Loews (L) FY2015 results: revenue $13.4 billion, down 6.4% on the year
Loews Corp. (L) reported revenue of $13.4 billion for fiscal 2015, the year ended 31 December 2015, down 6.4% on the year before. Net income was $260 million, down 56.0%, and diluted earnings per share $0.72. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2016.
Revenue
$13.4 billion
-6.4% on the year
FY2008FY2015
Operating margin
1.8%
12.6% a year earlier
FY2008FY2015
Net income
$260 million
-56.0% on the year
FY2008FY2015
Diluted EPS
$0.72
-53.5% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
13,415
14,325
14,613
-6.4%
Operating income
244
1,810
2,277
-86.5%
Operating margin
1.8%
12.6%
15.6%
Interest expense
520
498
425
+4.4%
Pre-tax income
244
1,810
2,277
-86.5%
Income tax
-43.0
457
656
Effective tax rate
-17.6%
25.2%
28.8%
Net income
260
591
595
-56.0%
Net margin
1.9%
4.1%
4.1%
Diluted EPS
$0.72
$1.55
$1.53
-53.5%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
3,547
2,990
2,097
+18.6%
Capital expenditure
1,555
2,753
1,737
-43.5%
Free cash flow
1,992
237
360
+740.5%
Free cash flow margin
14.8%
1.7%
2.5%
Cash from investing
n/a
n/a
-3,298
Cash from financing
n/a
n/a
1,271
Depreciation and amortisation
955
861
774
+10.9%
Share-based compensation
14.0
6.0
7.0
+133.3%
Buybacks
1,265
622
228
+103.4%
Dividends paid
90.0
95.0
97.0
-5.3%
Dividend per share
$0.25
$0.25
$0.25
0.0%
Diluted shares, weighted
363m
383m
389m
-5.2%
Shares outstanding at period end
340m
373m
387m
-8.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
17,561
19,280
19,458
-8.9%
Non-controlling interest
5,249
5,370
5,448
-2.3%
Debt
10,583
10,668
10,846
-0.8%
Other liabilities
42,636
43,049
44,187
-1.0%
Total liabilities and equity
76,029
78,367
79,939
-3.0%
Fixed assets
15,477
15,611
13,524
-0.9%
Goodwill
351
374
357
-6.1%
Investments
4,810
6,014
6,772
-20.0%
Cash and equivalents
440
364
294
+20.9%
Other assets
54,951
56,004
58,992
-1.9%
Total assets
76,029
78,367
79,939
-3.0%
10-K for the year ended 31 December 2015, filed 19 February 2016: the filing.