Consolidated Edison (ED) FY2019 results: revenue $12.6 billion, up 1.9% on the year
Consolidated Edison Inc. (ED) reported revenue of $12.6 billion for fiscal 2019, the year ended 31 December 2019, up 1.9% on the year before. Net income was $1.3 billion, down 2.8%, and diluted earnings per share $4.08. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$12.6 billion
+1.9% on the year
FY2012FY2019
Operating margin
21.3%
21.6% a year earlier
FY2012FY2019
Net income
$1.3 billion
-2.8% on the year
FY2012FY2019
Diluted EPS
$4.08
-7.7% 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
12,574
12,337
12,033
+1.9%
Research and development
24.0
24.0
24.0
0.0%
Operating income
2,676
2,664
2,774
+0.5%
Operating margin
21.3%
21.6%
23.1%
Interest expense
991
819
729
+21.0%
Pre-tax income
1,736
1,783
1,997
-2.6%
Income tax
296
401
472
-26.2%
Effective tax rate
17.1%
22.5%
23.6%
Net income
1,343
1,382
1,525
-2.8%
Net margin
10.7%
11.2%
12.7%
Diluted EPS
$4.08
$4.42
$4.94
-7.7%
$ 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
3,134
2,695
3,367
+16.3%
Capital expenditure
3,676
5,249
3,606
-30.0%
Free cash flow
-542
-2,554
-239
Free cash flow margin
-4.3%
-20.7%
-2.0%
Cash from investing
-3,782
-5,471
-3,703
Cash from financing
859
2,938
357
-70.8%
Depreciation and amortisation
1,684
1,438
1,341
+17.1%
Share-based compensation
47.0
14.0
63.0
+235.7%
Dividends paid
924
842
803
+9.7%
Dividend per share
$2.96
$2.86
$2.76
+3.5%
Diluted shares, weighted
330m
313m
309m
+5.3%
Shares outstanding at period end
333m
321m
n/a
+3.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
18,022
16,726
15,418
+7.7%
Non-controlling interest
191
113
7.0
+69.0%
Debt
21,665
20,711
16,606
+4.6%
Operating lease liabilities
809
0.0
n/a
Finance lease liabilities
1.0
n/a
n/a
Other liabilities
17,391
16,370
16,080
+6.2%
Total liabilities and equity
58,079
53,920
48,111
+7.7%
Fixed assets
43,889
41,749
37,600
+5.1%
Goodwill
446
440
428
+1.4%
Intangible assets
1,557
1,654
131
-5.9%
Investments
2,065
1,766
2,001
+16.9%
Cash and equivalents
981
895
797
+9.6%
Receivables
1,236
1,267
1,103
-2.4%
Other assets
7,905
6,149
6,051
+28.6%
Total assets
58,079
53,920
48,111
+7.7%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.