CVR Energy (CVI) FY2019 results: revenue $6.4 billion, down 10.7% on the year
CVR Energy Inc. (CVI) reported revenue of $6.4 billion for fiscal 2019, the year ended 31 December 2019, down 10.7% on the year before. Net income was $380 million, up 46.7%, and diluted earnings per share $3.78. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$6.4 billion
-10.7% on the year
FY2012FY2019
Operating margin
9.1%
7.5% a year earlier
FY2012FY2019
Net income
$380 million
+46.7% on the year
FY2012FY2019
Diluted EPS
$3.78
+21.2% on the year
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
6,364
7,124
5,988
-10.7%
Cost of revenue
5,662
6,463
5,716
-12.4%
Gross profit
702
661
272
+6.2%
Gross margin
11.0%
9.3%
4.5%
Selling, general and administrative
117
112
113
+4.5%
Operating income
580
532
145
+9.0%
Operating margin
9.1%
7.5%
2.4%
Interest expense
n/a
n/a
110
Pre-tax income
491
445
38.0
+10.3%
Income tax
129
79.0
-220
+63.3%
Effective tax rate
26.3%
17.8%
-578.9%
Net income
380
259
263
+46.7%
Net margin
6.0%
3.6%
4.4%
Diluted EPS
$3.78
$3.12
$2.70
+21.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
747
628
248
+18.9%
Capital expenditure
121
102
120
+18.6%
Free cash flow
626
526
128
+19.0%
Free cash flow margin
9.8%
7.4%
2.1%
Cash from investing
-121
-108
-276
Cash from financing
-642
-334
-226
Depreciation and amortisation
287
274
258
+4.7%
Share-based compensation
17.0
16.0
19.0
+6.2%
Buybacks
0.0
0.0
n/a
Dividends paid
306
238
174
+28.6%
Dividend per share
$3.05
$2.50
$2.00
+22.0%
Diluted shares, weighted
0
0
0
Shares outstanding at period end
n/a
101m
87m
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,393
1,286
988
+8.3%
Non-controlling interest
275
657
835
-58.1%
Debt
1,190
1,167
1,164
+2.0%
Other liabilities
1,047
890
966
+17.6%
Total liabilities and equity
3,905
4,000
3,953
-2.4%
Fixed assets
2,336
2,430
2,572
-3.9%
Goodwill
n/a
n/a
41.0
Intangible assets
n/a
n/a
0.2
Cash and equivalents
652
668
482
-2.4%
Receivables
182
169
179
+7.7%
Inventory
373
380
369
-1.8%
Other assets
362
353
310
+2.5%
Total assets
3,905
4,000
3,953
-2.4%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.