Unum Group (UNM) Q1 FY2024 earnings: revenue $3.2 billion, up 5.4% on the year

Unum Group (UNM) reported revenue of $3.2 billion for Q1 FY2024, the quarter ended 31 March 2024, up 5.4% on the same quarter a year earlier. Net income was $395 million, up 10.3% on the year, and diluted earnings per share $2.04. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$3.2 billionup 5.4%

Net income$395 millionup 10.3%

Diluted EPS$2.04

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	3,200	3,145	n/a	n/a
Operating income	496	429	n/a	n/a
Operating margin	15.5%	13.6%	n/a
Pre-tax income	496	429	n/a	n/a
Income tax	100	98.1	n/a	n/a
Effective tax rate	20.3%	22.9%	n/a
Net income	395	331	n/a	n/a
Net margin	12.3%	10.5%	n/a
Diluted EPS	$2.04	$1.69	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	298	344	n/a	n/a
Capital expenditure	28.3	45.7	n/a	n/a
Free cash flow	270	298	n/a	n/a
Free cash flow margin	8.4%	9.5%	n/a
Cash from investing	17.7	-227	n/a	n/a
Cash from financing	-183	-136	n/a	n/a
Depreciation and amortisation	30.1	27.9	n/a	n/a
Buybacks	122	75.9	n/a	n/a
Dividends paid	72.5	71.4	n/a	n/a
Dividend per share	$0.36	n/a	n/a	n/a
Diluted shares, weighted	193m	195m	n/a	n/a
Shares outstanding at period end	189m	192m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	10,220	9,651	n/a	n/a
Debt	3,431	3,430	n/a	n/a
Other liabilities	48,837	50,173	n/a	n/a
Total liabilities and equity	62,488	63,255	n/a	n/a
Fixed assets	484	485	n/a	n/a
Goodwill	350	350	n/a	n/a
Securities held for sale or to maturity	36,248	36,834	n/a	n/a
Securities borrowed	46.9	63.1	n/a	n/a
Cash and equivalents	279	146	n/a	n/a
Other assets	25,080	25,377	n/a	n/a
Total assets	62,488	63,255	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,092	3,145	3,200	3,233	3,217	3,237	3,092	3,361	3,378	3,244	3,355	3,370
Operating income	490	429	496	496	502	446	244	417	54.5	218	303	330
Operating margin	16%	14%	15%	15%	16%	14%	8%	12%	2%	7%	9%	10%
Pre-tax income	262	429	496	496	815	446	244	417	54.5	218	303	330
Tax rate	23%	23%	20%	21%	21%	22%	22%	20%	27%	20%	23%	22%
Net income	202	331	395	390	646	349	189	336	39.7	174	232	257
Net margin	7%	11%	12%	12%	20%	11%	6%	10%	1%	5%	7%	8%
Diluted EPS	$1.02	$1.69	$2.04	$2.05	$3.46	$1.92	$1.06	$1.92	$0.23	$1.04	$1.41	$1.61
Operating cash flow	395	344	298	339	390	486	354	348	-372	358	341	504
Capital expenditure	32.8	45.7	28.3	27.7	37.7	32.0	35.8	27.9	30.8	37.8	39.6	29.2
Free cash flow	362	298	270	311	352	454	318	320	-403	320	301	474
Buybacks	75.6	75.9	122	178	200	473	200	300	251	258	399	210
Dividends paid	71.4	71.4	72.5	69.0	77.8	77.2	77.1	73.4	78.4	77.3	78.2	73.6
Shares outstanding	195m	192m	189m	186m	183m	177m	174m	170m	167m	164m	160m	158m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 1 May 2024, accession 0000005513-24-000095: the filing on EDGAR. All of Unum Group's filings: EDGAR company page.

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