CVR Energy (CVI) FY2018 results: revenue $7.1 billion, up 19.0% on the year
CVR Energy Inc. (CVI) reported revenue of $7.1 billion for fiscal 2018, the year ended 31 December 2018, up 19.0% on the year before. Net income was $259 million, down 1.5%, and diluted earnings per share $3.12. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$7.1 billion
+19.0% on the year
FY2011FY2018
Operating margin
7.5%
2.4% a year earlier
FY2011FY2018
Net income
$259 million
-1.5% on the year
FY2011FY2018
Diluted EPS
$3.12
+15.6% on the year
FY2011FY2018
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
7,124
5,988
4,782
+19.0%
Cost of revenue
6,463
5,716
4,590
+13.1%
Gross profit
661
272
192
+143.0%
Gross margin
9.3%
4.5%
4.0%
Selling, general and administrative
112
113
110
-0.9%
Operating income
532
145
72.0
+266.9%
Operating margin
7.5%
2.4%
1.5%
Interest expense
n/a
110
83.9
Pre-tax income
445
38.0
-9.0
+1,071.1%
Income tax
79.0
-220
-19.0
Effective tax rate
17.8%
-578.9%
n/a
Net income
259
263
25.0
-1.5%
Net margin
3.6%
4.4%
0.5%
Diluted EPS
$3.12
$2.70
$0.28
+15.6%
$ 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
628
248
337
+153.2%
Capital expenditure
102
120
133
-15.0%
Free cash flow
526
128
204
+310.9%
Free cash flow margin
7.4%
2.1%
4.3%
Cash from investing
-108
-276
-271
Cash from financing
-334
-226
-95.0
Depreciation and amortisation
274
258
229
+6.2%
Share-based compensation
16.0
19.0
9.0
-15.8%
Buybacks
0.0
n/a
n/a
Dividends paid
238
174
174
+37.0%
Dividend per share
$2.50
$2.00
$2.00
+25.0%
Diluted shares, weighted
0
0
0
Shares outstanding at period end
101m
87m
87m
+15.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,286
988
858
+30.2%
Non-controlling interest
657
835
852
-21.3%
Debt
1,167
1,164
1,163
+0.2%
Other liabilities
890
966
1,287
-7.8%
Total liabilities and equity
4,000
3,953
4,159
+1.2%
Fixed assets
2,430
2,572
2,672
-5.5%
Goodwill
n/a
41.0
41.0
Intangible assets
n/a
0.2
0.2
Cash and equivalents
668
482
736
+38.6%
Receivables
169
179
152
-5.4%
Inventory
380
369
349
+3.0%
Other assets
353
310
209
+13.7%
Total assets
4,000
3,953
4,159
+1.2%
10-K for the year ended 31 December 2018, filed 21 February 2019: the filing.