MGE Energy (MGEE) FY2021 results: revenue $607 million, up 12.6% on the year

MGE Energy Inc. (MGEE) reported revenue of $607 million for fiscal 2021, the year ended 31 December 2021, up 12.6% on the year before. Net income was $106 million, up 14.4%, and diluted earnings per share $2.92. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$607 million

+12.6% on the year

FY2014FY2021

Operating margin

19.3%

20.4% a year earlier

FY2014FY2021

Net income

$106 million

+14.4% on the year

FY2014FY2021

Diluted EPS

$2.92

+12.3% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	607	539	569	+12.6%
Operating income	117	110	111	+6.6%
Operating margin	19.3%	20.4%	19.5%
Income tax	4.1	19.4	19.8	-78.8%
Net income	106	92.4	86.9	+14.4%
Net margin	17.4%	17.2%	15.3%
Diluted EPS	$2.92	$2.60	$2.51	+12.3%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	138	172	130	-20.2%
Capital expenditure	153	203	164	-24.6%
Free cash flow	-15.6	-30.7	-33.6
Free cash flow margin	-2.6%	-5.7%	-5.9%
Cash from investing	-157	-210	-172
Cash from financing	-8.8	59.2	-17.2
Share-based compensation	2.9	1.3	3.0	+123.1%
Dividends paid	54.8	51.7	47.8	+5.9%
Dividend per share	$1.52	$1.45	$1.38	+4.8%
Diluted shares, weighted	36m	36m	35m	+1.6%
Shares outstanding at period end	36m	36m	35m	0.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,027	976	856	+5.3%
Short-term borrowings	n/a	n/a	0.0
Debt	625	577	543	+8.3%
Operating lease liabilities	8.0	5.8	0.5	+36.4%
Finance lease liabilities	17.3	17.5	17.4	-1.2%
Other liabilities	695	678	665	+2.5%
Total liabilities and equity	2,372	2,254	2,082	+5.2%
Fixed assets	1,879	1,769	1,643	+6.2%
Cash and equivalents	17.4	44.7	23.5	-61.0%
Receivables	46.2	41.4	40.5	+11.6%
Other assets	429	398	375	+7.9%
Total assets	2,372	2,254	2,082	+5.2%

10-K for the year ended 31 December 2021, filed 23 February 2022: the filing.