Steel Dynamics (STLD) FY2013 results: revenue $7.4 billion, up 1.1% on the year
Steel Dynamics Inc. (STLD) reported revenue of $7.4 billion for fiscal 2013, the year ended 31 December 2013, up 1.1% on the year before. Net income was $189 million, up 15.8%, and diluted earnings per share $0.83. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2014.
Revenue
$7.4 billion
+1.1% on the year
FY2007FY2013
Operating margin
5.2%
5.4% a year earlier
FY2007FY2013
Net income
$189 million
+15.8% on the year
FY2007FY2013
Diluted EPS
$0.83
+13.7% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
7,373
7,290
7,998
+1.1%
Cost of revenue
6,654
6,570
7,066
+1.3%
Gross profit
719
720
932
-0.1%
Gross margin
9.8%
9.9%
11.6%
Selling, general and administrative
333
329
n/a
+1.2%
Operating income
387
391
585
-1.2%
Operating margin
5.2%
5.4%
7.3%
Interest expense
128
159
177
-19.5%
Pre-tax income
263
204
424
+28.8%
Income tax
99.3
61.8
159
+60.7%
Effective tax rate
37.8%
30.3%
37.4%
Net income
189
164
278
+15.8%
Net margin
2.6%
2.2%
3.5%
Diluted EPS
$0.83
$0.73
$1.22
+13.7%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
312
446
486
-30.0%
Capital expenditure
187
224
167
-16.4%
Free cash flow
125
222
319
-43.6%
Free cash flow margin
1.7%
3.0%
4.0%
Depreciation and amortisation
231
225
223
+2.5%
Share-based compensation
15.5
12.5
17.3
+24.2%
Dividends paid
94.8
87.6
81.9
+8.2%
Dividend per share
$0.44
$0.40
$0.40
+10.0%
Diluted shares, weighted
239m
237m
236m
+1.0%
Shares outstanding at period end
223m
220m
219m
+1.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
2,496
2,378
2,300
+5.0%
Non-controlling interest
-51.5
-27.6
-16.0
Redeemable equity
117
98.8
70.7
+17.9%
Debt
2,108
2,202
2,380
-4.3%
Other liabilities
1,220
1,164
1,245
+4.8%
Total liabilities and equity
5,889
5,815
5,979
+1.3%
Fixed assets
2,226
2,231
2,194
-0.2%
Goodwill
732
739
745
-0.9%
Intangible assets
386
417
451
-7.3%
Cash and equivalents
395
376
391
+5.1%
Receivables
664
599
680
+10.8%
Inventory
1,315
1,203
1,200
+9.3%
Other assets
170
251
319
-32.2%
Total assets
5,889
5,815
5,979
+1.3%
10-K for the year ended 31 December 2013, filed 3 March 2014: the filing.