United Fire Group (UFCS) FY2023 results: revenue $1.1 billion, up 11.7% on the year
United Fire Group Inc. (UFCS) reported revenue of $1.1 billion for fiscal 2023, the year ended 31 December 2023, up 11.7% on the year before. Net income was -$30 million, and diluted earnings per share $-1.18. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.
Revenue
$1.1 billion
+11.7% on the year
FY2016FY2023
Operating margin
-3.6%
1.2% a year earlier
FY2016FY2023
Net income
-$30 million
FY2016FY2023
Diluted EPS
-$1.18
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
172
-1.3
29.9
Capital expenditure
10.9
2.1
14.0
+409.4%
Free cash flow
161
-3.4
15.9
Free cash flow margin
14.7%
-0.3%
1.5%
Cash from investing
-150
-19.2
31.7
Cash from financing
-16.5
-15.0
-17.5
Depreciation and amortisation
10.5
7.7
6.6
+37.0%
Share-based compensation
3.2
2.8
3.4
+14.9%
Buybacks
0.0
0.0
2.0
Dividends paid
16.2
15.9
15.1
+1.9%
Dividend per share
$0.64
$0.63
$0.60
+1.6%
Diluted shares, weighted
25m
25m
26m
-0.3%
Shares outstanding at period end
25m
25m
25m
+0.2%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
734
740
879
-0.9%
Other liabilities
2,410
2,142
2,134
+12.5%
Total liabilities and equity
3,144
2,882
3,013
+9.1%
Fixed assets
134
133
138
+0.9%
Goodwill
0.0
0.0
0.0
Intangible assets
4.6
5.3
6.0
-13.3%
Securities held for sale or to maturity
1,687
1,551
1,720
+8.7%
Loans
45.4
37.9
47.1
+19.7%
Cash and equivalents
102
96.7
132
+5.6%
Other assets
1,171
1,058
970
+10.7%
Total assets
3,144
2,882
3,013
+9.1%
10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.