Steel Dynamics (STLD) FY2019 results: revenue $10.5 billion, down 11.5% on the year
Steel Dynamics Inc. (STLD) reported revenue of $10.5 billion for fiscal 2019, the year ended 31 December 2019, down 11.5% on the year before. Net income was $671 million, down 46.7%, and diluted earnings per share $3.04. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$10.5 billion
-11.5% on the year
FY2012FY2019
Operating margin
9.4%
14.6% a year earlier
FY2012FY2019
Net income
$671 million
-46.7% on the year
FY2012FY2019
Diluted EPS
$3.04
-43.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
10,465
11,822
9,539
-11.5%
Cost of revenue
8,934
9,499
7,957
-5.9%
Gross profit
1,531
2,323
1,582
-34.1%
Gross margin
14.6%
19.6%
16.6%
Selling, general and administrative
n/a
600
515
Operating income
987
1,722
1,067
-42.7%
Operating margin
9.4%
14.6%
11.2%
Interest expense
127
127
134
+0.4%
Pre-tax income
875
1,620
935
-46.0%
Income tax
197
364
129
-45.8%
Effective tax rate
22.6%
22.5%
13.8%
Net income
671
1,258
813
-46.7%
Net margin
6.4%
10.6%
8.5%
Diluted EPS
$3.04
$5.35
$3.36
-43.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,396
1,415
739
-1.4%
Capital expenditure
452
239
165
+88.8%
Free cash flow
944
1,176
574
-19.7%
Free cash flow margin
9.0%
9.9%
6.0%
Cash from investing
-577
-895
-139
Cash from financing
-267
-721
-413
Depreciation and amortisation
321
317
299
+1.2%
Share-based compensation
47.6
43.3
36.2
+10.0%
Buybacks
349
524
252
-33.4%
Dividends paid
200
169
146
+18.6%
Dividend per share
$0.96
$0.75
$0.62
+28.0%
Diluted shares, weighted
221m
235m
242m
-6.1%
Shares outstanding at period end
215m
225m
237m
-4.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
4,076
3,935
3,352
+3.6%
Non-controlling interest
-155
-159
-157
Redeemable equity
144
111
111
+29.1%
Debt
2,734
2,377
2,382
+15.0%
Operating lease liabilities
57.9
n/a
n/a
Other liabilities
1,419
1,440
1,167
-1.5%
Total liabilities and equity
8,276
7,704
6,856
+7.4%
Fixed assets
3,136
2,946
2,676
+6.5%
Goodwill
453
430
387
+5.4%
Intangible assets
328
270
257
+21.3%
Investments
262
229
n/a
+14.6%
Cash and equivalents
1,381
828
1,029
+66.8%
Receivables
841
1,040
846
-19.1%
Inventory
1,689
1,859
1,519
-9.2%
Other assets
185
101
142
+82.4%
Total assets
8,276
7,704
6,856
+7.4%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.