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International Seaways (INSW) Q4 FY2023 earnings: revenue $251 million, down 25.9% on the year

International Seaways, Inc. (INSW) reported revenue of $251 million for Q4 FY2023, the quarter ended 31 December 2023, down 25.9% on the same quarter a year earlier. Net income was $132 million, down 39.5% on the year, and diluted earnings per share $2.68. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$251 milliondown 25.9%
Net income$132 milliondown 39.5%
Diluted EPS$2.68
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue251242n/an/a
Operating income147114n/an/a
Operating margin58.7%47.2%n/a
Interest expense14.116.8n/an/a
Pre-tax income13698.0n/an/a
Income tax3.40.1n/an/a
Effective tax rate2.5%0.1%n/a
Net income13297.9n/an/a
Net margin52.7%40.5%n/a
Diluted EPS$2.68$1.99n/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 flow125148n/an/a
Capital expenditure12.94.2n/an/a
Free cash flow113144n/an/a
Free cash flow margin44.9%59.7%n/a
Cash from investing45.339.0n/an/a
Cash from financing-183-165n/an/a
Depreciation and amortisation33.733.4n/an/a
Share-based compensation2.62.0n/an/a
Buybacksn/a0.0n/an/a
Dividends paid61.269.4n/an/a
Dividend per share$0.12n/an/an/a
Diluted shares, weighted49m49mn/an/a
Shares outstanding at period end49m49mn/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' equity1,7171,650n/an/a
Debt723842n/an/a
Operating lease liabilities11.614.0n/an/a
Other liabilities70.855.2n/an/a
Total liabilities and equity2,5222,561n/an/a
Fixed assets1,9141,948n/an/a
Investments60.075.0n/an/a
Cash and equivalents127139n/an/a
Receivables247220n/an/a
Inventory1.31.1n/an/a
Other assets172178n/an/a
Total assets2,5222,561n/an/a

Questions

What was International Seaways' revenue in Q4 FY2023?

International Seaways (INSW) reported revenue of $251 million for Q4 FY2023, the quarter ended 31 December 2023, down 25.9% on the same quarter a year earlier.

How much did International Seaways earn in Q4 FY2023?

Net income for Q4 FY2023 was $132 million, down 39.5% on the year, and diluted earnings per share $2.68.

When did International Seaways report Q4 FY2023 results?

International Seaways filed its 10-K for the year that ended with the quarter on 29 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue242251274257225195183196196268325467
Operating income11414715415510145.059.269.478.7138289301
Operating margin47%59%56%60%45%23%32%35%40%52%89%64%
Interest expense16.814.112.912.412.511.911.59.89.611.99.010.6
Pre-tax income98.013614414591.734.7n/a61.670.5n/an/a295
Tax rate0%3%0%0%-0%-3%n/a0%n/an/an/a-0%
Net income97.913214414591.735.849.661.670.5128286295
Net margin41%53%53%56%41%18%27%32%36%48%88%63%
Diluted EPS$1.99$2.68$2.92$2.91$1.84$0.72$1.00$1.25$1.42$2.56$5.75$5.91
Operating cash flow14812515616812993.669.985.878.3146141268
Capital expenditure4.212.926.417613.762.283.017.987.715270.752.2
Free cash flow144113130-8.511531.4-13.067.9-9.3-5.970.4215
Buybacks0.0n/an/an/a25.0n/an/an/an/an/an/an/a
Dividends paid69.461.286.986.973.859.034.529.638.042.5106225
Shares outstanding49m49m49m50m49m49m49m49m49m49m50m50m
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. 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 29 February 2024, accession 0001558370-24-002108: the filing on EDGAR. All of International Seaways, Inc.'s filings: EDGAR company page.

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