Provident Financial Services (PFS) FY2018 results: revenue $359 million, up 7.6% on the year
Provident Financial Services Inc. (PFS) reported revenue of $359 million for fiscal 2018, the year ended 31 December 2018, up 7.6% on the year before. Net income was $118 million, up 26.0%, and diluted earnings per share $1.82. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$359 million
+7.6% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$118 million
+26.0% on the year
FY2011FY2018
Diluted EPS
$1.82
+25.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
359
334
314
+7.6%
Interest expense
59.2
45.6
43.7
+29.6%
Pre-tax income
144
140
125
+2.4%
Income tax
25.5
46.5
37.0
-45.1%
Effective tax rate
17.7%
33.1%
29.6%
Net income
118
93.9
87.8
+26.0%
Net margin
32.9%
28.1%
28.0%
Diluted EPS
$1.82
$1.45
$1.38
+25.5%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
156
117
127
+32.8%
Capital expenditure
3.2
3.2
5.0
-2.1%
Free cash flow
153
114
122
+33.8%
Cash from investing
46.7
-306
-581
Cash from financing
-251
236
496
Depreciation and amortisation
10.1
11.6
12.8
-13.1%
Buybacks
13.2
0.4
1.6
+2,873.4%
Dividends paid
53.6
60.0
45.4
-10.6%
Dividend per share
$0.82
$0.93
n/a
-11.8%
Diluted shares, weighted
65m
65m
64m
+0.8%
Shares outstanding at period end
66m
67m
66m
-0.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,359
1,299
1,252
+4.6%
Deposits
6,830
6,714
6,554
+1.7%
Debt
1,442
1,743
1,613
-17.2%
Other liabilities
94.4
89.9
82.3
+5.0%
Total liabilities and equity
9,726
9,845
9,500
-1.2%
Fixed assets
58.1
63.2
84.1
-8.0%
Goodwill
412
412
412
0.0%
Securities held for sale or to maturity
1,543
1,515
488
+1.8%
Loans
7,195
7,266
6,942
-1.0%
Cash and equivalents
105
191
144
-45.1%
Other assets
414
399
1,431
+3.6%
Total assets
9,726
9,845
9,500
-1.2%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.