Consolidated Edison (ED) FY2018 results: revenue $12.3 billion, up 2.5% on the year
Consolidated Edison Inc. (ED) reported revenue of $12.3 billion for fiscal 2018, the year ended 31 December 2018, up 2.5% on the year before. Net income was $1.4 billion, down 9.4%, and diluted earnings per share $4.42. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$12.3 billion
+2.5% on the year
FY2011FY2018
Operating margin
21.6%
23.1% a year earlier
FY2011FY2018
Net income
$1.4 billion
-9.4% on the year
FY2011FY2018
Diluted EPS
$4.42
-10.5% 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
12,337
12,033
12,075
+2.5%
Research and development
24.0
24.0
24.0
0.0%
Operating income
2,664
2,774
2,780
-4.0%
Operating margin
21.6%
23.1%
23.0%
Interest expense
819
729
678
+12.3%
Pre-tax income
1,783
1,997
1,943
-10.7%
Income tax
401
472
698
-15.0%
Effective tax rate
22.5%
23.6%
35.9%
Net income
1,382
1,525
1,245
-9.4%
Net margin
11.2%
12.7%
10.3%
Diluted EPS
$4.42
$4.94
$4.12
-10.5%
$ 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
2,695
3,367
3,459
-20.0%
Capital expenditure
5,249
3,606
5,235
+45.6%
Free cash flow
-2,554
-239
-1,776
Free cash flow margin
-20.7%
-2.0%
-14.7%
Cash from investing
-5,471
-3,703
-4,950
Cash from financing
2,938
357
1,345
+723.0%
Depreciation and amortisation
1,438
1,341
1,216
+7.2%
Share-based compensation
14.0
63.0
50.0
-77.8%
Dividends paid
842
803
763
+4.9%
Dividend per share
$2.86
$2.76
$2.68
+3.6%
Diluted shares, weighted
313m
309m
302m
+1.3%
Shares outstanding at period end
321m
n/a
n/a
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
16,726
15,418
14,298
+8.5%
Non-controlling interest
113
7.0
8.0
+1,514.3%
Debt
20,711
16,606
15,828
+24.7%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
16,370
16,080
18,121
+1.8%
Total liabilities and equity
53,920
48,111
48,255
+12.1%
Fixed assets
41,749
37,600
35,216
+11.0%
Goodwill
440
428
428
+2.8%
Intangible assets
1,654
131
124
+1,162.6%
Investments
1,766
2,001
1,921
-11.7%
Cash and equivalents
895
797
776
+12.3%
Receivables
1,267
1,103
1,106
+14.9%
Other assets
6,149
6,051
8,684
+1.6%
Total assets
53,920
48,111
48,255
+12.1%
10-K for the year ended 31 December 2018, filed 21 February 2019: the filing.