Loews (L) FY2019 results: revenue $14.9 billion, up 6.1% on the year
Loews Corp. (L) reported revenue of $14.9 billion for fiscal 2019, the year ended 31 December 2019, up 6.1% on the year before. Net income was $932 million, up 46.5%, and diluted earnings per share $3.07. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2020.
Revenue
$14.9 billion
+6.1% on the year
FY2012FY2019
Operating margin
7.5%
5.9% a year earlier
FY2012FY2019
Net income
$932 million
+46.5% on the year
FY2012FY2019
Diluted EPS
$3.07
+54.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
14,931
14,066
13,735
+6.1%
Cost of revenue
1,082
923
299
+17.2%
Gross profit
13,849
13,143
13,436
+5.4%
Gross margin
92.8%
93.4%
97.8%
Operating income
1,119
834
1,582
+34.2%
Operating margin
7.5%
5.9%
11.5%
Interest expense
591
574
646
+3.0%
Pre-tax income
1,119
834
1,582
+34.2%
Income tax
248
128
170
+93.8%
Effective tax rate
22.2%
15.3%
10.7%
Net income
932
636
1,164
+46.5%
Net margin
6.2%
4.5%
8.5%
Diluted EPS
$3.07
$1.99
$3.45
+54.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,741
4,222
2,590
-58.8%
Capital expenditure
1,041
995
1,031
+4.6%
Free cash flow
700
3,227
1,559
-78.3%
Free cash flow margin
4.7%
22.9%
11.4%
Cash from investing
-671
-1,444
-2,655
Cash from financing
-1,144
-2,835
201
Depreciation and amortisation
898
880
854
+2.0%
Share-based compensation
37.0
35.0
33.0
+5.7%
Buybacks
1,051
1,026
216
+2.4%
Dividends paid
76.0
80.0
84.0
-5.0%
Dividend per share
$0.25
$0.25
$0.25
0.0%
Diluted shares, weighted
303m
320m
338m
-5.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
19,119
18,518
19,204
+3.2%
Non-controlling interest
2,811
2,868
5,362
-2.0%
Short-term borrowings
77.0
n/a
n/a
Debt
11,456
11,359
11,533
+0.9%
Other liabilities
48,780
45,571
43,487
+7.0%
Total liabilities and equity
82,243
78,316
79,586
+5.0%
Fixed assets
15,568
15,511
15,427
+0.4%
Goodwill
767
665
659
+15.3%
Investments
4,628
3,869
4,646
+19.6%
Cash and equivalents
336
405
472
-17.0%
Other assets
60,944
57,866
58,382
+5.3%
Total assets
82,243
78,316
79,586
+5.0%
10-K for the year ended 31 December 2019, filed 12 February 2020: the filing.