Pinnacle West Capital (PNW) FY2020 results: revenue $3.6 billion, up 3.3% on the year
Pinnacle West Capital Corp. (PNW) reported revenue of $3.6 billion for fiscal 2020, the year ended 31 December 2020, up 3.3% on the year before. Net income was $551 million, up 2.3%, and diluted earnings per share $4.87. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$3.6 billion
+3.3% on the year
FY2013FY2020
Operating margin
22.0%
19.4% a year earlier
FY2013FY2020
Net income
$551 million
+2.3% on the year
FY2013FY2020
Diluted EPS
$4.87
+2.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
3,587
3,471
3,691
+3.3%
Cost of revenue
993
1,042
1,076
-4.7%
Gross profit
2,594
2,429
2,615
+6.8%
Gross margin
72.3%
70.0%
70.8%
Operating income
788
672
774
+17.3%
Operating margin
22.0%
19.4%
21.0%
Interest expense
229
217
218
+5.7%
Income tax
78.2
-15.8
134
Net income
551
538
511
+2.3%
Net margin
15.3%
15.5%
13.8%
Diluted EPS
$4.87
$4.77
$4.54
+2.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
966
957
1,277
+1.0%
Capital expenditure
1,327
1,191
1,178
+11.3%
Free cash flow
-360
-235
99.0
Free cash flow margin
-10.0%
-6.8%
2.7%
Cash from investing
-1,278
-1,131
-1,193
Cash from financing
361
179
-92.4
+102.0%
Depreciation and amortisation
686
664
651
+3.3%
Share-based compensation
18.3
18.4
19.5
-0.5%
Dividends paid
351
330
309
+6.4%
Dividend per share
$3.23
$3.04
$2.87
+6.2%
Diluted shares, weighted
113m
113m
113m
+0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
5,634
5,431
5,223
+3.7%
Non-controlling interest
119
123
126
-2.7%
Debt
6,483
5,747
5,215
+12.8%
Operating lease liabilities
361
51.9
0.0
+596.6%
Other liabilities
7,423
7,127
7,101
+4.2%
Total liabilities and equity
20,020
18,479
17,664
+8.3%
Fixed assets
13,728
13,198
12,371
+4.0%
Intangible assets
283
291
263
-2.8%
Cash and equivalents
60.0
10.3
5.8
+483.2%
Other assets
5,950
4,980
5,025
+19.5%
Total assets
20,020
18,479
17,664
+8.3%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.