Steel Dynamics (STLD) FY2012 results: revenue $7.3 billion, down 8.8% on the year
Steel Dynamics Inc. (STLD) reported revenue of $7.3 billion for fiscal 2012, the year ended 31 December 2012, down 8.8% on the year before. Net income was $164 million, down 41.2%, and diluted earnings per share $0.73. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2013.
Revenue
$7.3 billion
-8.8% on the year
FY2007FY2012
Operating margin
5.4%
7.3% a year earlier
FY2007FY2012
Net income
$164 million
-41.2% on the year
FY2007FY2012
Diluted EPS
$0.73
-40.2% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
7,290
7,998
6,301
-8.8%
Cost of revenue
6,570
7,066
5,625
-7.0%
Gross profit
720
932
676
-22.7%
Gross margin
9.9%
11.6%
10.7%
Selling, general and administrative
329
n/a
n/a
Operating income
391
585
365
-33.1%
Operating margin
5.4%
7.3%
5.8%
Interest expense
159
177
170
-10.4%
Pre-tax income
204
424
213
-51.9%
Income tax
61.8
159
83.9
-61.1%
Effective tax rate
30.3%
37.4%
39.3%
Net income
164
278
141
-41.2%
Net margin
2.2%
3.5%
2.2%
Diluted EPS
$0.73
$1.22
$0.64
-40.2%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
446
486
169
-8.4%
Capital expenditure
224
167
133
+33.8%
Free cash flow
222
319
35.9
-30.4%
Free cash flow margin
3.0%
4.0%
0.6%
Cash from investing
n/a
n/a
-149
Cash from financing
n/a
n/a
157
Depreciation and amortisation
225
223
225
+1.2%
Share-based compensation
12.5
17.3
14.7
-27.8%
Dividends paid
87.6
81.9
65.0
+7.0%
Dividend per share
$0.40
$0.40
$0.30
0.0%
Diluted shares, weighted
237m
236m
235m
+0.3%
Shares outstanding at period end
220m
219m
218m
+0.3%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
2,378
2,300
2,077
+3.4%
Non-controlling interest
-27.6
-16.0
-16.0
Redeemable equity
98.8
70.7
54.3
+39.8%
Debt
2,202
2,380
2,387
-7.5%
Other liabilities
1,164
1,245
1,088
-6.5%
Total liabilities and equity
5,815
5,979
5,590
-2.7%
Fixed assets
2,231
2,194
2,213
+1.7%
Goodwill
739
745
752
-0.9%
Intangible assets
417
451
489
-7.6%
Cash and equivalents
376
391
187
-3.8%
Receivables
599
680
584
-11.8%
Inventory
1,203
1,200
1,114
+0.2%
Other assets
251
319
251
-21.3%
Total assets
5,815
5,979
5,590
-2.7%
10-K for the year ended 31 December 2012, filed 27 February 2013: the filing.