Comstock Resources (CRK) Q4 FY2023 earnings: revenue $411 million, down 57.5% on the year

Comstock Resources Inc. (CRK) reported revenue of $411 million for Q4 FY2023, the quarter ended 31 December 2023, down 57.5% on the same quarter a year earlier. Net income was $108 million, down 79.3% on the year, and diluted earnings per share $0.39. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$411 milliondown 57.5%

Net income$108 milliondown 79.3%

Diluted EPS$0.39

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	411	377	n/a	n/a
Operating income	50.8	47.3	n/a	n/a
Operating margin	12.4%	12.5%	n/a
Interest expense	47.9	43.6	n/a	n/a
Pre-tax income	115	18.3	n/a	n/a
Income tax	6.2	3.6	n/a	n/a
Effective tax rate	5.4%	19.7%	n/a
Net income	108	14.7	n/a	n/a
Net margin	26.2%	3.9%	n/a
Diluted EPS	$0.39	$0.05	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	228	70.8	n/a	n/a
Capital expenditure	336	345	n/a	n/a
Free cash flow	-108	-274	n/a	n/a
Free cash flow margin	-26.3%	-72.8%	n/a
Cash from investing	-356	-351	n/a	n/a
Cash from financing	124	290	n/a	n/a
Depreciation and amortisation	186	148	n/a	n/a
Share-based compensation	2.9	2.7	n/a	n/a
Dividends paid	34.8	34.8	n/a	n/a
Dividend per share	n/a	$0.12	n/a	n/a
Diluted shares, weighted	277m	277m	n/a	n/a
Shares outstanding at period end	278m	278m	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	2,358	2,283	n/a	n/a
Non-controlling interest	24.8	n/a	n/a	n/a
Debt	2,640	2,503	n/a	n/a
Operating lease liabilities	47.7	95.4	n/a	n/a
Other liabilities	1,182	1,150	n/a	n/a
Total liabilities and equity	6,254	6,031	n/a	n/a
Fixed assets	5,385	5,220	n/a	n/a
Goodwill	336	336	n/a	n/a
Cash and equivalents	16.7	19.8	n/a	n/a
Receivables	167	157	n/a	n/a
Other assets	350	298	n/a	n/a
Total assets	6,254	6,031	n/a	n/a

Questions

What was Comstock Resources' revenue in Q4 FY2023?

Comstock Resources (CRK) reported revenue of $411 million for Q4 FY2023, the quarter ended 31 December 2023, down 57.5% on the same quarter a year earlier.

How much did Comstock Resources earn in Q4 FY2023?

Net income for Q4 FY2023 was $108 million, down 79.3% on the year, and diluted earnings per share $0.39.

When did Comstock Resources report Q4 FY2023 results?

Comstock Resources filed its 10-K for the year that ended with the quarter on 16 February 2024; the fourth quarter is the year less the first three.

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	377	411	336	247	304	367	513	470	450	787	587	353
Operating income	47.3	50.8	-12.8	-92.5	-61.3	-1.9	126	89.4	50.2	380	175	22.6
Operating margin	13%	12%	-4%	-37%	-20%	-1%	25%	19%	11%	48%	30%	6%
Interest expense	43.6	47.9	49.6	51.9	54.5	54.6	54.8	55.2	56.7	56.1	53.1	55.0
Pre-tax income	18.3	115	-22.8	-169	-40.4	-135	-259	272	137	358	124	12.2
Tax rate	20%	5%	n/a	n/a	n/a	n/a	n/a	52%	14%	20%	10%	-23%
Net income	14.7	108	-16.3	-126	-28.9	-58.1	-121	125	111	281	107	8.8
Net margin	4%	26%	-5%	-51%	-9%	-16%	-24%	27%	25%	36%	18%	2%
Diluted EPS	$0.05	$0.39	-$0.05	-$0.43	-$0.09	-$0.19	-$0.40	$0.44	$0.40	$0.97	$0.38	$0.03
Operating cash flow	70.8	228	172	83.6	98.2	267	175	348	153	224	272	170
Capital expenditure	345	336	351	237	229	280	298	344	342	365	416	432
Free cash flow	-274	-108	-180	-153	-131	-12.9	-123	3.2	-188	-141	-144	-262
Dividends paid	34.8	34.8	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	278m	278m	292m	292m	292m	292m	293m	293m	293m	293m	294m	294m
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. 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-K for the period ended 31 December 2023, filed 16 February 2024, accession 0000950170-24-016532: the filing on EDGAR. All of Comstock Resources Inc.'s filings: EDGAR company page.

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