Loews (L) FY2016 results: revenue $13.1 billion, down 2.3% on the year
Loews Corp. (L) reported revenue of $13.1 billion for fiscal 2016, the year ended 31 December 2016, down 2.3% on the year before. Net income was $654 million, up 151.5%, and diluted earnings per share $1.93. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2017.
Revenue
$13.1 billion
-2.3% on the year
FY2009FY2016
Operating margin
7.1%
1.8% a year earlier
FY2009FY2016
Net income
$654 million
+151.5% on the year
FY2009FY2016
Diluted EPS
$1.93
+168.1% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
13,105
13,415
14,325
-2.3%
Cost of revenue
271
n/a
n/a
Gross profit
12,834
n/a
n/a
Gross margin
97.9%
n/a
n/a
Operating income
936
244
1,810
+283.6%
Operating margin
7.1%
1.8%
12.6%
Interest expense
536
520
498
+3.1%
Pre-tax income
936
244
1,810
+283.6%
Income tax
220
-43.0
457
Effective tax rate
23.5%
-17.6%
25.2%
Net income
654
260
591
+151.5%
Net margin
5.0%
1.9%
4.1%
Diluted EPS
$1.93
$0.72
$1.55
+168.1%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
2,253
3,547
2,990
-36.5%
Capital expenditure
1,450
1,555
2,753
-6.8%
Free cash flow
803
1,992
237
-59.7%
Free cash flow margin
6.1%
14.8%
1.7%
Cash from investing
-2,187
n/a
n/a
Cash from financing
-166
n/a
n/a
Depreciation and amortisation
841
955
861
-11.9%
Share-based compensation
32.0
14.0
6.0
+128.6%
Buybacks
134
1,265
622
-89.4%
Dividends paid
84.0
90.0
95.0
-6.7%
Dividend per share
$0.25
$0.25
$0.25
0.0%
Diluted shares, weighted
338m
363m
383m
-6.7%
Shares outstanding at period end
337m
340m
373m
-1.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
18,163
17,561
19,280
+3.4%
Non-controlling interest
5,198
5,249
5,370
-1.0%
Debt
10,778
10,583
10,668
+1.8%
Other liabilities
42,455
42,636
43,049
-0.4%
Total liabilities and equity
76,594
76,029
78,367
+0.7%
Fixed assets
15,230
15,477
15,611
-1.6%
Goodwill
346
351
374
-1.4%
Investments
4,765
4,810
6,014
-0.9%
Cash and equivalents
327
440
364
-25.7%
Other assets
55,926
54,951
56,004
+1.8%
Total assets
76,594
76,029
78,367
+0.7%
10-K for the year ended 31 December 2016, filed 16 February 2017: the filing.