Erie Indemnity (ERIE) FY2019 results: revenue $2.5 billion, up 4.0% on the year
Erie Indemnity Co. (ERIE) reported revenue of $2.5 billion for fiscal 2019, the year ended 31 December 2019, up 4.0% on the year before. Net income was $317 million, up 9.9%, and diluted earnings per share $6.06. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$2.5 billion
+4.0% on the year
FY2012FY2019
Operating margin
14.4%
14.5% a year earlier
FY2012FY2019
Net income
$317 million
+9.9% on the year
FY2012FY2019
Diluted EPS
$6.06
+10.0% 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
2,477
2,382
1,692
+4.0%
Operating income
357
344
290
+3.8%
Operating margin
14.4%
14.5%
17.2%
Interest expense
0.9
2.5
1.2
-65.2%
Pre-tax income
397
371
316
+6.8%
Income tax
79.9
83.1
119
-3.9%
Effective tax rate
20.1%
22.4%
37.6%
Net income
317
288
197
+9.9%
Net margin
12.8%
12.1%
11.6%
Diluted EPS
$6.06
$5.51
$3.76
+10.0%
$ 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
365
264
197
+38.3%
Capital expenditure
102
56.3
28.9
+81.3%
Free cash flow
262
207
168
+26.6%
Free cash flow margin
10.6%
8.7%
9.9%
Cash from investing
-125
-81.4
-74.7
Cash from financing
-170
-131
-95.8
Depreciation and amortisation
16.8
13.4
14.8
+25.4%
Dividends paid
168
156
146
+7.1%
Diluted shares, weighted
52m
52m
52m
+0.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,133
974
857
+16.4%
Debt
97.8
99.7
74.7
-1.9%
Operating lease liabilities
n/a
0.0
n/a
Other liabilities
785
705
734
+11.4%
Total liabilities and equity
2,016
1,778
1,666
+13.4%
Investments
731
749
759
-2.4%
Cash and equivalents
337
266
216
+26.4%
Receivables
469
n/a
n/a
Other assets
480
763
691
-37.1%
Total assets
2,016
1,778
1,666
+13.4%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.