Loews (L) FY2013 results: revenue $14.6 billion, up 3.8% on the year
Loews Corp. (L) reported revenue of $14.6 billion for fiscal 2013, the year ended 31 December 2013, up 3.8% on the year before. Net income was $595 million, up 4.8%, and diluted earnings per share $1.53. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2014.
Revenue
$14.6 billion
+3.8% on the year
FY2007FY2013
Operating margin
15.6%
14.4% a year earlier
FY2007FY2013
Net income
$595 million
+4.8% on the year
FY2007FY2013
Diluted EPS
$1.53
+7.0% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
14,613
14,072
14,129
+3.8%
Operating income
2,277
2,022
2,226
+12.6%
Operating margin
15.6%
14.4%
15.8%
Interest expense
425
426
522
-0.2%
Pre-tax income
2,277
2,022
2,226
+12.6%
Income tax
656
513
532
+27.9%
Effective tax rate
28.8%
25.4%
23.9%
Net income
595
568
1,062
+4.8%
Net margin
4.1%
4.0%
7.5%
Diluted EPS
$1.53
$1.43
$2.62
+7.0%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
2,097
2,854
3,965
-26.5%
Capital expenditure
1,737
1,405
857
+23.6%
Free cash flow
360
1,449
3,108
-75.2%
Free cash flow margin
2.5%
10.3%
22.0%
Cash from investing
-3,298
-3,095
-1,903
Cash from financing
1,271
336
-2,053
+278.3%
Depreciation and amortisation
774
758
833
+2.1%
Share-based compensation
7.0
8.0
10.0
-12.5%
Buybacks
228
212
732
+7.5%
Dividends paid
97.0
99.0
101
-2.0%
Dividend per share
$0.25
$0.25
$0.25
0.0%
Diluted shares, weighted
389m
396m
405m
-1.8%
Shares outstanding at period end
387m
n/a
n/a
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
19,458
19,459
18,772
-0.0%
Non-controlling interest
5,448
5,217
4,438
+4.4%
Debt
10,846
9,210
9,001
+17.8%
Other liabilities
44,187
46,135
43,164
-4.2%
Total liabilities and equity
79,939
80,021
75,375
-0.1%
Fixed assets
13,524
13,935
13,618
-2.9%
Goodwill
357
412
908
-13.3%
Investments
6,772
5,835
5,105
+16.1%
Cash and equivalents
294
228
129
+28.9%
Other assets
58,992
59,611
55,615
-1.0%
Total assets
79,939
80,021
75,375
-0.1%
10-K for the year ended 31 December 2013, filed 24 February 2014: the filing.