Steel Dynamics (STLD) FY2017 results: revenue $9.5 billion, up 22.7% on the year
Steel Dynamics Inc. (STLD) reported revenue of $9.5 billion for fiscal 2017, the year ended 31 December 2017, up 22.7% on the year before. Net income was $813 million, up 112.7%, and diluted earnings per share $3.36. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$9.5 billion
+22.7% on the year
FY2010FY2017
Operating margin
11.2%
9.4% a year earlier
FY2010FY2017
Net income
$813 million
+112.7% on the year
FY2010FY2017
Diluted EPS
$3.36
+115.4% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
9,539
7,777
7,594
+22.7%
Cost of revenue
7,957
6,442
6,863
+23.5%
Gross profit
1,582
1,335
732
+18.5%
Gross margin
16.6%
17.2%
9.6%
Selling, general and administrative
515
474
376
+8.7%
Operating income
1,067
728
-72.8
+46.6%
Operating margin
11.2%
9.4%
-1.0%
Interest expense
134
146
154
-8.0%
Pre-tax income
935
564
-242
+65.8%
Income tax
129
204
-96.9
-36.6%
Effective tax rate
13.8%
36.2%
n/a
Net income
813
382
-130
+112.7%
Net margin
8.5%
4.9%
-1.7%
Diluted EPS
$3.36
$1.56
-$0.54
+115.4%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
739
853
1,054
-13.3%
Capital expenditure
165
198
115
-16.8%
Free cash flow
574
655
939
-12.2%
Free cash flow margin
6.0%
8.4%
12.4%
Cash from investing
-139
-313
n/a
Cash from financing
-413
-425
n/a
Depreciation and amortisation
299
296
295
+1.0%
Share-based compensation
36.2
31.7
30.2
+14.3%
Buybacks
252
25.0
n/a
+907.6%
Dividends paid
146
136
128
+7.2%
Dividend per share
$0.62
$0.56
$0.55
+10.7%
Diluted shares, weighted
242m
245m
242m
-1.4%
Shares outstanding at period end
237m
244m
243m
-2.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
3,352
2,927
2,680
+14.5%
Non-controlling interest
-157
-150
-135
Redeemable equity
111
111
126
0.0%
Debt
2,382
2,357
2,595
+1.1%
Other liabilities
1,167
1,178
936
-0.9%
Total liabilities and equity
6,856
6,424
6,202
+6.7%
Fixed assets
2,676
2,787
2,951
-4.0%
Goodwill
387
393
397
-1.6%
Intangible assets
257
284
279
-9.5%
Cash and equivalents
1,029
841
727
+22.2%
Receivables
846
704
579
+20.3%
Inventory
1,519
1,275
1,149
+19.1%
Other assets
142
139
119
+1.9%
Total assets
6,856
6,424
6,202
+6.7%
10-K for the year ended 31 December 2017, filed 27 February 2019: the filing.