DT Midstream (DTM) Q1 FY2024 earnings: revenue $240 million, up 9.1% on the year

DT Midstream, Inc. (DTM) reported revenue of $240 million for Q1 FY2024, the quarter ended 31 March 2024, up 9.1% on the same quarter a year earlier. Net income was $97 million, up 19.8% on the year, and diluted earnings per share $0.99. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2024.

Revenue$240 millionup 9.1%

Net income$97 millionup 19.8%

Diluted EPS$0.99

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	240	244	n/a	n/a
Operating income	124	120	n/a	n/a
Operating margin	51.7%	49.2%	n/a
Interest expense	40.0	39.0	n/a	n/a
Pre-tax income	131	126	n/a	n/a
Income tax	31.0	2.0	n/a	n/a
Effective tax rate	23.7%	1.6%	n/a
Net income	97.0	121	n/a	n/a
Net margin	40.4%	49.6%	n/a
Diluted EPS	$0.99	$1.23	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.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	241	184	n/a	n/a
Capital expenditure	98.0	150	n/a	n/a
Free cash flow	143	34.0	n/a	n/a
Free cash flow margin	59.6%	13.9%	n/a
Cash from investing	-71.0	-128	n/a	n/a
Cash from financing	-185	-30.0	n/a	n/a
Depreciation and amortisation	50.0	49.0	n/a	n/a
Share-based compensation	5.0	5.0	n/a	n/a
Dividends paid	67.0	67.0	n/a	n/a
Dividend per share	$0.73	$0.69	n/a	n/a
Diluted shares, weighted	98m	98m	n/a	n/a
Shares outstanding at period end	97m	97m	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	4,166	4,139	n/a	n/a
Non-controlling interest	140	141	n/a	n/a
Short-term borrowings	55.0	165	n/a	n/a
Debt	3,067	3,065	n/a	n/a
Operating lease liabilities	38.0	27.0	n/a	n/a
Other liabilities	1,485	1,445	n/a	n/a
Total liabilities and equity	8,951	8,982	n/a	n/a
Fixed assets	4,475	4,434	n/a	n/a
Goodwill	473	473	n/a	n/a
Intangible assets	1,953	1,968	n/a	n/a
Cash and equivalents	41.0	56.0	n/a	n/a
Receivables	136	154	n/a	n/a
Other assets	1,873	1,897	n/a	n/a
Total assets	8,951	8,982	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	234	244	240	244	248	249	303	309	314	317	336	343
Operating income	124	120	124	130	122	113	148	155	155	156	166	173
Operating margin	53%	49%	52%	53%	49%	45%	49%	50%	49%	49%	49%	50%
Interest expense	38.0	39.0	40.0	39.0	38.0	36.0	40.0	40.0	40.0	41.0	40.0	42.0
Pre-tax income	127	126	131	133	121	119	146	145	153	154	170	169
Tax rate	26%	2%	24%	25%	25%	36%	24%	23%	23%	26%	21%	31%
Net income	91.0	121	97.0	96.0	88.0	73.0	108	107	115	111	130	112
Net margin	39%	50%	40%	39%	35%	29%	36%	35%	37%	35%	39%	33%
Diluted EPS	$0.94	$1.23	$0.99	$0.98	$0.90	$0.73	$1.06	$1.04	$1.13	$1.07	$1.27	$1.09
Operating cash flow	225	184	241	165	205	152	247	185	274	161	280	222
Capital expenditure	201	150	98.0	81.0	81.0	90.0	71.0	81.0	143	131	78.0	105
Free cash flow	24.0	34.0	143	84.0	124	62.0	176	104	131	30.0	202	117
Buybacks	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	67.0	67.0	67.0	71.0	71.0	71.0	75.0	83.0	83.0	83.0	83.0	89.0
Shares outstanding	97m	97m	97m	97m	97m	101m	102m	102m	102m	102m	102m	102m
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. 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 30 April 2024, accession 0001842022-24-000007: the filing on EDGAR. All of DT Midstream, Inc.'s filings: EDGAR company page.

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