Pinnacle West Capital (PNW) FY2018 results: revenue $3.7 billion, up 3.5% on the year
Pinnacle West Capital Corp. (PNW) reported revenue of $3.7 billion for fiscal 2018, the year ended 31 December 2018, up 3.5% on the year before. Net income was $511 million, up 4.6%, and diluted earnings per share $4.54. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$3.7 billion
+3.5% on the year
FY2011FY2018
Operating margin
21.0%
25.5% a year earlier
FY2011FY2018
Net income
$511 million
+4.6% on the year
FY2011FY2018
Diluted EPS
$4.54
+4.4% 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
3,691
3,565
3,499
+3.5%
Cost of revenue
1,076
981
1,076
+9.7%
Gross profit
2,615
2,584
2,423
+1.2%
Gross margin
70.8%
72.5%
69.3%
Operating income
774
910
836
-15.0%
Operating margin
21.0%
25.5%
23.9%
Interest expense
218
198
186
+10.4%
Income tax
134
258
236
-48.2%
Net income
511
488
442
+4.6%
Net margin
13.8%
13.7%
12.6%
Diluted EPS
$4.54
$4.35
$3.95
+4.4%
$ 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
1,277
1,118
1,023
+14.2%
Capital expenditure
1,178
1,409
1,275
-16.4%
Free cash flow
99.0
-291
-252
Free cash flow margin
2.7%
-8.2%
-7.2%
Cash from investing
-1,193
-1,429
-1,252
Cash from financing
-92.4
316
198
Depreciation and amortisation
651
611
565
+6.6%
Share-based compensation
19.5
20.5
18.9
-4.7%
Dividends paid
309
290
274
+6.6%
Dividend per share
$2.87
$2.70
$2.56
+6.3%
Diluted shares, weighted
113m
112m
112m
+0.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
5,223
5,007
4,804
+4.3%
Non-controlling interest
126
129
132
-2.5%
Debt
5,215
4,967
4,324
+5.0%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
7,101
6,916
6,744
+2.7%
Total liabilities and equity
17,664
17,019
16,004
+3.8%
Fixed assets
12,371
11,670
11,372
+6.0%
Intangible assets
263
257
90.0
+2.2%
Cash and equivalents
5.8
13.9
8.9
-58.5%
Other assets
5,025
5,078
4,534
-1.1%
Total assets
17,664
17,019
16,004
+3.8%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.