National Presto Industries (NPK) FY2021 results: revenue $356 million, up 0.9% on the year

National Presto Industries Inc. (NPK) reported revenue of $356 million for fiscal 2021, the year ended 31 December 2021, up 0.9% on the year before. Net income was $26 million, down 45.4%, and diluted earnings per share $3.63. The figures are the company's own, from the 10-K it filed with the SEC on 11 March 2022.

Revenue

$356 million

+0.9% on the year

FY2014FY2021

Operating margin

8.4%

15.9% a year earlier

FY2014FY2021

Net income

$26 million

-45.4% on the year

FY2014FY2021

Diluted EPS

$3.63

-45.6% on the year

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	356	353	309	+0.9%
Cost of revenue	291	268	237	+8.8%
Gross profit	64.4	84.9	71.9	-24.2%
Gross margin	18.1%	24.1%	23.3%
Selling, general and administrative	34.2	28.5	25.5	+19.8%
Operating income	30.0	56.2	46.4	-46.6%
Operating margin	8.4%	15.9%	15.0%
Pre-tax income	32.5	60.0	52.3	-45.9%
Income tax	6.8	13.0	11.8	-47.8%
Effective tax rate	21.0%	21.7%	22.5%
Net income	25.7	47.0	42.2	-45.4%
Net margin	7.2%	13.3%	13.7%
Diluted EPS	$3.63	$6.67	$6.01	-45.6%

$ 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	34.7	41.0	9.6	-15.3%
Capital expenditure	2.9	2.6	3.1	+9.3%
Free cash flow	31.8	38.4	6.4	-17.0%
Free cash flow margin	8.9%	10.9%	2.1%
Cash from investing	32.5	7.2	55.2	+354.9%
Cash from financing	-43.5	-41.7	-42.0
Depreciation and amortisation	3.0	3.0	3.7	-0.9%
Share-based compensation	0.5	0.4	0.8	+28.1%
Dividends paid	44.1	42.2	42.1	+4.5%
Diluted shares, weighted	7m	7m	n/a	+0.3%
Shares outstanding at period end	7m	7m	7m	+0.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	358	374	368	-4.5%
Debt	0.0	0.0	0.0
Operating lease liabilities	9.6	2.8	3.0	+244.7%
Other liabilities	53.2	56.0	39.3	-5.1%
Total liabilities and equity	420	433	410	-2.9%
Fixed assets	36.7	37.1	37.3	-1.1%
Goodwill	15.3	15.3	15.3	0.0%
Intangible assets	2.6	2.8	3.1	-7.5%
Investments	34.2	69.0	78.7	-50.4%
Cash and equivalents	110	86.0	79.6	+27.6%
Receivables	53.4	53.7	41.5	-0.5%
Inventory	144	135	129	+6.2%
Other assets	24.5	33.7	26.3	-27.4%
Total assets	420	433	410	-2.9%

10-K for the year ended 31 December 2021, filed 11 March 2022: the filing.