Mercury General (MCY) FY2014 results: revenue $3.0 billion, up 6.8% on the year
Mercury General Corp. (MCY) reported revenue of $3.0 billion for fiscal 2014, the year ended 31 December 2014, up 6.8% on the year before. Net income was $178 million, up 58.7%, and diluted earnings per share $3.23. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2015.
Revenue
$3.0 billion
+6.8% on the year
FY2008FY2014
Operating margin
8.2%
4.7% a year earlier
FY2008FY2014
Net income
$178 million
+58.7% on the year
FY2008FY2014
Diluted EPS
$3.23
+58.3% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,012
2,821
2,783
+6.8%
Operating income
247
132
135
+87.3%
Operating margin
8.2%
4.7%
4.9%
Interest expense
2.6
1.3
1.5
+109.3%
Pre-tax income
247
132
135
+87.3%
Income tax
69.5
20.0
18.4
+248.2%
Effective tax rate
28.1%
15.1%
13.6%
Net income
178
112
117
+58.7%
Net margin
5.9%
4.0%
4.2%
Diluted EPS
$3.23
$2.04
$2.13
+58.3%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
247
210
148
+17.5%
Capital expenditure
26.0
18.7
15.2
+39.5%
Free cash flow
220
191
133
+15.4%
Free cash flow margin
7.3%
6.8%
4.8%
Cash from investing
-194
-18.4
-69.7
Cash from financing
-29.1
-83.1
-132
Depreciation and amortisation
28.1
30.6
37.0
-8.3%
Share-based compensation
4.1
1.0
0.4
+322.2%
Dividends paid
135
135
134
+0.5%
Dividend per share
$2.46
$2.45
$2.44
+0.4%
Diluted shares, weighted
55m
55m
55m
+0.1%
Shares outstanding at period end
55m
55m
55m
+0.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,875
1,822
1,842
+2.9%
Debt
290
120
120
+141.7%
Other liabilities
2,435
2,373
2,227
+2.6%
Total liabilities and equity
4,600
4,315
4,190
+6.6%
Fixed assets
159
157
162
+1.4%
Goodwill
42.8
42.8
42.8
0.0%
Intangible assets
35.6
41.6
47.6
-14.4%
Investments
373
316
295
+18.0%
Cash and equivalents
290
267
158
+8.8%
Other assets
3,700
3,492
3,485
+6.0%
Total assets
4,600
4,315
4,190
+6.6%
10-K for the year ended 31 December 2014, filed 9 February 2015: the filing.