United Fire Group (UFCS) FY2020 results: revenue $1.1 billion, down 11.0% on the year
United Fire Group Inc. (UFCS) reported revenue of $1.1 billion for fiscal 2020, the year ended 31 December 2020, down 11.0% on the year before. Net income was -$113 million, and diluted earnings per share $-4.50. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$1.1 billion
-11.0% on the year
FY2013FY2020
Operating margin
-15.9%
1.4% a year earlier
FY2013FY2020
Net income
-$113 million
FY2013FY2020
Diluted EPS
-$4.50
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,069
1,201
1,070
-11.0%
Operating income
-170
16.9
-9.2
Operating margin
-15.9%
1.4%
-0.9%
Interest expense
0.0
0.0
0.0
Pre-tax income
-170
16.9
-9.2
Income tax
-56.8
2.1
-11.4
Effective tax rate
n/a
12.2%
n/a
Net income
-113
14.8
27.6
Net margin
-10.5%
1.2%
2.6%
Diluted EPS
-$4.50
$0.58
$1.08
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
41.4
93.8
110
-55.8%
Capital expenditure
18.9
32.4
33.1
-41.8%
Free cash flow
22.6
61.3
77.1
-63.2%
Free cash flow margin
2.1%
5.1%
7.2%
Cash from investing
-92.9
4.5
-19.2
Cash from financing
18.7
-42.0
-115
Depreciation and amortisation
6.7
11.2
5.2
-40.5%
Share-based compensation
5.0
6.2
5.2
-18.9%
Buybacks
2.7
11.7
5.4
-76.6%
Dividends paid
28.5
32.7
105
-12.7%
Dividend per share
$1.14
$1.30
$4.21
-12.3%
Diluted shares, weighted
25m
26m
26m
-2.2%
Shares outstanding at period end
25m
25m
25m
+0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
825
910
888
-9.4%
Other liabilities
2,245
2,103
1,928
+6.7%
Total liabilities and equity
3,070
3,013
2,817
+1.9%
Fixed assets
130
117
97.2
+11.0%
Goodwill
0.0
15.1
15.1
Intangible assets
6.7
7.5
8.2
-9.5%
Securities held for sale or to maturity
1,825
1,720
1,749
+6.2%
Loans
47.6
n/a
n/a
Trading assets
0.0
15.3
13.2
Cash and equivalents
87.9
121
64.5
-27.1%
Other assets
972
1,018
869
-4.5%
Total assets
3,070
3,013
2,817
+1.9%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.