Range Resources (RRC) Q4 FY2023 earnings: revenue $941 million, down 42.3% on the year

Range Resources Corp. (RRC) reported revenue of $941 million for Q4 FY2023, the quarter ended 31 December 2023, down 42.3% on the same quarter a year earlier. Net income was $310 million, down 61.9% on the year, and diluted earnings per share $1.27. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue$941 milliondown 42.3%

Net income$310 milliondown 61.9%

Diluted EPS$1.27

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	941	610	n/a	n/a
Cost of revenue	44.8	46.2	n/a	n/a
Gross profit	897	564	n/a	n/a
Gross margin	95.2%	92.4%	n/a
Operating income	387	65.1	n/a	n/a
Operating margin	41.1%	10.7%	n/a
Interest expense	30.1	30.6	n/a	n/a
Income tax	76.9	15.7	n/a	n/a
Net income	310	49.4	n/a	n/a
Net margin	32.9%	8.1%	n/a
Diluted EPS	$1.27	$0.20	n/a	n/a

$ million except per share.

Fourth 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

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	226	150	n/a	n/a
Cash from investing	-158	-152	n/a	n/a
Cash from financing	-19.1	2.7	n/a	n/a
Depreciation and amortisation	91.0	87.6	n/a	n/a
Dividends paid	19.3	19.3	n/a	n/a
Dividend per share	n/a	$0.08	n/a	n/a
Diluted shares, weighted	242m	244m	n/a	n/a
Shares outstanding at period end	241m	241m	n/a	n/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

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	3,766	3,448	n/a	n/a
Debt	1,774	1,773	n/a	n/a
Operating lease liabilities	16.1	17.6	n/a	n/a
Other liabilities	1,648	1,607	n/a	n/a
Total liabilities and equity	7,204	6,846	n/a	n/a
Fixed assets	1.7	1.6	n/a	n/a
Cash and equivalents	212	163	n/a	n/a
Receivables	275	217	n/a	n/a
Other assets	6,716	6,464	n/a	n/a
Total assets	7,204	6,846	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	610	941	645	530	615	627	691	856	749	820	1,034	834
Cost of revenue	46.2	44.8	31.6	34.1	32.6	42.3	58.2	35.0	48.9	43.5	58.1	59.3
Gross profit	564	897	614	496	582	584	632	821	700	777	976	774
Gross margin	92%	95%	95%	94%	95%	93%	92%	96%	93%	95%	94%	93%
Operating income	65.1	387	110	10.0	66.2	64.0	110	302	183	237	433	249
Operating margin	11%	41%	17%	2%	11%	10%	16%	35%	24%	29%	42%	30%
Interest expense	30.6	30.1	30.5	29.7	29.3	29.3	29.2	26.8	24.3	24.7	19.4	14.4
Net income	49.4	310	92.1	28.7	50.7	94.8	97.1	238	144	179	342	195
Net margin	8%	33%	14%	5%	8%	15%	14%	28%	19%	22%	33%	23%
Diluted EPS	$0.20	$1.27	$0.38	$0.12	$0.21	$0.39	$0.40	$0.99	$0.60	$0.75	$1.44	$0.83
Operating cash flow	150	226	332	149	246	218	330	336	248	258	619	235
Dividends paid	19.3	19.3	19.4	19.5	19.3	19.3	21.6	21.5	21.4	21.2	23.8	23.6
Shares outstanding	241m	241m	243m	242m	241m	241m	239m	238m	237m	235m	236m	234m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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 21 February 2024, accession 0000950170-24-018046: the filing on EDGAR. All of Range Resources Corp.'s filings: EDGAR company page.

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