Loews (L) FY2014 results: revenue $14.3 billion, down 2.0% on the year
Loews Corp. (L) reported revenue of $14.3 billion for fiscal 2014, the year ended 31 December 2014, down 2.0% on the year before. Net income was $591 million, down 0.7%, and diluted earnings per share $1.55. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2015.
Revenue
$14.3 billion
-2.0% on the year
FY2007FY2014
Operating margin
12.6%
15.6% a year earlier
FY2007FY2014
Net income
$591 million
-0.7% on the year
FY2007FY2014
Diluted EPS
$1.55
+1.3% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
14,325
14,613
14,072
-2.0%
Operating income
1,810
2,277
2,022
-20.5%
Operating margin
12.6%
15.6%
14.4%
Interest expense
498
425
426
+17.2%
Pre-tax income
1,810
2,277
2,022
-20.5%
Income tax
457
656
513
-30.3%
Effective tax rate
25.2%
28.8%
25.4%
Net income
591
595
568
-0.7%
Net margin
4.1%
4.1%
4.0%
Diluted EPS
$1.55
$1.53
$1.43
+1.3%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,990
2,097
2,854
+42.6%
Capital expenditure
2,753
1,737
1,405
+58.5%
Free cash flow
237
360
1,449
-34.2%
Free cash flow margin
1.7%
2.5%
10.3%
Cash from investing
n/a
-3,298
-3,095
Cash from financing
n/a
1,271
336
Depreciation and amortisation
861
774
758
+11.2%
Share-based compensation
6.0
7.0
8.0
-14.3%
Buybacks
622
228
212
+172.8%
Dividends paid
95.0
97.0
99.0
-2.1%
Dividend per share
$0.25
$0.25
$0.25
0.0%
Diluted shares, weighted
383m
389m
396m
-1.6%
Shares outstanding at period end
373m
387m
n/a
-3.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
19,280
19,458
19,459
-0.9%
Non-controlling interest
5,370
5,448
5,217
-1.4%
Debt
10,668
10,846
9,210
-1.6%
Other liabilities
43,049
44,187
46,135
-2.6%
Total liabilities and equity
78,367
79,939
80,021
-2.0%
Fixed assets
15,611
13,524
13,935
+15.4%
Goodwill
374
357
412
+4.8%
Investments
6,014
6,772
5,835
-11.2%
Cash and equivalents
364
294
228
+23.8%
Other assets
56,004
58,992
59,611
-5.1%
Total assets
78,367
79,939
80,021
-2.0%
10-K for the year ended 31 December 2014, filed 24 February 2015: the filing.