Steel Dynamics (STLD) FY2011 results: revenue $8.0 billion, up 26.9% on the year
Steel Dynamics Inc. (STLD) reported revenue of $8.0 billion for fiscal 2011, the year ended 31 December 2011, up 26.9% on the year before. Net income was $278 million, up 97.7%, and diluted earnings per share $1.22. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2012.
Revenue
$8.0 billion
+26.9% on the year
FY2007FY2011
Operating margin
7.3%
5.8% a year earlier
FY2007FY2011
Net income
$278 million
+97.7% on the year
FY2007FY2011
Diluted EPS
$1.22
+90.6% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
7,998
6,301
3,959
+26.9%
Cost of revenue
7,066
5,625
3,560
+25.6%
Gross profit
932
676
399
+37.9%
Gross margin
11.6%
10.7%
10.1%
Operating income
585
365
120
+60.3%
Operating margin
7.3%
5.8%
3.0%
Interest expense
177
170
141
+4.0%
Pre-tax income
424
213
-18.2
+98.8%
Income tax
159
83.9
-7.2
+89.2%
Effective tax rate
37.4%
39.3%
n/a
Net income
278
141
-8.2
+97.7%
Net margin
3.5%
2.2%
-0.2%
Diluted EPS
$1.22
$0.64
-$0.04
+90.6%
$ million except per share. Read moreFree 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
486
169
446
+187.3%
Capital expenditure
167
133
330
+25.2%
Free cash flow
319
35.9
116
+789.2%
Free cash flow margin
4.0%
0.6%
2.9%
Cash from investing
n/a
-149
-374
Cash from financing
n/a
157
-78.8
Depreciation and amortisation
223
225
221
-0.9%
Share-based compensation
17.3
14.7
17.6
+17.7%
Dividends paid
81.9
65.0
68.7
+26.0%
Dividend per share
$0.40
$0.30
$0.33
+33.3%
Diluted shares, weighted
236m
235m
201m
+0.5%
Shares outstanding at period end
219m
218m
216m
+0.6%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
2,300
2,077
2,003
+10.7%
Non-controlling interest
-16.0
-16.0
15.0
Redeemable equity
70.7
54.3
n/a
+30.2%
Debt
2,380
2,387
2,055
-0.3%
Other liabilities
1,245
1,088
1,057
+14.4%
Total liabilities and equity
5,979
5,590
5,130
+7.0%
Fixed assets
2,194
2,213
2,254
-0.9%
Goodwill
745
752
758
-0.9%
Intangible assets
451
489
534
-7.8%
Cash and equivalents
391
187
9.0
+109.5%
Receivables
680
584
396
+16.4%
Inventory
1,200
1,114
853
+7.7%
Other assets
319
251
326
+27.2%
Total assets
5,979
5,590
5,130
+7.0%
10-K for the year ended 31 December 2011, filed 27 February 2012: the filing.