HF Sinclair (DINO) Q1 FY2024 earnings: revenue $7.0 billion, down 7.1% on the year

HF Sinclair Corp. (DINO) reported revenue of $7.0 billion for Q1 FY2024, the quarter ended 31 March 2024, down 7.1% on the same quarter a year earlier. Net income was $315 million, down 10.9% on the year, and diluted earnings per share $1.57. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2024.

Revenue$7.0 billiondown 7.1%

Net income$315 milliondown 10.9%

Diluted EPS$1.57

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	7,027	7,660	n/a	n/a
Cost of revenue	5,926	6,471	n/a	n/a
Gross profit	1,101	1,189	n/a	n/a
Gross margin	15.7%	15.5%	n/a
Selling, general and administrative	103	151	n/a	n/a
Operating income	411	-77.4	n/a	n/a
Operating margin	5.8%	-1.0%	n/a
Interest expense	40.7	49.3	n/a	n/a
Pre-tax income	402	-72.7	n/a	n/a
Income tax	85.0	-39.0	n/a	n/a
Effective tax rate	21.1%	n/a	n/a
Net income	315	-62.2	n/a	n/a
Net margin	4.5%	-0.8%	n/a
Diluted EPS	$1.57	-$0.34	n/a	n/a

$ million except per share.

Fourth 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. 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.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	317	231	n/a	n/a
Capital expenditure	89.1	114	n/a	n/a
Free cash flow	228	117	n/a	n/a
Free cash flow margin	3.2%	1.5%	n/a
Cash from investing	-91.0	-124	n/a	n/a
Cash from financing	-335	-976	n/a	n/a
Depreciation and amortisation	198	212	n/a	n/a
Share-based compensation	5.0	14.8	n/a	n/a
Buybacks	170	166	n/a	n/a
Dividends paid	99.0	81.9	n/a	n/a
Dividend per share	$0.50	n/a	n/a	n/a
Diluted shares, weighted	199m	187m	n/a	n/a
Shares outstanding at period end	192m	199m	n/a	n/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

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	10,208	10,169	n/a	n/a
Non-controlling interest	67.8	68.2	n/a	n/a
Debt	2,679	2,756	n/a	n/a
Operating lease liabilities	309	249	n/a	n/a
Finance lease liabilities	n/a	74.9	n/a	n/a
Other liabilities	4,652	4,399	n/a	n/a
Total liabilities and equity	17,916	17,716	n/a	n/a
Goodwill	2,978	2,978	n/a	n/a
Intangible assets	n/a	411	n/a	n/a
Cash and equivalents	1,241	1,354	n/a	n/a
Receivables	1,814	1,725	n/a	n/a
Inventory	3,131	2,922	n/a	n/a
Other assets	8,753	8,327	n/a	n/a
Total assets	17,916	17,716	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	8,905	7,660	7,027	7,846	7,207	6,500	6,370	6,784	7,251	6,464	7,123	10,390
Cost of revenue	6,936	6,471	5,926	7,339	6,990	6,380	5,955	6,160	6,348	6,105	5,932	8,817
Gross profit	1,970	1,189	1,101	507	217	120	415	624	903	359	1,191	1,573
Gross margin	22%	16%	16%	6%	3%	2%	7%	9%	12%	6%	17%	15%
SG&A	124	151	103	104	118	122	104	114	105	133	115	130
Operating income	1,071	-77.4	411	197	-121	-226	81.0	275	564	7.0	847	1,168
Operating margin	12%	-1%	6%	3%	-2%	-3%	1%	4%	8%	0%	12%	11%
Interest expense	48.7	49.3	40.7	45.0	40.0	38.5	49.0	53.0	51.0	64.0	41.0	20.0
Pre-tax income	1,060	-72.7	402	178	-131	-230	-1.0	246	528	-41.0	839	1,172
Tax rate	22%	n/a	21%	13%	n/a	n/a	n/a	15%	23%	n/a	23%	24%
Net income	791	-62.2	315	152	-75.9	-214	-4.0	208	403	-28.0	648	892
Net margin	9%	-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 flow	1,399	231	317	226	708	-140	-89.0	587	809	8.0	457	1,510
Capital expenditure	75.5	114	89.1	84.2	124	173	86.0	111	121	131	102	118
Free cash flow	1,323	117	228	142	584	-313	-175	476	688	-123	355	1,392
Buybacks	586	166	170	371	127	4.7	0.0	50.0	166	138	76.0	179
Dividends paid	83.6	81.9	99.0	95.9	95.3	95.5	95.0	95.0	94.0	92.0	91.0	89.0
Shares outstanding	180m	199m	192m	191m	188m	188m	188m	187m	184m	180m	180m	178m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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 31 March 2024, filed 8 May 2024, accession 0001915657-24-000063: the filing on EDGAR. All of HF Sinclair Corp.'s filings: EDGAR company page.

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