Cincinnati Financial (CINF) FY2018 results: revenue $5.4 billion, down 5.7% on the year
Cincinnati Financial Corp. (CINF) reported revenue of $5.4 billion for fiscal 2018, the year ended 31 December 2018, down 5.7% on the year before. Net income was $287 million, down 72.5%, and diluted earnings per share $1.75. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$5.4 billion
-5.7% on the year
FY2011FY2018
Operating margin
4.6%
12.7% a year earlier
FY2011FY2018
Net income
$287 million
-72.5% on the year
FY2011FY2018
Diluted EPS
$1.75
-72.2% 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
5,407
5,732
5,449
-5.7%
Operating income
251
730
812
-65.6%
Operating margin
4.6%
12.7%
14.9%
Interest expense
53.0
53.0
53.0
0.0%
Pre-tax income
251
730
812
-65.6%
Income tax
-36.0
-315
221
Effective tax rate
-14.3%
-43.2%
27.2%
Net income
287
1,045
591
-72.5%
Net margin
5.3%
18.2%
10.8%
Diluted EPS
$1.75
$6.29
$3.55
-72.2%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,181
1,052
1,115
+12.3%
Capital expenditure
20.0
16.0
13.0
+25.0%
Free cash flow
1,161
1,036
1,102
+12.1%
Free cash flow margin
21.5%
18.1%
20.2%
Cash from investing
-451
-558
-456
Cash from financing
-603
-614
-426
Depreciation and amortisation
63.0
55.0
48.0
+14.5%
Share-based compensation
28.0
26.0
23.0
+7.7%
Buybacks
125
92.0
39.0
+35.9%
Dividends paid
336
400
306
-16.0%
Dividend per share
$2.12
$2.50
$1.92
-15.2%
Diluted shares, weighted
164m
166m
166m
-0.9%
Shares outstanding at period end
198m
198m
198m
0.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
7,833
8,243
7,060
-5.0%
Debt
788
787
787
+0.1%
Other liabilities
13,314
12,813
12,539
+3.9%
Total liabilities and equity
21,935
21,843
20,386
+0.4%
Fixed assets
195
185
183
+5.4%
Securities held for sale or to maturity
10,689
10,699
10,085
-0.1%
Loans
71.0
61.0
51.0
+16.4%
Cash and equivalents
784
657
777
+19.3%
Other assets
10,196
10,241
9,290
-0.4%
Total assets
21,935
21,843
20,386
+0.4%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.