Loews (L) FY2018 results: revenue $14.1 billion, up 2.4% on the year
Loews Corp. (L) reported revenue of $14.1 billion for fiscal 2018, the year ended 31 December 2018, up 2.4% on the year before. Net income was $636 million, down 45.4%, and diluted earnings per share $1.99. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2019.
Revenue
$14.1 billion
+2.4% on the year
FY2011FY2018
Operating margin
5.9%
11.5% a year earlier
FY2011FY2018
Net income
$636 million
-45.4% on the year
FY2011FY2018
Diluted EPS
$1.99
-42.3% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
14,066
13,735
13,105
+2.4%
Cost of revenue
923
299
271
+208.7%
Gross profit
13,143
13,436
12,834
-2.2%
Gross margin
93.4%
97.8%
97.9%
Operating income
834
1,582
936
-47.3%
Operating margin
5.9%
11.5%
7.1%
Interest expense
574
646
536
-11.1%
Pre-tax income
834
1,582
936
-47.3%
Income tax
128
170
220
-24.7%
Effective tax rate
15.3%
10.7%
23.5%
Net income
636
1,164
654
-45.4%
Net margin
4.5%
8.5%
5.0%
Diluted EPS
$1.99
$3.45
$1.93
-42.3%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
4,222
2,590
2,253
+63.0%
Capital expenditure
995
1,031
1,450
-3.5%
Free cash flow
3,227
1,559
803
+107.0%
Free cash flow margin
22.9%
11.4%
6.1%
Cash from investing
-1,444
-2,655
-2,187
Cash from financing
-2,835
201
-166
Depreciation and amortisation
880
854
841
+3.0%
Share-based compensation
35.0
33.0
32.0
+6.1%
Buybacks
1,026
216
134
+375.0%
Dividends paid
80.0
84.0
84.0
-4.8%
Dividend per share
$0.25
$0.25
$0.25
0.0%
Diluted shares, weighted
320m
338m
338m
-5.2%
Shares outstanding at period end
n/a
n/a
337m
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
18,518
19,204
18,163
-3.6%
Non-controlling interest
2,868
5,362
5,198
-46.5%
Debt
11,359
11,533
10,778
-1.5%
Other liabilities
45,571
43,487
42,455
+4.8%
Total liabilities and equity
78,316
79,586
76,594
-1.6%
Fixed assets
15,511
15,427
15,230
+0.5%
Goodwill
665
659
346
+0.9%
Investments
3,869
4,646
4,765
-16.7%
Cash and equivalents
405
472
327
-14.2%
Other assets
57,866
58,382
55,926
-0.9%
Total assets
78,316
79,586
76,594
-1.6%
10-K for the year ended 31 December 2018, filed 13 February 2019: the filing.