United Fire Group (UFCS) FY2019 results: revenue $1.2 billion, up 12.2% on the year
United Fire Group Inc. (UFCS) reported revenue of $1.2 billion for fiscal 2019, the year ended 31 December 2019, up 12.2% on the year before. Net income was $15 million, down 46.4%, and diluted earnings per share $0.58. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$1.2 billion
+12.2% on the year
FY2012FY2019
Operating margin
1.4%
-0.9% a year earlier
FY2012FY2019
Net income
$15 million
-46.4% on the year
FY2012FY2019
Diluted EPS
$0.58
-46.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,201
1,070
1,053
+12.2%
Operating income
16.9
-9.2
15.7
Operating margin
1.4%
-0.9%
1.5%
Interest expense
0.0
0.0
0.0
Pre-tax income
16.9
-9.2
15.7
Income tax
2.1
-11.4
-29.2
Effective tax rate
12.2%
n/a
-186.7%
Net income
14.8
27.6
51.0
-46.4%
Net margin
1.2%
2.6%
4.8%
Diluted EPS
$0.58
$1.08
$1.99
-46.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
93.8
110
170
-14.9%
Capital expenditure
32.4
33.1
17.2
-1.9%
Free cash flow
61.3
77.1
153
-20.4%
Free cash flow margin
5.1%
7.2%
14.5%
Cash from investing
4.5
-19.2
-62.0
Cash from financing
-42.0
-115
-108
Depreciation and amortisation
11.2
5.2
4.6
+116.3%
Share-based compensation
6.2
5.2
4.8
+17.2%
Buybacks
11.7
5.4
29.8
+116.5%
Dividends paid
32.7
105
27.3
-69.0%
Dividend per share
$1.30
$4.21
$1.09
-69.1%
Diluted shares, weighted
26m
26m
26m
-0.2%
Shares outstanding at period end
25m
25m
25m
-0.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
910
888
973
+2.5%
Other liabilities
2,103
1,928
3,210
+9.1%
Total liabilities and equity
3,013
2,817
4,183
+7.0%
Fixed assets
117
97.2
69.0
+20.4%
Goodwill
15.1
15.1
15.1
0.0%
Intangible assets
7.5
8.2
8.9
-8.7%
Securities held for sale or to maturity
1,720
1,749
1,535
-1.7%
Trading assets
15.3
13.2
16.8
+15.2%
Cash and equivalents
121
64.5
95.6
+87.3%
Other assets
1,018
869
2,443
+17.2%
Total assets
3,013
2,817
4,183
+7.0%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.