Loews (L) FY2017 results: revenue $13.7 billion, up 4.8% on the year
Loews Corp. (L) reported revenue of $13.7 billion for fiscal 2017, the year ended 31 December 2017, up 4.8% on the year before. Net income was $1.2 billion, up 78.0%, and diluted earnings per share $3.45. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2018.
Revenue
$13.7 billion
+4.8% on the year
FY2010FY2017
Operating margin
11.5%
7.1% a year earlier
FY2010FY2017
Net income
$1.2 billion
+78.0% on the year
FY2010FY2017
Diluted EPS
$3.45
+78.8% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
13,735
13,105
13,415
+4.8%
Cost of revenue
299
271
n/a
+10.3%
Gross profit
13,436
12,834
n/a
+4.7%
Gross margin
97.8%
97.9%
n/a
Operating income
1,582
936
244
+69.0%
Operating margin
11.5%
7.1%
1.8%
Interest expense
646
536
520
+20.5%
Pre-tax income
1,582
936
244
+69.0%
Income tax
170
220
-43.0
-22.7%
Effective tax rate
10.7%
23.5%
-17.6%
Net income
1,164
654
260
+78.0%
Net margin
8.5%
5.0%
1.9%
Diluted EPS
$3.45
$1.93
$0.72
+78.8%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,590
2,253
3,547
+15.0%
Capital expenditure
1,031
1,450
1,555
-28.9%
Free cash flow
1,559
803
1,992
+94.1%
Free cash flow margin
11.4%
6.1%
14.8%
Cash from investing
-2,655
-2,187
n/a
Cash from financing
201
-166
n/a
Depreciation and amortisation
854
841
955
+1.5%
Share-based compensation
33.0
32.0
14.0
+3.1%
Buybacks
216
134
1,265
+61.2%
Dividends paid
84.0
84.0
90.0
0.0%
Dividend per share
$0.25
$0.25
$0.25
0.0%
Diluted shares, weighted
338m
338m
363m
-0.2%
Shares outstanding at period end
n/a
337m
340m
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
19,204
18,163
17,561
+5.7%
Non-controlling interest
5,362
5,198
5,249
+3.2%
Debt
11,533
10,778
10,583
+7.0%
Other liabilities
43,487
42,455
42,636
+2.4%
Total liabilities and equity
79,586
76,594
76,029
+3.9%
Fixed assets
15,427
15,230
15,477
+1.3%
Goodwill
659
346
351
+90.5%
Investments
4,646
4,765
4,810
-2.5%
Cash and equivalents
472
327
440
+44.3%
Other assets
58,382
55,926
54,951
+4.4%
Total assets
79,586
76,594
76,029
+3.9%
10-K for the year ended 31 December 2017, filed 15 February 2018: the filing.