Metallus (MTUS) FY2021 results: revenue $1.3 billion, up 54.4% on the year

Metallus Inc. (MTUS) reported revenue of $1.3 billion for fiscal 2021, the year ended 31 December 2021, up 54.4% on the year before. Net income was $171 million, and diluted earnings per share $3.18. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue

$1.3 billion

+54.4% on the year

FY2014FY2021

Operating margin

n/a

FY2014FY2021

Net income

$171 million

FY2014FY2021

Diluted EPS

$3.18

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2021 · Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,283	831	1,209	+54.4%
Cost of revenue	1,063	815	1,186	+30.4%
Gross profit	220	15.6	22.6	+1,310.3%
Gross margin	17.1%	1.9%	1.9%
Research and development	1.7	1.8	4.1	-5.6%
Selling, general and administrative	77.2	76.7	91.8	+0.7%
Interest expense	6.2	12.6	15.7	-50.8%
Pre-tax income	177	-60.7	-126
Income tax	5.7	1.2	-16.1	+375.0%
Effective tax rate	3.2%	n/a	n/a
Net income	171	-61.9	-110
Net margin	13.3%	-7.5%	-9.1%
Diluted EPS	$3.18	-$1.38	-$2.46

$ 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	197	174	70.3	+13.5%
Capital expenditure	12.2	16.9	38.0	-27.8%
Free cash flow	185	157	32.3	+17.9%
Free cash flow margin	14.4%	18.9%	2.7%
Cash from investing	-4.8	-6.0	-38.0
Cash from financing	-35.3	-91.8	-26.8
Depreciation and amortisation	63.1	70.0	73.5	-9.9%
Share-based compensation	7.3	6.6	7.4	+10.6%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	55m	45m	45m	+22.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	665	508	563	+31.0%
Debt	44.9	78.2	169	-42.6%
Operating lease liabilities	8.8	13.5	8.2	-34.8%
Other liabilities	441	395	345	+11.6%
Total liabilities and equity	1,159	994	1,085	+16.6%
Fixed assets	510	570	626	-10.5%
Intangible assets	6.7	9.3	14.3	-28.0%
Cash and equivalents	260	103	27.1	+152.5%
Receivables	100	63.3	77.5	+58.8%
Inventory	211	178	282	+18.2%
Other assets	71.0	70.4	58.0	+0.9%
Total assets	1,159	994	1,085	+16.6%

10-K for the year ended 31 December 2021, filed 24 February 2022: the filing.