United Fire Group (UFCS) FY2016 results: revenue $996 million, up 10.8% on the year
United Fire Group Inc. (UFCS) reported revenue of $996 million for fiscal 2016, the year ended 31 December 2016, up 10.8% on the year before. Net income was $50 million, down 44.0%, and diluted earnings per share $1.93. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2017.
Revenue
$996 million
+10.8% on the year
FY2009FY2016
Operating margin
5.8%
12.8% a year earlier
FY2009FY2016
Net income
$50 million
-44.0% on the year
FY2009FY2016
Diluted EPS
$1.93
-45.3% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
996
899
942
+10.8%
Operating income
57.5
115
76.5
-50.2%
Operating margin
5.8%
12.8%
8.1%
Interest expense
0.0
0.0
0.0
Pre-tax income
57.5
115
76.5
-50.2%
Income tax
8.4
30.1
17.3
-72.1%
Effective tax rate
14.6%
26.0%
22.7%
Net income
49.9
89.1
59.1
-44.0%
Net margin
5.0%
9.9%
6.3%
Diluted EPS
$1.93
$3.53
$2.32
-45.3%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
214
190
151
+12.8%
Capital expenditure
7.6
9.7
8.2
-21.6%
Free cash flow
207
180
143
+14.7%
Free cash flow margin
20.8%
20.0%
15.2%
Cash from investing
-112
-36.3
-58.9
Cash from financing
-97.6
-138
-94.0
Depreciation and amortisation
6.0
6.5
6.9
-6.8%
Share-based compensation
3.7
2.5
1.9
+47.3%
Buybacks
3.7
2.4
12.9
+54.6%
Dividends paid
24.6
21.7
19.7
+13.5%
Dividend per share
$0.97
$0.86
$0.78
+12.8%
Diluted shares, weighted
26m
25m
25m
+2.3%
Shares outstanding at period end
25m
25m
25m
+1.1%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
942
879
817
+7.2%
Other liabilities
3,113
3,011
3,039
+3.4%
Total liabilities and equity
4,055
3,890
3,857
+4.2%
Fixed assets
55.5
53.2
49.2
+4.3%
Goodwill
15.1
15.1
15.1
0.0%
Intangible assets
9.6
10.4
11.2
-7.4%
Securities held for sale or to maturity
1,453
2,826
2,843
-48.6%
Trading assets
20.0
17.0
20.9
+18.0%
Cash and equivalents
89.2
89.5
66.7
-0.3%
Other assets
2,412
880
850
+174.2%
Total assets
4,055
3,890
3,857
+4.2%
10-K for the year ended 31 December 2016, filed 28 February 2017: the filing.