Firstenergy (FE) FY2019 results: revenue $11.0 billion, down 2.0% on the year
Firstenergy Corp. (FE) reported revenue of $11.0 billion for fiscal 2019, the year ended 31 December 2019, down 2.0% on the year before. Net income was $912 million, down 32.3%, and diluted earnings per share $1.68. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2020.
Revenue
$11.0 billion
-2.0% on the year
FY2012FY2019
Operating margin
22.7%
22.2% a year earlier
FY2012FY2019
Net income
$912 million
-32.3% on the year
FY2012FY2019
Diluted EPS
$1.68
-15.6% 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
11,035
11,261
10,928
-2.0%
Operating income
2,510
2,502
2,428
+0.3%
Operating margin
22.7%
22.2%
22.2%
Interest expense
1,033
1,116
1,005
-7.4%
Pre-tax income
1,117
1,512
1,426
-26.1%
Income tax
213
490
1,715
-56.5%
Effective tax rate
19.1%
32.4%
120.3%
Net income
912
1,348
-1,724
-32.3%
Net margin
8.3%
12.0%
-15.8%
Diluted EPS
$1.68
$1.99
-$3.88
-15.6%
$ 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
2,467
1,410
3,808
+75.0%
Capital expenditure
2,665
2,675
2,587
-0.4%
Free cash flow
-198
-1,265
1,221
Free cash flow margin
-1.8%
-11.2%
11.2%
Cash from investing
-2,873
-3,018
-2,723
Cash from financing
656
1,394
-702
-52.9%
Depreciation and amortisation
1,217
1,384
1,700
-12.1%
Share-based compensation
0.0
0.0
n/a
Dividends paid
814
711
639
+14.5%
Dividend per share
$1.53
$1.82
$1.44
-15.9%
Diluted shares, weighted
542m
494m
444m
+9.7%
Shares outstanding at period end
541m
512m
445m
+5.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
6,975
6,814
3,925
+2.4%
Debt
20,998
19,504
19,545
+7.7%
Operating lease liabilities
241
n/a
n/a
Finance lease liabilities
45.0
n/a
n/a
Other liabilities
14,042
13,745
18,787
+2.2%
Total liabilities and equity
42,301
40,063
42,257
+5.6%
Fixed assets
31,650
29,911
28,101
+5.8%
Goodwill
5,618
5,618
5,618
0.0%
Intangible assets
80.0
93.0
105
-14.0%
Investments
1,451
1,299
3,203
+11.7%
Cash and equivalents
627
367
589
+70.8%
Receivables
1,091
1,221
1,282
-10.6%
Inventory
281
252
236
+11.5%
Other assets
1,503
1,302
3,123
+15.4%
Total assets
42,301
40,063
42,257
+5.6%
10-K for the year ended 31 December 2019, filed 10 February 2020: the filing.