Erie Indemnity (ERIE) FY2020 results: revenue $2.5 billion, up 2.4% on the year
Erie Indemnity Co. (ERIE) reported revenue of $2.5 billion for fiscal 2020, the year ended 31 December 2020, up 2.4% on the year before. Net income was $293 million, down 7.4%, and diluted earnings per share $5.61. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$2.5 billion
+2.4% on the year
FY2013FY2020
Operating margin
13.3%
14.4% a year earlier
FY2013FY2020
Net income
$293 million
-7.4% on the year
FY2013FY2020
Diluted EPS
$5.61
-7.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,536
2,477
2,382
+2.4%
Operating income
338
357
344
-5.4%
Operating margin
13.3%
14.4%
14.5%
Interest expense
0.7
0.9
2.5
-14.6%
Pre-tax income
369
397
371
-7.1%
Income tax
75.2
79.9
83.1
-5.8%
Effective tax rate
20.4%
20.1%
22.4%
Net income
293
317
288
-7.4%
Net margin
11.6%
12.8%
12.1%
Diluted EPS
$5.61
$6.06
$5.51
-7.4%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
343
365
264
-6.0%
Capital expenditure
55.5
102
56.3
-45.6%
Free cash flow
287
262
207
+9.4%
Free cash flow margin
11.3%
10.6%
8.7%
Cash from investing
-243
-125
-81.4
Cash from financing
-275
-170
-131
Depreciation and amortisation
21.2
16.8
13.4
+26.2%
Dividends paid
273
168
156
+62.8%
Diluted shares, weighted
52m
52m
52m
-0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,188
1,133
974
+4.8%
Debt
95.9
97.8
99.7
-2.0%
Operating lease liabilities
n/a
n/a
0.0
Other liabilities
833
785
705
+6.1%
Total liabilities and equity
2,117
2,016
1,778
+5.0%
Investments
928
731
749
+27.0%
Cash and equivalents
161
337
266
-52.1%
Receivables
495
469
n/a
+5.5%
Other assets
533
480
763
+11.0%
Total assets
2,117
2,016
1,778
+5.0%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.