WEC Energy Group (WEC) FY2018 results: revenue $7.7 billion, up 0.4% on the year
WEC Energy Group, Inc. (WEC) reported revenue of $7.7 billion for fiscal 2018, the year ended 31 December 2018, up 0.4% on the year before. Net income was $1.1 billion, down 12.0%, and diluted earnings per share $3.34. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$7.7 billion
+0.4% on the year
FY2011FY2018
Operating margin
19.1%
23.2% a year earlier
FY2011FY2018
Net income
$1.1 billion
-12.0% on the year
FY2011FY2018
Diluted EPS
$3.34
-11.9% 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
7,680
7,648
7,472
+0.4%
Cost of revenue
2,898
2,823
2,647
+2.7%
Gross profit
4,782
4,826
4,825
-0.9%
Gross margin
62.3%
63.1%
64.6%
Operating income
1,468
1,776
1,696
-17.3%
Operating margin
19.1%
23.2%
22.7%
Interest expense
445
416
403
+7.1%
Pre-tax income
1,230
1,588
1,507
-22.5%
Income tax
170
384
566
-55.7%
Effective tax rate
13.8%
24.1%
37.6%
Net income
1,059
1,204
939
-12.0%
Net margin
13.8%
15.7%
12.6%
Diluted EPS
$3.34
$3.79
$2.96
-11.9%
$ 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
2,446
2,079
2,104
+17.7%
Capital expenditure
2,417
1,960
1,424
+23.4%
Free cash flow
28.4
119
680
-76.2%
Free cash flow margin
0.4%
1.6%
9.1%
Cash from investing
-2,384
-2,254
-1,354
Cash from financing
26.4
161
-846
-83.6%
Depreciation and amortisation
846
799
763
+5.9%
Share-based compensation
36.1
29.0
18.0
+24.5%
Buybacks
72.4
71.3
108
+1.5%
Dividends paid
697
656
625
+6.2%
Dividend per share
$2.21
$2.08
$1.98
+6.2%
Diluted shares, weighted
317m
317m
317m
-0.1%
Shares outstanding at period end
316m
316m
316m
-0.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
9,843
9,492
8,960
+3.7%
Debt
11,799
11,033
10,176
+6.9%
Other liabilities
11,834
11,065
10,987
+6.9%
Total liabilities and equity
33,476
31,590
30,123
+6.0%
Fixed assets
22,001
21,347
19,916
+3.1%
Goodwill
3,053
3,054
3,046
-0.0%
Cash and equivalents
84.5
38.9
37.5
+117.2%
Receivables
1,281
1,351
1,242
-5.2%
Other assets
7,057
5,800
5,882
+21.7%
Total assets
33,476
31,590
30,123
+6.0%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.