WEC Energy Group (WEC) FY2019 results: revenue $7.5 billion, down 2.0% on the year
WEC Energy Group, Inc. (WEC) reported revenue of $7.5 billion for fiscal 2019, the year ended 31 December 2019, down 2.0% on the year before. Net income was $1.1 billion, up 7.1%, and diluted earnings per share $3.58. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$7.5 billion
-2.0% on the year
FY2012FY2019
Operating margin
20.4%
19.1% a year earlier
FY2012FY2019
Net income
$1.1 billion
+7.1% on the year
FY2012FY2019
Diluted EPS
$3.58
+7.2% 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
7,523
7,680
7,648
-2.0%
Cost of revenue
2,679
2,898
2,823
-7.6%
Gross profit
4,844
4,782
4,826
+1.3%
Gross margin
64.4%
62.3%
63.1%
Operating income
1,531
1,468
1,776
+4.3%
Operating margin
20.4%
19.1%
23.2%
Interest expense
502
445
416
+12.7%
Pre-tax income
1,260
1,230
1,588
+2.4%
Income tax
125
170
384
-26.4%
Effective tax rate
9.9%
13.8%
24.1%
Net income
1,134
1,059
1,204
+7.1%
Net margin
15.1%
13.8%
15.7%
Diluted EPS
$3.58
$3.34
$3.79
+7.2%
$ 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
2,346
2,446
2,079
-4.1%
Capital expenditure
2,261
2,417
1,960
-6.5%
Free cash flow
84.7
28.4
119
+198.2%
Free cash flow margin
1.1%
0.4%
1.6%
Cash from investing
-2,495
-2,384
-2,254
Cash from financing
85.6
26.4
161
+224.2%
Depreciation and amortisation
926
846
799
+9.5%
Share-based compensation
50.2
36.1
29.0
+39.1%
Buybacks
140
72.4
71.3
+93.5%
Dividends paid
744
697
656
+6.8%
Dividend per share
$2.36
$2.21
$2.08
+6.8%
Diluted shares, weighted
317m
317m
317m
-0.1%
Shares outstanding at period end
315m
316m
316m
-0.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
10,255
9,843
9,492
+4.2%
Debt
12,735
11,799
11,033
+7.9%
Operating lease liabilities
37.0
n/a
n/a
Finance lease liabilities
39.6
n/a
n/a
Other liabilities
11,886
11,834
11,065
+0.4%
Total liabilities and equity
34,952
33,476
31,590
+4.4%
Fixed assets
23,620
22,001
21,347
+7.4%
Goodwill
3,053
3,053
3,054
0.0%
Cash and equivalents
37.5
84.5
38.9
-55.6%
Receivables
1,176
1,281
1,351
-8.2%
Other assets
7,065
7,057
5,800
+0.1%
Total assets
34,952
33,476
31,590
+4.4%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.