Steel Dynamics (STLD) FY2018 results: revenue $11.8 billion, up 23.9% on the year
Steel Dynamics Inc. (STLD) reported revenue of $11.8 billion for fiscal 2018, the year ended 31 December 2018, up 23.9% on the year before. Net income was $1.3 billion, up 54.8%, and diluted earnings per share $5.35. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$11.8 billion
+23.9% on the year
FY2011FY2018
Operating margin
14.6%
11.2% a year earlier
FY2011FY2018
Net income
$1.3 billion
+54.8% on the year
FY2011FY2018
Diluted EPS
$5.35
+59.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
11,822
9,539
7,777
+23.9%
Cost of revenue
9,499
7,957
6,442
+19.4%
Gross profit
2,323
1,582
1,335
+46.8%
Gross margin
19.6%
16.6%
17.2%
Selling, general and administrative
600
515
474
+16.6%
Operating income
1,722
1,067
728
+61.4%
Operating margin
14.6%
11.2%
9.4%
Interest expense
127
134
146
-5.8%
Pre-tax income
1,620
935
564
+73.2%
Income tax
364
129
204
+181.2%
Effective tax rate
22.5%
13.8%
36.2%
Net income
1,258
813
382
+54.8%
Net margin
10.6%
8.5%
4.9%
Diluted EPS
$5.35
$3.36
$1.56
+59.2%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,415
739
853
+91.4%
Capital expenditure
239
165
198
+45.1%
Free cash flow
1,176
574
655
+104.7%
Free cash flow margin
9.9%
6.0%
8.4%
Cash from investing
-895
-139
-313
Cash from financing
-721
-413
-425
Depreciation and amortisation
317
299
296
+6.1%
Share-based compensation
43.3
36.2
31.7
+19.7%
Buybacks
524
252
25.0
+107.6%
Dividends paid
169
146
136
+16.0%
Dividend per share
$0.75
$0.62
$0.56
+21.0%
Diluted shares, weighted
235m
242m
245m
-2.7%
Shares outstanding at period end
225m
237m
244m
-5.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
3,935
3,352
2,927
+17.4%
Non-controlling interest
-159
-157
-150
Redeemable equity
111
111
111
0.0%
Debt
2,377
2,382
2,357
-0.2%
Other liabilities
1,440
1,167
1,178
+23.3%
Total liabilities and equity
7,704
6,856
6,424
+12.4%
Fixed assets
2,946
2,676
2,787
+10.1%
Goodwill
430
387
393
+11.1%
Intangible assets
270
257
284
+5.2%
Investments
229
n/a
n/a
Cash and equivalents
828
1,029
841
-19.5%
Receivables
1,040
846
704
+22.9%
Inventory
1,859
1,519
1,275
+22.4%
Other assets
101
142
139
-28.4%
Total assets
7,704
6,856
6,424
+12.4%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.