Erie Indemnity (ERIE) FY2018 results: revenue $2.4 billion, up 40.8% on the year
Erie Indemnity Co. (ERIE) reported revenue of $2.4 billion for fiscal 2018, the year ended 31 December 2018, up 40.8% on the year before. Net income was $288 million, up 46.3%, and diluted earnings per share $5.51. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$2.4 billion
+40.8% on the year
FY2011FY2018
Operating margin
14.5%
17.2% a year earlier
FY2011FY2018
Net income
$288 million
+46.3% on the year
FY2011FY2018
Diluted EPS
$5.51
+46.5% 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
2,382
1,692
1,597
+40.8%
Operating income
344
290
294
+18.6%
Operating margin
14.5%
17.2%
18.4%
Interest expense
2.5
1.2
0.1
+98.7%
Pre-tax income
371
316
320
+17.6%
Income tax
83.1
119
110
-30.0%
Effective tax rate
22.4%
37.6%
34.3%
Net income
288
197
210
+46.3%
Net margin
12.1%
11.6%
13.2%
Diluted EPS
$5.51
$3.76
n/a
+46.5%
$ 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
264
197
254
+33.7%
Capital expenditure
56.3
28.9
25.2
+94.6%
Free cash flow
207
168
229
+23.2%
Free cash flow margin
8.7%
9.9%
14.4%
Cash from investing
-81.4
-74.7
-137
Cash from financing
-131
-95.8
-111
Depreciation and amortisation
13.4
14.8
15.1
-9.5%
Buybacks
n/a
n/a
0.0
Dividends paid
156
146
136
+7.3%
Diluted shares, weighted
52m
52m
n/a
-0.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
974
857
817
+13.6%
Debt
99.7
74.7
24.8
+33.5%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
705
734
707
-3.9%
Total liabilities and equity
1,778
1,666
1,549
+6.8%
Investments
749
759
713
-1.3%
Cash and equivalents
266
216
189
+23.5%
Other assets
763
691
647
+10.4%
Total assets
1,778
1,666
1,549
+6.8%
10-K for the year ended 31 December 2018, filed 21 February 2019: the filing.