Huntington Bancshares Inc. /Md/ Q4 FY2023 results: revenue $353 million, up 2.9% on the year

Huntington Bancshares Inc. /Md/ (HBAN) reported revenue of $353 million for Q4 FY2023, the quarter ended 31 December 2023, up 2.9% on the same quarter a year earlier. Net income was $243 million, down 62.3% on the year, and diluted earnings per share $0.15. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$353 millionup 2.9%

Net income$243 milliondown 62.3%

Diluted EPS$0.15

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	353	338	n/a	n/a
Interest expense	1,034	945	n/a	n/a
Pre-tax income	247	688	n/a	n/a
Income tax	-1.0	136	n/a	n/a
Effective tax rate	-0.4%	19.8%	n/a
Net income	243	547	n/a	n/a
Net margin	68.8%	161.8%	n/a
Diluted EPS	$0.15	$0.35	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	898	999	n/a	n/a
Capital expenditure	60.0	23.0	n/a	n/a
Free cash flow	838	976	n/a	n/a
Free cash flow margin	237.4%	288.8%	n/a
Depreciation and amortisation	240	214	n/a	n/a
Share-based compensation	24.0	25.0	n/a	n/a
Dividends paid	226	225	n/a	n/a
Dividend per share	n/a	$0.15	n/a	n/a
Diluted shares, weighted	1,468m	1,468m	n/a	n/a
Shares outstanding at period end	1,448m	1,448m	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	189,368	186,650	n/a	n/a
Cash and equivalents	10,129	11,435	n/a	n/a
Goodwill	5,561	5,561	n/a	n/a
Long-term debt	12,394	12,822	n/a	n/a
Borrowings, as the company tags them	12,576	n/a	n/a	n/a
Shareholders' equity	19,353	18,483	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	332	338	353	336	360	362	410	351	377	424	410	472
Interest expense	879	945	1,034	1,093	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	699	688	247	510	586	638	669	653	638	766	631	641
Tax rate	19%	20%	-0%	17%	18%	18%	20%	19%	15%	17%	17%	18%
Net income	559	547	243	419	474	517	530	527	536	629	519	523
Net margin	168%	162%	69%	125%	132%	143%	129%	150%	142%	148%	127%	111%
Diluted EPS	$0.35	$0.35	$0.15	$0.26	$0.30	$0.33	$0.33	$0.34	$0.34	$0.41	$0.30	$0.25
Operating cash flow	630	999	898	464	305	-438	1,484	513	554	487	928	524
Capital expenditure	32.0	23.0	60.0	32.0	42.0	42.0	27.0	54.0	54.0	41.0	118	124
Free cash flow	598	976	838	432	263	-480	1,457	459	500	446	810	400
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	150
Dividends paid	224	225	226	226	225	226	226	226	227	227	228	248
Shares outstanding	1,448m	1,448m	1,448m	1,449m	1,452m	1,453m	1,454m	1,457m	1,459m	1,459m	1,568m	2,027m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* 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-K for the period ended 31 December 2023, filed 16 February 2024, accession 0000049196-24-000020: the filing on EDGAR. All of Huntington Bancshares Inc. /Md/'s filings: EDGAR company page.

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