Lincoln National (LNC) FY2013 results: revenue $12.0 billion, up 3.8% on the year
Lincoln National Corp. (LNC) reported revenue of $12.0 billion for fiscal 2013, the year ended 31 December 2013, up 3.8% on the year before. Net income was $1.2 billion, down 5.3%, and diluted earnings per share $4.52. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2014.
Revenue
$12.0 billion
+3.8% on the year
FY2007FY2013
Operating margin
13.6%
13.6% a year earlier
FY2007FY2013
Net income
$1.2 billion
-5.3% on the year
FY2007FY2013
Diluted EPS
$4.52
-0.9% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
11,969
11,532
10,636
+3.8%
Operating income
1,631
1,568
498
+4.0%
Operating margin
13.6%
13.6%
4.7%
Interest expense
265
273
294
-2.9%
Pre-tax income
1,631
1,568
503
+4.0%
Income tax
387
282
274
+37.2%
Effective tax rate
23.7%
18.0%
54.5%
Net income
1,244
1,313
221
-5.3%
Net margin
10.4%
11.4%
2.1%
Diluted EPS
$4.52
$4.56
$0.69
-0.9%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
799
1,269
1,277
-37.0%
Cash from investing
-4,710
-3,857
-2,125
Cash from financing
2,045
2,308
2,617
-11.4%
Share-based compensation
40.0
31.0
22.0
+29.0%
Buybacks
450
492
576
-8.5%
Dividends paid
128
91.0
61.0
+40.7%
Dividend per share
$0.52
$0.36
$0.23
+44.4%
Diluted shares, weighted
275m
288m
315m
-4.3%
Shares outstanding at period end
263m
271m
291m
-3.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
13,452
14,973
13,101
-10.2%
Debt
5,773
5,373
5,388
+7.4%
Other liabilities
217,720
198,523
183,002
+9.7%
Total liabilities and equity
236,945
218,869
201,491
+8.3%
Goodwill
2,273
3,863
3,863
-41.2%
Securities held for sale or to maturity
80,078
82,036
75,433
-2.4%
Securities borrowed
1,244
n/a
n/a
Trading assets
2,282
2,554
2,675
-10.6%
Cash and equivalents
2,364
4,230
4,510
-44.1%
Other assets
148,704
126,186
115,010
+17.8%
Total assets
236,945
218,869
201,491
+8.3%
10-K for the year ended 31 December 2013, filed 25 February 2014: the filing.