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California Resources (CRC) Q3 FY2023 earnings: revenue $460 million, down 59.1% on the year

California Resources Corp. (CRC) reported revenue of $460 million for Q3 FY2023, the quarter ended 30 September 2023, down 59.1% on the same quarter a year earlier. Net income was -$22 million, and diluted earnings per share $-0.32. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$460 milliondown 59.1%
Net income-$22 million
Diluted EPS$-0.32
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue460n/an/an/a
Selling, general and administrative65.0n/an/an/a
Operating income-15.0n/an/an/a
Operating margin-3.3%n/an/a
Pre-tax income-30.0n/an/an/a
Income tax-8.0n/an/an/a
Net income-22.0n/an/an/a
Net margin-4.8%n/an/a
Diluted EPS-$0.32n/an/an/a
$ 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 and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow104n/an/an/a
Capital expenditure33.0n/an/an/a
Free cash flow71.0n/an/an/a
Free cash flow margin15.4%n/an/a
Cash from investing-28.0n/an/an/a
Cash from financing-45.0n/an/an/a
Depreciation and amortisation56.0n/an/an/a
Buybacks20.0n/an/an/a
Dividends paid19.0n/an/an/a
Dividend per share$0.28n/an/an/a
Diluted shares, weighted69mn/an/an/a
Shares outstanding at period end69mn/an/an/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

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity2,050n/an/an/a
Debt589n/an/an/a
Operating lease liabilities53.0n/an/an/a
Other liabilities1,260n/an/an/a
Total liabilities and equity3,952n/an/an/a
Cash and equivalents479n/an/an/a
Receivables243n/an/an/a
Inventory71.0n/an/an/a
Other assets3,159n/an/an/a
Total assets3,952n/an/an/a

Questions

What was California Resources' revenue in Q3 FY2023?

California Resources (CRC) reported revenue of $460 million for Q3 FY2023, the quarter ended 30 September 2023, down 59.1% on the same quarter a year earlier.

How much did California Resources earn in Q3 FY2023?

Net loss for Q3 FY2023 was $22 million, and the diluted loss per share $0.32.

When did California Resources report Q3 FY2023 results?

California Resources filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 2 November 2023.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue4607264545141,3538779129788559241191,297
SG&A65.066.057.063.010695.072.079.087.095.010697.0
Operating income-15.0283-4.038.051868.018626798.047.0-711511
Operating margin-3%39%-1%7%38%8%20%27%11%5%-597%39%
Interest expensen/an/a13.017.029.0n/a27.025.025.0n/a29.028.0
Pre-tax income-30.0267-19.011.048341.016224275.023.0-760458
Tax raten/a30%n/a27%29%20%29%29%15%48%n/a-12%
Net income-22.0188-10.08.034533.011517264.012.0-711514
Net margin-5%26%-2%2%25%4%13%18%7%1%-597%40%
Diluted EPS-$0.32$2.60-$0.14$0.11$3.78$0.36$1.26$1.92$0.76$0.21-$8.02$5.76
Operating cash flow10413187.097.022020618616527923599.0263
Capital expenditure33.066.054.034.079.088.055.056.091.0120131149
Free cash flow71.065.033.063.0141118131109188115-32.0114
Buybacks20.00.058.035.042.057.010121734.025.010.00.0
Dividends paid19.022.021.022.034.036.035.035.032.034.036.036.0
Shares outstanding69m69m69m68m89m91m89m84m84m89m89m89m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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 diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. 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-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0001609253-23-000081: the filing on EDGAR. All of California Resources Corp.'s filings: EDGAR company page.

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