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HF Sinclair (DINO) Q4 FY2023 earnings: revenue $7.7 billion, down 14.7% on the year

HF Sinclair Corp. (DINO) reported revenue of $7.7 billion for Q4 FY2023, the quarter ended 31 December 2023, down 14.7% on the same quarter a year earlier. Net income was -$62 million, and diluted earnings per share $-0.34. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue$7.7 billiondown 14.7%
Net income-$62 million
Diluted EPS$-0.34
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue7,6608,905n/an/a
Cost of revenue6,4716,936n/an/a
Gross profit1,1891,970n/an/a
Gross margin15.5%22.1%n/a
Selling, general and administrative151124n/an/a
Operating income-77.41,071n/an/a
Operating margin-1.0%12.0%n/a
Interest expense49.348.7n/an/a
Pre-tax income-72.71,060n/an/a
Income tax-39.0235n/an/a
Effective tax raten/a22.2%n/a
Net income-62.2791n/an/a
Net margin-0.8%8.9%n/a
Diluted EPS-$0.34$4.23n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. 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. 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

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow2311,399n/an/a
Capital expenditure11475.5n/an/a
Free cash flow1171,323n/an/a
Free cash flow margin1.5%14.9%n/a
Cash from investing-124-71.4n/an/a
Cash from financing-976-725n/an/a
Depreciation and amortisation212196n/an/a
Share-based compensation14.812.8n/an/a
Buybacks166586n/an/a
Dividends paid81.983.6n/an/a
Dividend per sharen/a$0.45n/an/a
Diluted shares, weighted187m185mn/an/a
Shares outstanding at period end199m180mn/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

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Shareholders' equity10,1699,825n/an/a
Non-controlling interest68.2791n/an/a
Debt2,7562,862n/an/a
Operating lease liabilities249222n/an/a
Finance lease liabilities74.9n/an/an/a
Other liabilities4,3995,203n/an/a
Total liabilities and equity17,71618,902n/an/a
Goodwill2,9782,977n/an/a
Intangible assets411n/an/an/a
Cash and equivalents1,3542,215n/an/a
Receivables1,7251,949n/an/a
Inventory2,9223,134n/an/a
Other assets8,3278,627n/an/a
Total assets17,71618,902n/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-K for the period ended 31 December 2023, filed 21 February 2024, accession 0001915657-24-000040: the filing on EDGAR. All of HF Sinclair Corp.'s filings: EDGAR company page.

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