WEC Energy Group (WEC) FY2020 results: revenue $7.2 billion, down 3.7% on the year
WEC Energy Group, Inc. (WEC) reported revenue of $7.2 billion for fiscal 2020, the year ended 31 December 2020, down 3.7% on the year before. Net income was $1.2 billion, up 5.8%, and diluted earnings per share $3.79. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$7.2 billion
-3.7% on the year
FY2013FY2020
Operating margin
23.6%
20.4% a year earlier
FY2013FY2020
Net income
$1.2 billion
+5.8% on the year
FY2013FY2020
Diluted EPS
$3.79
+5.9% 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
7,242
7,523
7,680
-3.7%
Cost of revenue
2,320
2,679
2,898
-13.4%
Gross profit
4,922
4,844
4,782
+1.6%
Gross margin
68.0%
64.4%
62.3%
Operating income
1,706
1,531
1,468
+11.4%
Operating margin
23.6%
20.4%
19.1%
Interest expense
494
502
445
-1.6%
Pre-tax income
1,429
1,260
1,230
+13.5%
Income tax
228
125
170
+82.3%
Effective tax rate
15.9%
9.9%
13.8%
Net income
1,200
1,134
1,059
+5.8%
Net margin
16.6%
15.1%
13.8%
Diluted EPS
$3.79
$3.58
$3.34
+5.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,196
2,346
2,446
-6.4%
Capital expenditure
2,239
2,261
2,417
-1.0%
Free cash flow
-42.8
84.7
28.4
Free cash flow margin
-0.6%
1.1%
0.4%
Cash from investing
-2,807
-2,495
-2,384
Cash from financing
601
85.6
26.4
+602.2%
Depreciation and amortisation
976
926
846
+5.4%
Share-based compensation
35.7
50.2
36.1
-28.9%
Buybacks
99.2
140
72.4
-29.2%
Dividends paid
798
744
697
+7.2%
Dividend per share
$2.53
$2.36
$2.21
+7.2%
Diluted shares, weighted
316m
317m
317m
-0.1%
Shares outstanding at period end
315m
315m
316m
0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
10,662
10,255
9,843
+4.0%
Debt
14,291
12,735
11,799
+12.2%
Operating lease liabilities
n/a
37.0
n/a
Finance lease liabilities
55.3
39.6
n/a
+39.6%
Other liabilities
12,020
11,886
11,834
+1.1%
Total liabilities and equity
37,028
34,952
33,476
+5.9%
Fixed assets
25,707
23,620
22,001
+8.8%
Goodwill
3,053
3,053
3,053
0.0%
Cash and equivalents
24.8
37.5
84.5
-33.9%
Receivables
1,203
1,176
1,281
+2.2%
Other assets
7,040
7,065
7,057
-0.3%
Total assets
37,028
34,952
33,476
+5.9%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.