United Fire Group (UFCS) FY2014 results: revenue $942 million, up 7.4% on the year
United Fire Group Inc. (UFCS) reported revenue of $942 million for fiscal 2014, the year ended 31 December 2014, up 7.4% on the year before. Net income was $59 million, down 22.3%, and diluted earnings per share $2.32. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$942 million
+7.4% on the year
FY2009FY2014
Operating margin
8.1%
11.6% a year earlier
FY2009FY2014
Net income
$59 million
-22.3% on the year
FY2009FY2014
Diluted EPS
$2.32
-22.1% on the year
FY2009FY2014
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
942
877
813
+7.4%
Operating income
76.5
102
46.1
-25.0%
Operating margin
8.1%
11.6%
5.7%
Interest expense
0.0
0.0
n/a
Pre-tax income
76.5
102
46.1
-25.0%
Income tax
17.3
25.8
5.9
-32.7%
Effective tax rate
22.7%
25.3%
12.7%
Net income
59.1
76.1
40.2
-22.3%
Net margin
6.3%
8.7%
4.9%
Diluted EPS
$2.32
$2.98
$1.58
-22.1%
$ 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
151
161
172
-6.3%
Capital expenditure
8.2
8.5
2.9
-3.5%
Free cash flow
143
153
169
-6.5%
Free cash flow margin
15.2%
17.4%
20.8%
Cash from investing
-58.9
-102
-111
Cash from financing
-94.0
-74.8
-97.8
Depreciation and amortisation
6.9
5.6
8.0
+23.0%
Share-based compensation
1.9
1.8
1.8
+9.4%
Buybacks
12.9
1.6
7.3
+687.2%
Dividends paid
19.7
17.5
15.3
+12.6%
Dividend per share
$0.78
$0.69
$0.60
+13.0%
Diluted shares, weighted
25m
26m
26m
-0.1%
Shares outstanding at period end
25m
25m
25m
-1.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
817
783
729
+4.4%
Debt
n/a
n/a
0.0
Other liabilities
3,039
2,938
2,965
+3.5%
Total liabilities and equity
3,857
3,721
3,695
+3.7%
Fixed assets
49.2
47.2
43.1
+4.3%
Goodwill
15.1
15.1
15.1
0.0%
Intangible assets
11.2
12.0
13.2
-6.4%
Securities held for sale or to maturity
2,843
2,752
2,810
+3.3%
Trading assets
20.9
12.4
15.4
+68.4%
Cash and equivalents
66.7
92.2
107
-27.6%
Other assets
850
790
691
+7.6%
Total assets
3,857
3,721
3,695
+3.7%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.