Erie Indemnity (ERIE) FY2023 results: revenue $3.3 billion, up 15.1% on the year
Erie Indemnity Co. (ERIE) reported revenue of $3.3 billion for fiscal 2023, the year ended 31 December 2023, up 15.1% on the year before. Net income was $446 million, up 49.4%, and diluted earnings per share $8.53. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.
Revenue
$3.3 billion
+15.1% on the year
FY2016FY2023
Operating margin
15.9%
13.2% a year earlier
FY2016FY2023
Net income
$446 million
+49.4% on the year
FY2016FY2023
Diluted EPS
$8.53
+49.4% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
381
366
403
+4.1%
Capital expenditure
92.6
67.2
149
+37.9%
Free cash flow
289
299
254
-3.5%
Free cash flow margin
8.8%
10.5%
9.6%
Cash from investing
-158
-107
-185
Cash from financing
-222
-301
-195
Depreciation and amortisation
47.4
45.9
37.2
+3.3%
Dividends paid
222
207
193
+7.2%
Diluted shares, weighted
52m
52m
52m
+0.0%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
1,663
1,448
1,342
+14.8%
Short-term borrowings
n/a
n/a
0.0
Debt
n/a
0.0
93.8
Other liabilities
809
791
806
+2.3%
Total liabilities and equity
2,472
2,239
2,242
+10.4%
Investments
961
895
946
+7.4%
Cash and equivalents
144
142
184
+1.4%
Receivables
625
525
479
+19.1%
Other assets
741
678
633
+9.4%
Total assets
2,472
2,239
2,242
+10.4%
10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.