CVR Energy (CVI) FY2014 results: revenue $9.1 billion, up 1.4% on the year
CVR Energy Inc. (CVI) reported revenue of $9.1 billion for fiscal 2014, the year ended 31 December 2014, up 1.4% on the year before. Net income was $174 million, down 53.1%, and diluted earnings per share $2.00. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2015.
Revenue
$9.1 billion
+1.4% on the year
FY2009FY2014
Operating margin
2.9%
7.9% a year earlier
FY2009FY2014
Net income
$174 million
-53.1% on the year
FY2009FY2014
Diluted EPS
$2.00
-53.2% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
9,110
8,986
8,567
+1.4%
Cost of revenue
8,729
n/a
n/a
Gross profit
380
n/a
n/a
Gross margin
4.2%
n/a
n/a
Selling, general and administrative
110
114
183
-3.3%
Operating income
264
710
1,035
-62.8%
Operating margin
2.9%
7.9%
12.1%
Interest expense
40.0
50.5
75.4
-20.8%
Pre-tax income
407
706
638
-42.3%
Income tax
97.7
184
226
-46.8%
Effective tax rate
24.0%
26.0%
35.3%
Net income
174
371
379
-53.1%
Net margin
1.9%
4.1%
4.4%
Diluted EPS
$2.00
$4.27
$4.33
-53.2%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
640
440
763
+45.5%
Capital expenditure
218
256
212
-14.9%
Free cash flow
422
184
550
+129.8%
Free cash flow margin
4.6%
2.0%
6.4%
Depreciation and amortisation
154
143
130
+8.1%
Share-based compensation
12.3
18.4
39.1
-33.2%
Buybacks
n/a
0.0
0.0
Dividends paid
434
1,237
0.0
-64.9%
Dividend per share
$5.00
$14.25
$0.00
-64.9%
Diluted shares, weighted
87m
87m
87m
0.0%
Shares outstanding at period end
87m
87m
n/a
0.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
988
1,189
1,525
-16.9%
Non-controlling interest
687
647
135
+6.2%
Debt
674
675
897
-0.2%
Other liabilities
1,106
1,156
1,054
-4.3%
Total liabilities and equity
3,454
3,666
3,611
-5.8%
Fixed assets
1,916
1,864
1,783
+2.8%
Goodwill
41.0
41.0
41.0
0.0%
Intangible assets
0.2
0.3
0.3
-33.3%
Cash and equivalents
754
842
896
-10.5%
Receivables
137
242
211
-43.5%
Inventory
330
527
528
-37.4%
Other assets
277
150
152
+85.4%
Total assets
3,454
3,666
3,611
-5.8%
10-K for the year ended 31 December 2014, filed 20 February 2015: the filing.