International Seaways (INSW) FY2023 results: revenue $1.1 billion, up 24.0% on the year
International Seaways, Inc. (INSW) reported revenue of $1.1 billion for fiscal 2023, the year ended 31 December 2023, up 24.0% on the year before. Net income was $556 million, up 43.5%, and diluted earnings per share $11.25. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.
Revenue
$1.1 billion
+24.0% on the year
FY2016FY2023
Operating margin
57.4%
51.2% a year earlier
FY2016FY2023
Net income
$556 million
+43.5% on the year
FY2016FY2023
Diluted EPS
$11.25
+44.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree 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
Last 8 years
Operating cash flow
688
288
-76.2
+139.2%
Capital expenditure
205
116
78.0
+76.9%
Free cash flow
483
172
-154
+181.2%
Free cash flow margin
45.1%
19.9%
-56.6%
Cash from investing
-124
42.8
133
Cash from financing
-681
-186
-174
Depreciation and amortisation
129
110
86.7
+16.9%
Share-based compensation
8.5
6.7
10.5
+26.3%
Buybacks
13.9
20.0
16.7
-30.3%
Dividends paid
308
69.8
40.9
+341.2%
Dividend per share
$6.29
$1.42
n/a
+343.0%
Diluted shares, weighted
49m
50m
38m
-0.8%
Shares outstanding at period end
49m
49m
50m
-0.4%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
1,717
1,488
1,170
+15.4%
Non-controlling interest
n/a
n/a
0.6
Debt
723
1,023
1,105
-29.4%
Operating lease liabilities
11.6
7.7
12.5
+50.3%
Other liabilities
70.8
96.4
58.9
-26.6%
Total liabilities and equity
2,522
2,615
2,347
-3.6%
Fixed assets
1,914
1,680
1,803
+14.0%
Intangible assets
n/a
n/a
0.8
Investments
60.0
80.0
n/a
-25.0%
Cash and equivalents
127
244
97.9
-48.0%
Receivables
247
290
107
-14.7%
Inventory
1.3
0.5
2.1
+150.3%
Other assets
172
321
336
-46.4%
Total assets
2,522
2,615
2,347
-3.6%
10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.