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HF Sinclair (DINO) Q3 FY2023 earnings: revenue $8.9 billion, down 16.0% on the year

HF Sinclair Corp. (DINO) reported revenue of $8.9 billion for Q3 FY2023, the quarter ended 30 September 2023, down 16.0% on the same quarter a year earlier. Net income was $791 million, down 17.1% on the year, and diluted earnings per share $4.23. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$8.9 billiondown 16.0%
Net income$791 milliondown 17.1%
Diluted EPS$4.23
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue8,905n/an/an/a
Cost of revenue6,936n/an/an/a
Gross profit1,970n/an/an/a
Gross margin22.1%n/an/a
Selling, general and administrative124n/an/an/a
Operating income1,071n/an/an/a
Operating margin12.0%n/an/a
Interest expense48.7n/an/an/a
Pre-tax income1,060n/an/an/a
Income tax235n/an/an/a
Effective tax rate22.2%n/an/a
Net income791n/an/an/a
Net margin8.9%n/an/a
Diluted EPS$4.23n/an/an/a
$ 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 and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow1,399n/an/an/a
Capital expenditure75.5n/an/an/a
Free cash flow1,323n/an/an/a
Free cash flow margin14.9%n/an/a
Cash from investing-71.4n/an/an/a
Cash from financing-725n/an/an/a
Depreciation and amortisation196n/an/an/a
Share-based compensation12.8n/an/an/a
Buybacks586n/an/an/a
Dividends paid83.6n/an/an/a
Dividend per share$0.45n/an/an/a
Diluted shares, weighted185mn/an/an/a
Shares outstanding at period end180mn/an/an/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

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity9,825n/an/an/a
Non-controlling interest791n/an/an/a
Debt2,862n/an/an/a
Operating lease liabilities222n/an/an/a
Other liabilities5,203n/an/an/a
Total liabilities and equity18,902n/an/an/a
Goodwill2,977n/an/an/a
Cash and equivalents2,215n/an/an/a
Receivables1,949n/an/an/a
Inventory3,134n/an/an/a
Other assets8,627n/an/an/a
Total assets18,902n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024 †Q2 FY2024 †Q3 FY2024 †Q4 FY2024 * †Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue8,9057,6607,0277,8467,2076,5006,3706,7847,2516,4647,12310,390
Cost of revenue6,9366,4715,9267,3396,9906,3805,9556,1606,3486,1055,9328,817
Gross profit1,9701,1891,1015072171204156249033591,1911,573
Gross margin22%16%16%6%3%2%7%9%12%6%17%15%
SG&A124151103104118122104114105133115130
Operating income1,071-77.4411197-121-22681.02755647.08471,168
Operating margin12%-1%6%3%-2%-3%1%4%8%0%12%11%
Interest expense48.749.340.745.040.038.549.053.051.064.041.020.0
Pre-tax income1,060-72.7402178-131-230-1.0246528-41.08391,172
Tax rate22%n/a21%13%n/an/an/a15%23%n/a23%24%
Net income791-62.2315152-75.9-214-4.0208403-28.0648892
Net margin9%-1%4%2%-1%-3%-0%3%6%-0%9%9%
Diluted EPS$4.23-$0.34$1.57$0.79-$0.40-$1.14-$0.02$1.10$2.15-$0.16$3.56$4.93
Operating cash flow1,399231317226708-140-89.05878098.04571,510
Capital expenditure75.511489.184.212417386.0111121131102118
Free cash flow1,323117228142584-313-175476688-1233551,392
Buybacks5861661703711274.70.050.016613876.0179
Dividends paid83.681.999.095.995.395.595.095.094.092.091.089.0
Shares outstanding180m199m192m191m188m188m188m187m184m180m180m178m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0001915657-23-000075: the filing on EDGAR. All of HF Sinclair Corp.'s filings: EDGAR company page.

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