Loews (L) FY2022 results: revenue $14.0 billion, down 4.2% on the year
Loews Corp. (L) reported revenue of $14.0 billion for fiscal 2022, the year ended 31 December 2022, down 4.2% on the year before. Net income was $822 million, down 47.4%, and diluted earnings per share $3.38. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2023.
Revenue
$14.0 billion
-4.2% on the year
FY2015FY2022
Operating margin
7.9%
14.9% a year earlier
FY2015FY2022
Net income
$822 million
-47.4% on the year
FY2015FY2022
Diluted EPS
$3.38
-43.7% on the year
FY2015FY2022
this yearthe year beforeHover a bar for its figure.
$ 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
FY2022
FY2021
FY2020
On the year
Last 8 years
Operating cash flow
3,314
2,623
1,745
+26.3%
Capital expenditure
660
482
710
+36.9%
Free cash flow
2,654
2,141
1,035
+24.0%
Free cash flow margin
18.9%
14.6%
8.2%
Cash from investing
-2,347
-1,187
-1,414
Cash from financing
-1,037
-1,289
-198
Depreciation and amortisation
509
503
673
+1.2%
Share-based compensation
34.0
33.0
37.0
+3.0%
Buybacks
729
1,136
923
-35.8%
Dividends paid
61.0
65.0
70.0
-6.2%
Dividend per share
$0.25
$0.25
$0.25
0.0%
Diluted shares, weighted
243m
260m
280m
-6.5%
Balance sheet
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Shareholders' equity
14,349
17,846
17,860
-19.6%
Non-controlling interest
852
1,329
1,321
-35.9%
Short-term borrowings
n/a
n/a
37.0
Debt
8,165
8,986
10,072
-9.1%
Other liabilities
52,128
53,465
50,946
-2.5%
Total liabilities and equity
75,494
81,626
80,236
-7.5%
Fixed assets
10,027
9,888
10,451
+1.4%
Goodwill
346
349
785
-0.9%
Investments
4,854
4,860
4,674
-0.1%
Cash and equivalents
532
621
478
-14.3%
Other assets
59,735
65,908
63,848
-9.4%
Total assets
75,494
81,626
80,236
-7.5%
10-K for the year ended 31 December 2022, filed 7 February 2023: the filing.