Southwest Gas Holdings (SWX) FY2019 results: revenue $3.1 billion, up 8.3% on the year
Southwest Gas Holdings, Inc. (SWX) reported revenue of $3.1 billion for fiscal 2019, the year ended 31 December 2019, up 8.3% on the year before. Net income was $214 million, up 17.4%, and diluted earnings per share $3.94. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$3.1 billion
+8.3% on the year
FY2015FY2019
Operating margin
11.9%
12.4% a year earlier
FY2015FY2019
Net income
$214 million
+17.4% on the year
FY2015FY2019
Diluted EPS
$3.94
+7.1% on the year
FY2015FY2019
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
3,120
2,880
2,549
+8.3%
Cost of revenue
1,573
1,388
1,149
+13.4%
Gross profit
1,547
1,492
1,400
+3.6%
Gross margin
49.6%
51.8%
54.9%
Operating income
372
357
343
+4.0%
Operating margin
11.9%
12.4%
13.5%
Interest expense
109
96.7
78.1
+13.0%
Pre-tax income
273
243
259
+12.1%
Income tax
56.0
61.7
65.1
-9.2%
Effective tax rate
20.5%
25.3%
25.1%
Net income
214
182
194
+17.4%
Net margin
6.9%
6.3%
7.6%
Diluted EPS
$3.94
$3.68
$4.04
+7.1%
$ 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
500
529
370
-5.4%
Capital expenditure
938
766
624
+22.5%
Free cash flow
-438
-237
-254
Free cash flow margin
-14.0%
-8.2%
-10.0%
Cash from investing
-952
-999
-701
Cash from financing
415
513
346
-19.0%
Depreciation and amortisation
303
249
251
+21.7%
Share-based compensation
6.9
6.1
10.9
+12.8%
Dividends paid
116
100
92.1
+15.8%
Dividend per share
n/a
$2.08
$1.98
Diluted shares, weighted
54m
49m
48m
+9.8%
Shares outstanding at period end
55m
53m
48m
+3.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,506
2,252
1,815
+11.3%
Non-controlling interest
0.0
-0.5
-2.4
Redeemable equity
84.5
81.8
0.0
+3.3%
Debt
2,675
2,292
2,038
+16.7%
Finance lease liabilities
0.4
n/a
n/a
Other liabilities
2,904
2,732
2,386
+6.3%
Total liabilities and equity
8,170
7,358
6,237
+11.0%
Goodwill
343
359
179
-4.5%
Cash and equivalents
49.5
85.4
43.6
-42.0%
Receivables
474
414
347
+14.5%
Other assets
7,303
6,499
5,667
+12.4%
Total assets
8,170
7,358
6,237
+11.0%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.