Provident Financial Services (PFS) FY2023 results: revenue $479 million, down 5.2% on the year
Provident Financial Services Inc. (PFS) reported revenue of $479 million for fiscal 2023, the year ended 31 December 2023, down 5.2% on the year before. Net income was $128 million, down 26.9%, and diluted earnings per share $1.71. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.
Revenue
$479 million
-5.2% on the year
FY2016FY2023
Operating margin
n/a
FY2016FY2023
Net income
$128 million
-26.9% on the year
FY2016FY2023
Diluted EPS
$1.71
-27.2% 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
173
200
157
-13.4%
Capital expenditure
7.5
9.4
13.8
-20.4%
Free cash flow
166
191
143
-13.1%
Cash from investing
-470
-648
-718
Cash from financing
290
-78.7
740
Depreciation and amortisation
11.7
13.1
12.7
-10.6%
Buybacks
0.0
46.5
20.7
Dividends paid
72.4
72.0
71.5
+0.6%
Dividend per share
$0.96
$0.96
$0.94
0.0%
Diluted shares, weighted
75m
75m
77m
+0.1%
Shares outstanding at period end
76m
75m
77m
+0.5%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
1,691
1,598
1,697
+5.8%
Deposits
10,293
10,563
11,234
-2.6%
Debt
1,981
1,348
637
+47.0%
Other liabilities
247
275
213
-10.1%
Total liabilities and equity
14,211
13,783
13,781
+3.1%
Fixed assets
71.0
79.8
80.6
-11.0%
Goodwill
444
444
444
0.0%
Securities held for sale or to maturity
2,053
2,191
2,494
-6.3%
Loans
10,767
10,161
9,501
+6.0%
Cash and equivalents
180
186
685
-3.4%
Other assets
696
721
576
-3.5%
Total assets
14,211
13,783
13,781
+3.1%
10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.