Loews (L) FY2011 results: revenue $14.1 billion, down 3.3% on the year
Loews Corp. (L) reported revenue of $14.1 billion for fiscal 2011, the year ended 31 December 2011, down 3.3% on the year before. Net income was $1.1 billion, down 17.6%, and diluted earnings per share $2.62. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2013.
Revenue
$14.1 billion
-3.3% on the year
FY2007FY2011
Operating margin
15.8%
19.9% a year earlier
FY2007FY2011
Net income
$1.1 billion
-17.6% on the year
FY2007FY2011
Diluted EPS
$2.62
-14.7% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
14,129
14,615
14,117
-3.3%
Operating income
2,226
2,902
1,730
-23.3%
Operating margin
15.8%
19.9%
12.3%
Interest expense
522
517
448
+1.0%
Pre-tax income
2,226
n/a
n/a
Income tax
532
894
345
-40.5%
Effective tax rate
23.9%
n/a
n/a
Net income
1,062
1,289
564
-17.6%
Net margin
7.5%
8.8%
4.0%
Diluted EPS
$2.62
$3.07
$1.30
-14.7%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
3,965
-47.0
4,591
Capital expenditure
857
917
2,529
-6.5%
Free cash flow
3,108
-964
2,062
Free cash flow margin
22.0%
-6.6%
14.6%
Cash from investing
-1,903
664
-4,863
Cash from financing
-2,053
-688
321
Depreciation and amortisation
833
816
784
+2.1%
Share-based compensation
10.0
11.0
13.0
-9.1%
Buybacks
732
405
334
+80.7%
Dividends paid
101
105
108
-3.8%
Dividend per share
$0.25
$0.25
$0.25
0.0%
Diluted shares, weighted
405m
420m
433m
-3.4%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
18,772
18,450
16,899
+1.7%
Non-controlling interest
4,438
4,656
4,186
-4.7%
Short-term borrowings
n/a
n/a
10.0
Debt
9,001
9,477
9,475
-5.0%
Other liabilities
43,164
43,694
43,500
-1.2%
Total liabilities and equity
75,375
76,277
74,070
-1.2%
Fixed assets
13,618
12,636
13,274
+7.8%
Goodwill
908
856
856
+6.1%
Investments
5,105
7,080
7,215
-27.9%
Cash and equivalents
129
120
190
+7.5%
Other assets
55,615
55,585
52,535
+0.1%
Total assets
75,375
76,277
74,070
-1.2%
10-K for the year ended 31 December 2011, filed 22 February 2013: the filing.