CVR Energy (CVI) FY2020 results: revenue $3.9 billion, down 38.2% on the year
CVR Energy Inc. (CVI) reported revenue of $3.9 billion for fiscal 2020, the year ended 31 December 2020, down 38.2% on the year before. Net income was -$256 million, and diluted earnings per share $-2.54. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$3.9 billion
-38.2% on the year
FY2013FY2020
Operating margin
-8.5%
9.1% a year earlier
FY2013FY2020
Net income
-$256 million
FY2013FY2020
Diluted EPS
-$2.54
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
3,930
6,364
7,124
-38.2%
Cost of revenue
4,119
5,662
6,463
-27.3%
Gross profit
-189
702
661
Gross margin
-4.8%
11.0%
9.3%
Selling, general and administrative
86.0
117
112
-26.5%
Operating income
-333
580
532
Operating margin
-8.5%
9.1%
7.5%
Pre-tax income
-415
491
445
Income tax
-95.0
129
79.0
Effective tax rate
n/a
26.3%
17.8%
Net income
-256
380
259
Net margin
-6.5%
6.0%
3.6%
Diluted EPS
-$2.54
$3.78
$3.12
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
90.0
747
628
-88.0%
Capital expenditure
124
121
102
+2.5%
Free cash flow
-34.0
626
526
Free cash flow margin
-0.9%
9.8%
7.4%
Cash from investing
-423
-121
-108
Cash from financing
355
-642
-334
Depreciation and amortisation
278
287
274
-3.1%
Share-based compensation
4.0
17.0
16.0
-76.5%
Buybacks
7.0
0.0
0.0
Dividends paid
121
306
238
-60.5%
Dividend per share
$1.20
$3.05
$2.50
-60.7%
Diluted shares, weighted
0
0
0
Shares outstanding at period end
n/a
n/a
101m
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,019
1,393
1,286
-26.8%
Non-controlling interest
200
275
657
-27.3%
Debt
1,683
1,190
1,167
+41.4%
Other liabilities
1,076
1,047
890
+2.8%
Total liabilities and equity
3,978
3,905
4,000
+1.9%
Fixed assets
2,240
2,336
2,430
-4.1%
Goodwill
0.0
n/a
n/a
Cash and equivalents
667
652
668
+2.3%
Receivables
178
182
169
-2.2%
Inventory
298
373
380
-20.1%
Other assets
595
362
353
+64.4%
Total assets
3,978
3,905
4,000
+1.9%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.