Steris plc Q2 FY2024 results: revenue $1.3 billion, up 11.8% on the year

Steris plc (STE) reported revenue of $1.3 billion for Q2 FY2024, the quarter ended 30 September 2023, up 11.8% on the same quarter a year earlier. Net income was $115 million, and diluted earnings per share $1.16. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$1.3 billionup 11.8%

Net income$115 million

Diluted EPS$1.16

QuarterQ2 FY2024ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Quarter before	A year earlier	Change on the year
Revenue	1,342	n/a	n/a	n/a
Cost of revenue	749	n/a	n/a	n/a
Gross profit	594	n/a	n/a	n/a
Gross margin	44.2%	n/a	n/a
Research and development	27.0	n/a	n/a	n/a
Selling, general and administrative	381	n/a	n/a	n/a
Operating income	186	n/a	n/a	n/a
Operating margin	13.8%	n/a	n/a
Interest expense	36.9	n/a	n/a	n/a
Pre-tax income	150	n/a	n/a	n/a
Income tax	33.8	n/a	n/a	n/a
Effective tax rate	22.5%	n/a	n/a
Net income	115	n/a	n/a	n/a
Net margin	8.6%	n/a	n/a
Diluted EPS	$1.16	n/a	n/a	n/a

$ 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 and capital returned

Line	Q2 FY2024	Quarter before	A year earlier	Change on the year
Operating cash flow	146	n/a	n/a	n/a
Capital expenditure	83.3	n/a	n/a	n/a
Free cash flow	62.8	n/a	n/a	n/a
Free cash flow margin	4.7%	n/a	n/a
Depreciation and amortisation	152	n/a	n/a	n/a
Share-based compensation	20.7	n/a	n/a	n/a
Buybacks	0.5	n/a	n/a	n/a
Dividends paid	51.4	n/a	n/a	n/a
Dividend per share	$0.52	n/a	n/a	n/a
Diluted shares, weighted	99m	n/a	n/a	n/a
Shares outstanding at period end	99m	n/a	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	Q2 FY2024	Quarter before	A year earlier	Change on the year
Total assets	11,281	n/a	n/a	n/a
Cash and equivalents	214	n/a	n/a	n/a
Receivables	940	n/a	n/a	n/a
Inventory	821	n/a	n/a	n/a
Goodwill	4,040	n/a	n/a	n/a
Total debt, as filed	3,437	n/a	n/a	n/a
Long-term debt	3,366	n/a	n/a	n/a
Shareholders' equity	6,178	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	1,342	1,396	1,419	1,280	1,329	1,371	1,481	1,391	1,460	1,496	1,588	1,493
Cost of revenue	749	793	836	707	750	760	n/a	763	814	841	891	809
Gross profit	594	603	583	572	579	610	641	628	646	656	697	684
Gross margin	44%	43%	41%	45%	44%	45%	43%	45%	44%	44%	44%	46%
R&D	27.0	25.9	25.2	25.6	27.0	27.4	27.7	26.4	28.2	29.5	28.8	28.6
SG&A	381	361	152	336	329	335	334	354	350	352	352	370
Operating income	186	216	245	186	220	245	216	246	266	273	317	286
Operating margin	14%	15%	17%	15%	17%	18%	15%	18%	18%	18%	20%	19%
Interest expense	36.9	38.9	36.1	30.4	19.7	19.1	17.1	15.9	14.9	14.9	15.0	15.8
Pre-tax income	150	179	191	175	195	229	197	232	253	258	304	274
Tax rate	23%	21%	20%	20%	22%	24%	26%	23%	24%	25%	28%	27%
Net income	115	141	-1.4	145	150	174	146	177	192	193	220	200
Net margin	9%	10%	-0%	11%	11%	13%	10%	13%	13%	13%	14%	13%
Diluted EPS	$1.16	$1.42	-$0.01	$1.46	$1.51	$1.75	$1.48	$1.79	$1.94	$1.96	$2.24	n/a
Operating cash flow	146	291	255	304	251	333	261	420	288	298	335	367
Capital expenditure	83.3	119	91.5	108	102	89.2	70.9	93.6	86.5	98.7	90.2	87.5
Free cash flow	62.8	172	163	196	149	244	190	326	201	200	245	280
Buybacks	0.5	2.2	0.3	64.2	46.4	100	0.3	10.6	100	50.1	74.3	116
Dividends paid	51.4	51.4	51.4	51.4	56.2	56.2	56.0	56.2	61.9	61.9	61.8	61.4
Shares outstanding	99m	99m	99m	99m	99m	98m	98m	98m	98m	98m	98m	98m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* 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. 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-Q for the period ended 30 September 2023, filed 7 November 2023, accession 0001757898-23-000013: the filing on EDGAR. All of Steris plc's filings: EDGAR company page.

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