Warrior Met Coal (HCC) FY2023 results: revenue $1.7 billion, down 3.6% on the year

Warrior Met Coal, Inc. (HCC) reported revenue of $1.7 billion for fiscal 2023, the year ended 31 December 2023, down 3.6% on the year before. Net income was $479 million, down 25.4%, and diluted earnings per share $9.20. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue

$1.7 billion

-3.6% on the year

FY2016FY2023

Operating margin

32.3%

46.1% a year earlier

FY2016FY2023

Net income

$479 million

-25.4% on the year

FY2016FY2023

Diluted EPS

$9.20

-25.8% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,677	1,739	1,059	-3.6%
Cost of revenue	910	711	554	+28.1%
Gross profit	766	1,028	505	-25.5%
Gross margin	45.7%	59.1%	47.7%
Selling, general and administrative	51.8	48.8	35.6	+6.2%
Operating income	541	801	244	-32.4%
Operating margin	32.3%	46.1%	23.0%
Interest expense	18.0	31.4	n/a	-42.9%
Pre-tax income	551	783	200	-29.6%
Income tax	72.8	142	49.1	-48.7%
Effective tax rate	13.2%	18.1%	24.6%
Net income	479	641	151	-25.4%
Net margin	28.5%	36.9%	14.2%
Diluted EPS	$9.20	$12.40	$2.93	-25.8%

$ million except per share.

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

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	701	842	352	-16.7%
Capital expenditure	492	205	57.9	+139.6%
Free cash flow	209	637	294	-67.1%
Free cash flow margin	12.5%	36.6%	27.7%
Cash from investing	-527	-255	-71.1
Cash from financing	-265	-153	-96.5
Depreciation and amortisation	127	115	141	+10.5%
Share-based compensation	18.2	17.6	9.4	+3.3%
Buybacks	n/a	n/a	0.0
Dividends paid	61.1	79.7	10.5	-23.3%
Dividend per share	$1.16	$1.54	$0.20	-24.7%
Diluted shares, weighted	52m	52m	51m	+0.6%
Shares outstanding at period end	52m	52m	51m	+0.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,874	1,448	872	+29.5%
Debt	153	303	340	-49.4%
Finance lease liabilities	8.8	9.0	28.4	-2.7%
Other liabilities	321	269	224	+19.3%
Total liabilities and equity	2,357	2,028	1,464	+16.2%
Investments	0.0	n/a	n/a
Cash and equivalents	738	829	396	-11.0%
Receivables	98.2	152	122	-35.3%
Inventory	184	154	59.6	+19.4%
Other assets	1,337	893	887	+49.7%
Total assets	2,357	2,028	1,464	+16.2%

10-K for the year ended 31 December 2023, filed 14 February 2024: the filing.