Other assets
245
318
158
-23.0%
Total assets
6,958
7,158
6,207
-2.8%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.