Pinnacle West Capital (PNW) FY2019 results: revenue $3.5 billion, down 6.0% on the year
Pinnacle West Capital Corp. (PNW) reported revenue of $3.5 billion for fiscal 2019, the year ended 31 December 2019, down 6.0% on the year before. Net income was $538 million, up 5.3%, and diluted earnings per share $4.77. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$3.5 billion
-6.0% on the year
FY2012FY2019
Operating margin
19.4%
21.0% a year earlier
FY2012FY2019
Net income
$538 million
+5.3% on the year
FY2012FY2019
Diluted EPS
$4.77
+5.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,471
3,691
3,565
-6.0%
Cost of revenue
1,042
1,076
981
-3.1%
Gross profit
2,429
2,615
2,584
-7.1%
Gross margin
70.0%
70.8%
72.5%
Operating income
672
774
910
-13.1%
Operating margin
19.4%
21.0%
25.5%
Interest expense
217
218
198
-0.7%
Income tax
-15.8
134
258
Net income
538
511
488
+5.3%
Net margin
15.5%
13.8%
13.7%
Diluted EPS
$4.77
$4.54
$4.35
+5.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
957
1,277
1,118
-25.1%
Capital expenditure
1,191
1,178
1,409
+1.1%
Free cash flow
-235
99.0
-291
Free cash flow margin
-6.8%
2.7%
-8.2%
Cash from investing
-1,131
-1,193
-1,429
Cash from financing
179
-92.4
316
Depreciation and amortisation
664
651
611
+2.0%
Share-based compensation
18.4
19.5
20.5
-6.0%
Dividends paid
330
309
290
+6.7%
Dividend per share
$3.04
$2.87
$2.70
+5.9%
Diluted shares, weighted
113m
113m
112m
+0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,431
5,223
5,007
+4.0%
Non-controlling interest
123
126
129
-2.6%
Debt
5,747
5,215
4,967
+10.2%
Operating lease liabilities
51.9
0.0
n/a
Other liabilities
7,127
7,101
6,916
+0.4%
Total liabilities and equity
18,479
17,664
17,019
+4.6%
Fixed assets
13,198
12,371
11,670
+6.7%
Intangible assets
291
263
257
+10.5%
Cash and equivalents
10.3
5.8
13.9
+78.3%
Other assets
4,980
5,025
5,078
-0.9%
Total assets
18,479
17,664
17,019
+4.6%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.