Husky Energy (TSX:HSE) Operating Income : C$-14,582 Mil (TTM As of Sep. 2020)

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What is Husky Energy Operating Income?

Husky Energy's Operating Income for the three months ended in Sep. 2020 was C$-8,972 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2020 was C$-14,582 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Husky Energy's Operating Income for the three months ended in Sep. 2020 was C$-8,972 Mil. Husky Energy's Revenue for the three months ended in Sep. 2020 was C$3,379 Mil. Therefore, Husky Energy's Operating Margin % for the quarter that ended in Sep. 2020 was -265.52%.

Husky Energy's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Husky Energy's annualized ROC % for the quarter that ended in Sep. 2020 was -121.00%. Husky Energy's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2020 was -176.27%.

Husky Energy Operating Income Historical Data

The historical data trend for Husky Energy's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Husky Energy Operating Income Chart

Husky Energy Annual Data

Trend

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Operating Income

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-5,289.00

-454.00

566.00

1,994.00

-2,109.00

Husky Energy Quarterly Data
	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20
Operating Income	Get a 7-Day Free Trial															366.00	-3,078.00	-2,182.00	-350.00	-8,972.00

Husky Energy Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Sep. 2020 adds up the quarterly data reported by the company within the most recent 12 months, which was C$-14,582 Mil.

Husky Energy (TSX:HSE) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Husky Energy's annualized ROC % for the quarter that ended in Sep. 2020 is calculated as:

	ROC % (Q: Sep. 2020 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2020 )	+	Invested Capital (Q: Sep. 2020 ))	/ count )
=	-35888 * ( 1 - 21.67% )	/	( (27583	+	18883)	/ 2 )
=	-28111.0704	/	23233
=	-121.00 %

where

	Invested Capital		(Q: Jun. 2020 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	29459	-	2099	-	( 633	-	max(0, 2788	-	2565	+	633	))
=	27583

	Invested Capital		(Q: Sep. 2020 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	21410	-	2207	-	( 1028	-	max(0, 2921	-	3241	+	1028	))
=	18883

Note: The Operating Income data used here is four times the quarterly (Sep. 2020) data.

2. Joel Greenblatt's definition of Return on Capital:

Husky Energy's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2020 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2020 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2020		Q: Sep. 2020
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-35836	/	( ( (24239 + max(-269, 0))	+	(16421 + max(-115, 0)) )	/	2 )
=	-35836	/	( ( 24239	+	16421 )	/	2 )
=	-35836	/	20330
=	-176.27 %

where Working Capital is:

	Working Capital		(Q: Jun. 2020 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(833	+	994	+	70)	-	(2099	+	0	+	67)
=	-269

	Working Capital		(Q: Sep. 2020 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(897	+	1158	+	147)	-	(2207	+	0	+	110)
=	-115

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Sep. 2020) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Husky Energy's Operating Margin % for the quarter that ended in Sep. 2020 is calculated as:

Operating Margin %	=	Operating Income (Q: Sep. 2020 )	/	Revenue (Q: Sep. 2020 )
	=	-8972	/	3379
	=	-265.52 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Husky Energy Operating Income Related Terms

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Husky Energy (TSX:HSE) Business Description

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Address

707, 8th Avenue S.W, PO Box 6525, Station D, Calgary, AB, CAN, T2P 1H5

Website

https://www.huskyenergy.com

Husky Energy is one of Canada's largest integrated energy companies, operating in western Canada, the United States, and the Asia-Pacific and Atlantic regions. The upstream portfolio includes light and medium crude, heavy crude, bitumen, natural gas liquids, and natural gas. Husky's heavy oil and oil sands production are supported by two integrated downstream and midstream value chains. Production averaged 290,000 barrels of oil equivalent per day in 2019, and Husky estimates that it holds approximately 2.1 billion boe of proven and probable crude oil and natural gas reserves.

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