WEC Energy Group (WEC) FY2016 results: revenue $7.5 billion, up 26.1% on the year
WEC Energy Group, Inc. (WEC) reported revenue of $7.5 billion for fiscal 2016, the year ended 31 December 2016, up 26.1% on the year before. Net income was $939 million, up 46.7%, and diluted earnings per share $2.96. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2017.
Revenue
$7.5 billion
+26.1% on the year
FY2011FY2016
Operating margin
22.7%
21.1% a year earlier
FY2011FY2016
Net income
$939 million
+46.7% on the year
FY2011FY2016
Diluted EPS
$2.96
+26.5% on the year
FY2011FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
7,472
5,926
4,997
+26.1%
Cost of revenue
2,647
2,240
2,259
+18.2%
Gross profit
4,825
3,686
2,738
+30.9%
Gross margin
64.6%
62.2%
54.8%
Operating income
1,696
1,250
1,112
+35.6%
Operating margin
22.7%
21.1%
22.3%
Interest expense
403
331
240
+21.5%
Pre-tax income
1,507
1,074
951
+40.3%
Income tax
566
434
362
+30.6%
Effective tax rate
37.6%
40.4%
38.0%
Net income
939
640
590
+46.7%
Net margin
12.6%
10.8%
11.8%
Diluted EPS
$2.96
$2.34
$2.59
+26.5%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
2,104
1,295
1,198
+62.4%
Capital expenditure
1,424
1,266
761
+12.4%
Free cash flow
680
28.9
436
+2,253.3%
Free cash flow margin
9.1%
0.5%
8.7%
Cash from investing
-1,354
-2,423
-757
Cash from financing
-846
1,234
-405
Depreciation and amortisation
763
562
391
+35.7%
Share-based compensation
18.0
23.3
21.9
-22.7%
Buybacks
108
74.7
123
+44.6%
Dividends paid
625
455
352
+37.2%
Dividend per share
$1.98
$1.74
$1.56
+13.8%
Diluted shares, weighted
317m
273m
228m
+16.2%
Shares outstanding at period end
316m
316m
226m
-0.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
8,960
8,685
4,450
+3.2%
Debt
10,176
10,377
5,212
-1.9%
Other liabilities
10,987
10,293
5,242
+6.7%
Total liabilities and equity
30,123
29,355
14,905
+2.6%
Fixed assets
19,916
19,190
11,258
+3.8%
Goodwill
3,046
3,024
442
+0.8%
Intangible assets
n/a
13.9
0.0
Investments
n/a
1,467
457
Cash and equivalents
37.5
49.8
61.9
-24.7%
Receivables
1,242
1,029
643
+20.7%
Other assets
5,882
4,583
2,043
+28.4%
Total assets
30,123
29,355
14,905
+2.6%
10-K for the year ended 31 December 2016, filed 28 February 2017: the filing.