Lincoln National (LNC) FY2011 results: revenue $10.6 billion, up 2.2% on the year
Lincoln National Corp. (LNC) reported revenue of $10.6 billion for fiscal 2011, the year ended 31 December 2011, up 2.2% on the year before. Net income was $221 million, down 75.5%, and diluted earnings per share $0.69. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2012.
Revenue
$10.6 billion
+2.2% on the year
FY2007FY2011
Operating margin
4.7%
10.8% a year earlier
FY2007FY2011
Net income
$221 million
-75.5% on the year
FY2007FY2011
Diluted EPS
$0.69
-72.8% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
10,636
10,407
8,499
+2.2%
Operating income
498
1,127
-521
-55.8%
Operating margin
4.7%
10.8%
-6.1%
Interest expense
294
n/a
n/a
Pre-tax income
503
1,135
-521
-55.7%
Income tax
274
262
-106
+4.6%
Effective tax rate
54.5%
23.1%
n/a
Net income
221
902
-485
-75.5%
Net margin
2.1%
8.7%
-5.7%
Diluted EPS
$0.69
$2.54
-$1.85
-72.8%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,277
1,720
937
-25.8%
Cash from investing
-2,125
-5,630
-7,852
Cash from financing
2,617
2,467
5,173
+6.1%
Share-based compensation
22.0
16.0
13.0
+37.5%
Buybacks
576
25.0
0.0
+2,204.0%
Dividends paid
61.0
42.0
79.0
+45.2%
Dividend per share
$0.23
$0.08
$0.04
+187.5%
Diluted shares, weighted
315m
319m
286m
-1.3%
Shares outstanding at period end
291m
316m
n/a
-7.7%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
13,101
11,686
-262
+12.1%
Debt
5,388
5,614
n/a
-4.0%
Other liabilities
183,002
176,524
177,695
+3.7%
Total liabilities and equity
201,491
193,824
177,433
+4.0%
Goodwill
3,863
3,019
3,013
+28.0%
Securities held for sale or to maturity
75,433
68,030
60,818
+10.9%
Trading assets
2,675
2,596
2,505
+3.0%
Cash and equivalents
4,510
2,741
4,025
+64.5%
Other assets
115,010
117,438
107,072
-2.1%
Total assets
201,491
193,824
177,433
+4.0%
10-K for the year ended 31 December 2011, filed 23 February 2012: the filing.