Pinnacle West Capital (PNW) FY2013 results: revenue $3.5 billion, up 4.6% on the year
Pinnacle West Capital Corp. (PNW) reported revenue of $3.5 billion for fiscal 2013, the year ended 31 December 2013, up 4.6% on the year before. Net income was $406 million, up 6.4%, and diluted earnings per share $3.66. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2014.
Revenue
$3.5 billion
+4.6% on the year
FY2008FY2013
Operating margin
24.5%
25.8% a year earlier
FY2008FY2013
Net income
$406 million
+6.4% on the year
FY2008FY2013
Diluted EPS
$3.66
+6.1% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
3,455
3,302
3,241
+4.6%
Operating income
846
852
747
-0.6%
Operating margin
24.5%
25.8%
23.0%
Interest expense
187
200
224
-6.3%
Pre-tax income
671
656
539
+2.2%
Income tax
231
237
184
-2.8%
Effective tax rate
34.4%
36.2%
34.0%
Net income
406
382
339
+6.4%
Net margin
11.8%
11.6%
10.5%
Diluted EPS
$3.66
$3.45
$3.09
+6.1%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,153
1,171
1,126
-1.5%
Capital expenditure
1,016
890
884
+14.3%
Free cash flow
137
282
241
-51.3%
Free cash flow margin
4.0%
8.5%
7.4%
Cash from investing
-1,009
-873
-782
Cash from financing
-161
-306
-420
Depreciation and amortisation
492
481
494
+2.3%
Share-based compensation
25.0
32.0
23.0
-21.9%
Dividends paid
235
225
222
+4.5%
Dividend per share
$2.23
$2.67
$2.10
-16.5%
Diluted shares, weighted
111m
111m
110m
+0.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
4,194
3,973
3,822
+5.6%
Non-controlling interest
146
129
109
+12.7%
Debt
3,490
3,414
3,496
+2.2%
Other liabilities
5,678
5,863
5,684
-3.2%
Total liabilities and equity
13,509
13,380
13,111
+1.0%
Fixed assets
9,900
9,417
9,044
+5.1%
Intangible assets
158
162
171
-2.8%
Cash and equivalents
9.5
26.2
33.6
-63.6%
Other assets
3,441
3,775
3,863
-8.8%
Total assets
13,509
13,380
13,111
+1.0%
10-K for the year ended 31 December 2013, filed 21 February 2014: the filing.