Steel Dynamics (STLD) FY2020 results: revenue $9.6 billion, down 8.3% on the year
Steel Dynamics Inc. (STLD) reported revenue of $9.6 billion for fiscal 2020, the year ended 31 December 2020, down 8.3% on the year before. Net income was $551 million, down 17.9%, and diluted earnings per share $2.59. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$9.6 billion
-8.3% on the year
FY2013FY2020
Operating margin
8.8%
9.4% a year earlier
FY2013FY2020
Net income
$551 million
-17.9% on the year
FY2013FY2020
Diluted EPS
$2.59
-14.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
9,601
10,465
11,822
-8.3%
Cost of revenue
8,167
8,934
9,499
-8.6%
Gross profit
1,435
1,531
2,323
-6.3%
Gross margin
14.9%
14.6%
19.6%
Selling, general and administrative
n/a
n/a
600
Operating income
847
987
1,722
-14.2%
Operating margin
8.8%
9.4%
14.6%
Interest expense
94.9
127
127
-25.4%
Pre-tax income
705
875
1,620
-19.4%
Income tax
135
197
364
-31.8%
Effective tax rate
19.1%
22.6%
22.5%
Net income
551
671
1,258
-17.9%
Net margin
5.7%
6.4%
10.6%
Diluted EPS
$2.59
$3.04
$5.35
-14.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
987
1,396
1,415
-29.3%
Capital expenditure
1,198
452
239
+165.1%
Free cash flow
-211
944
1,176
Free cash flow margin
-2.2%
9.0%
9.9%
Cash from investing
-993
-577
-895
Cash from financing
-7.0
-267
-721
Depreciation and amortisation
326
321
317
+1.5%
Share-based compensation
55.6
47.6
43.3
+16.7%
Buybacks
107
349
524
-69.4%
Dividends paid
209
200
169
+4.5%
Dividend per share
$1.00
$0.96
$0.75
+4.2%
Diluted shares, weighted
212m
221m
235m
-3.8%
Shares outstanding at period end
211m
215m
225m
-1.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
4,345
4,076
3,935
+6.6%
Non-controlling interest
-156
-155
-159
Redeemable equity
159
144
111
+10.4%
Debt
3,103
2,734
2,377
+13.5%
Operating lease liabilities
72.6
57.9
n/a
+25.4%
Other liabilities
1,742
1,419
1,440
+22.8%
Total liabilities and equity
9,266
8,276
7,704
+12.0%
Fixed assets
4,106
3,136
2,946
+30.9%
Goodwill
457
453
430
+1.0%
Intangible assets
325
328
270
-1.0%
Investments
0.0
262
229
Cash and equivalents
1,369
1,381
828
-0.9%
Receivables
968
841
1,040
+15.0%
Inventory
1,844
1,689
1,859
+9.1%
Other assets
198
185
101
+7.0%
Total assets
9,266
8,276
7,704
+12.0%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.