Essential Utilities (WTRG) FY2020 results: revenue $1.5 billion, up 64.4% on the year
Essential Utilities, Inc. (WTRG) reported revenue of $1.5 billion for fiscal 2020, the year ended 31 December 2020, up 64.4% on the year before. Net income was $285 million, up 26.9%, and diluted earnings per share $1.12. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$1.5 billion
+64.4% on the year
FY2013FY2020
Operating margin
29.7%
38.2% a year earlier
FY2013FY2020
Net income
$285 million
+26.9% on the year
FY2013FY2020
Diluted EPS
$1.12
+7.7% 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
1,463
890
838
+64.4%
Operating income
435
340
323
+27.8%
Operating margin
29.7%
38.2%
38.6%
Interest expense
188
125
98.9
+50.3%
Pre-tax income
265
212
178
+25.3%
Income tax
-19.9
-13.0
-13.7
Effective tax rate
-7.5%
-6.2%
-7.7%
Net income
285
225
192
+26.9%
Net margin
19.5%
25.2%
22.9%
Diluted EPS
$1.12
$1.04
$1.08
+7.7%
$ 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
508
339
369
+50.1%
Capital expenditure
n/a
n/a
496
Free cash flow
n/a
n/a
-127
Free cash flow margin
n/a
n/a
-15.2%
Cash from investing
-4,334
-605
-640
Cash from financing
1,962
2,131
271
-8.0%
Depreciation and amortisation
257
156
147
+64.3%
Share-based compensation
8.2
7.4
7.6
+10.7%
Buybacks
4.4
1.9
2.6
+133.8%
Dividends paid
233
189
151
+23.4%
Dividend per share
$0.97
$0.91
$0.85
+7.0%
Diluted shares, weighted
255m
216m
178m
+17.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
4,684
3,881
2,009
+20.7%
Debt
5,670
3,074
2,558
+84.5%
Operating lease liabilities
55.6
11.6
n/a
+377.8%
Other liabilities
3,295
2,395
2,397
+37.6%
Total liabilities and equity
13,705
9,362
6,964
+46.4%
Fixed assets
9,513
6,346
5,930
+49.9%
Goodwill
2,325
63.8
52.7
+3,542.2%
Intangible assets
7.2
n/a
n/a
Securities held for sale or to maturity
25.8
n/a
n/a
Cash and equivalents
4.8
1,869
3.6
-99.7%
Receivables
155
67.1
65.8
+130.5%
Inventory
n/a
18.4
15.8
Other assets
1,675
998
896
+67.9%
Total assets
13,705
9,362
6,964
+46.4%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.