Pinnacle West Capital (PNW) FY2014 results: revenue $3.5 billion, up 1.1% on the year
Pinnacle West Capital Corp. (PNW) reported revenue of $3.5 billion for fiscal 2014, the year ended 31 December 2014, up 1.1% on the year before. Net income was $398 million, down 2.1%, and diluted earnings per share $3.58. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2015.
Revenue
$3.5 billion
+1.1% on the year
FY2008FY2014
Operating margin
23.2%
24.5% a year earlier
FY2008FY2014
Net income
$398 million
-2.1% on the year
FY2008FY2014
Diluted EPS
$3.58
-2.2% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,492
3,455
3,302
+1.1%
Operating income
811
846
852
-4.1%
Operating margin
23.2%
24.5%
25.8%
Interest expense
185
187
200
-0.8%
Pre-tax income
644
671
656
-3.9%
Income tax
221
231
237
-4.3%
Effective tax rate
34.2%
34.4%
36.2%
Net income
398
406
382
-2.1%
Net margin
11.4%
11.8%
11.6%
Diluted EPS
$3.58
$3.66
$3.45
-2.2%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,100
1,153
1,171
-4.7%
Capital expenditure
911
1,016
890
-10.4%
Free cash flow
189
137
282
+38.0%
Free cash flow margin
5.4%
4.0%
8.5%
Cash from investing
-923
-1,009
-873
Cash from financing
-179
-161
-306
Depreciation and amortisation
496
492
481
+0.8%
Share-based compensation
33.1
25.0
32.0
+32.2%
Dividends paid
247
235
225
+4.9%
Dividend per share
$2.33
$2.23
$2.67
+4.5%
Diluted shares, weighted
111m
111m
111m
+0.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
4,367
4,194
3,973
+4.1%
Non-controlling interest
152
146
129
+3.8%
Debt
3,538
3,490
3,414
+1.4%
Other liabilities
6,257
5,678
5,863
+10.2%
Total liabilities and equity
14,314
13,509
13,380
+6.0%
Fixed assets
10,145
9,900
9,417
+2.5%
Intangible assets
120
158
162
-24.1%
Cash and equivalents
7.6
9.5
26.2
-20.2%
Other assets
4,041
3,441
3,775
+17.4%
Total assets
14,314
13,509
13,380
+6.0%
10-K for the year ended 31 December 2014, filed 20 February 2015: the filing.