National Presto Industries (NPK) FY2022 results: revenue $322 million, down 9.6% on the year

National Presto Industries Inc. (NPK) reported revenue of $322 million for fiscal 2022, the year ended 31 December 2022, down 9.6% on the year before. Net income was $21 million, down 19.3%, and diluted earnings per share $2.92. The figures are the company's own, from the 10-K it filed with the SEC on 13 March 2023.

Revenue

$322 million

-9.6% on the year

FY2015FY2022

Operating margin

6.9%

8.4% a year earlier

FY2015FY2022

Net income

$21 million

-19.3% on the year

FY2015FY2022

Diluted EPS

$2.92

-19.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	322	356	353	-9.6%
Cost of revenue	266	291	268	-8.5%
Gross profit	55.1	64.4	84.9	-14.4%
Gross margin	17.1%	18.1%	24.1%
Selling, general and administrative	27.1	34.2	28.5	-20.6%
Operating income	22.1	30.0	56.2	-26.3%
Operating margin	6.9%	8.4%	15.9%
Pre-tax income	25.9	32.5	60.0	-20.1%
Income tax	5.2	6.8	13.0	-22.9%
Effective tax rate	20.2%	21.0%	21.7%
Net income	20.7	25.7	47.0	-19.3%
Net margin	6.4%	7.2%	13.3%
Diluted EPS	$2.92 basic	$3.63	$6.67	-19.6%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	8.8	34.7	41.0	-74.7%
Capital expenditure	1.0	2.9	2.6	-64.1%
Free cash flow	7.7	31.8	38.4	-75.7%
Free cash flow margin	2.4%	8.9%	10.9%
Cash from investing	-16.4	32.5	7.2
Cash from financing	-31.4	-43.5	-41.7
Depreciation and amortisation	3.0	3.0	3.0	+0.0%
Share-based compensation	0.5	0.5	0.4	+1.5%
Dividends paid	31.8	44.1	42.2	-27.8%
Diluted shares, weighted	7m	7m	7m	+0.3%
Shares outstanding at period end	7m	7m	7m	+0.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	348	358	374	-2.7%
Debt	0.0	0.0	0.0
Operating lease liabilities	10.2	9.6	2.8	+5.6%
Other liabilities	53.6	53.2	56.0	+0.9%
Total liabilities and equity	412	420	433	-2.0%
Fixed assets	41.8	36.7	37.1	+13.8%
Goodwill	18.6	15.3	15.3	+21.3%
Intangible assets	6.9	2.6	2.8	+163.9%
Investments	24.9	34.2	69.0	-27.3%
Cash and equivalents	70.7	110	86.0	-35.6%
Receivables	71.0	53.4	53.7	+33.1%
Inventory	152	144	135	+5.8%
Other assets	25.8	24.5	33.7	+5.4%
Total assets	412	420	433	-2.0%

10-K for the year ended 31 December 2022, filed 13 March 2023: the filing.