Loews (L) FY2020 results: revenue $12.6 billion, down 15.7% on the year
Loews Corp. (L) reported revenue of $12.6 billion for fiscal 2020, the year ended 31 December 2020, down 15.7% on the year before. Net income was -$931 million, and diluted earnings per share $-3.32. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2021.
Revenue
$12.6 billion
-15.7% on the year
FY2013FY2020
Operating margin
-11.6%
7.5% a year earlier
FY2013FY2020
Net income
-$931 million
FY2013FY2020
Diluted EPS
-$3.32
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
12,583
14,931
14,066
-15.7%
Cost of revenue
n/a
1,082
923
Gross profit
n/a
13,849
13,143
Gross margin
n/a
92.8%
93.4%
Operating income
-1,464
1,119
834
Operating margin
-11.6%
7.5%
5.9%
Interest expense
515
591
574
-12.9%
Pre-tax income
-1,464
1,119
834
Income tax
-173
248
128
Effective tax rate
n/a
22.2%
15.3%
Net income
-931
932
636
Net margin
-7.4%
6.2%
4.5%
Diluted EPS
-$3.32
$3.07
$1.99
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,745
1,741
4,222
+0.2%
Capital expenditure
710
1,041
995
-31.8%
Free cash flow
1,035
700
3,227
+47.9%
Free cash flow margin
8.2%
4.7%
22.9%
Cash from investing
-1,414
-671
-1,444
Cash from financing
-198
-1,144
-2,835
Depreciation and amortisation
673
898
880
-25.1%
Share-based compensation
37.0
37.0
35.0
0.0%
Buybacks
923
1,051
1,026
-12.2%
Dividends paid
70.0
76.0
80.0
-7.9%
Dividend per share
$0.25
$0.25
$0.25
0.0%
Diluted shares, weighted
280m
303m
320m
-7.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
17,860
19,119
18,518
-6.6%
Non-controlling interest
1,321
2,811
2,868
-53.0%
Short-term borrowings
37.0
77.0
n/a
-51.9%
Debt
10,072
11,456
11,359
-12.1%
Other liabilities
50,946
48,780
45,571
+4.4%
Total liabilities and equity
80,236
82,243
78,316
-2.4%
Fixed assets
10,451
15,568
15,511
-32.9%
Goodwill
785
767
665
+2.3%
Investments
4,674
4,628
3,869
+1.0%
Cash and equivalents
478
336
405
+42.3%
Other assets
63,848
60,944
57,866
+4.8%
Total assets
80,236
82,243
78,316
-2.4%
10-K for the year ended 31 December 2020, filed 9 February 2021: the filing.