W. R. Berkley (WRB) FY2014 results: revenue $7.1 billion, up 11.2% on the year
W. R. Berkley Corp. (WRB) reported revenue of $7.1 billion for fiscal 2014, the year ended 31 December 2014, up 11.2% on the year before. Net income was $649 million, up 29.8%, and diluted earnings per share $1.44. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$7.1 billion
+11.2% on the year
FY2008FY2014
Operating margin
n/a
FY2008FY2014
Net income
$649 million
+29.8% on the year
FY2008FY2014
Diluted EPS
$1.44
+36.9% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
7,129
6,409
5,824
+11.2%
Interest expense
128
123
126
+4.1%
Pre-tax income
952
699
702
+36.2%
Income tax
303
194
191
+56.3%
Effective tax rate
31.8%
27.7%
27.3%
Net income
649
500
511
+29.8%
Net margin
9.1%
7.8%
8.8%
Diluted EPS
$1.44
$1.05
$1.05
+36.9%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
735
820
675
-10.4%
Capital expenditure
42.0
63.1
40.6
-33.6%
Free cash flow
693
757
635
-8.4%
Free cash flow margin
9.7%
11.8%
10.9%
Cash from investing
-808
-545
-775
Cash from financing
-69.8
-330
97.2
Depreciation and amortisation
88.8
103
103
-13.8%
Share-based compensation
28.1
23.8
26.8
+18.0%
Buybacks
239
166
128
+43.5%
Dividends paid
181
52.7
184
+244.3%
Diluted shares, weighted
451m
475m
484m
-5.0%
Shares outstanding at period end
428m
446m
459m
-4.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
4,590
4,336
4,306
+5.9%
Non-controlling interest
34.2
33.4
29.2
+2.5%
Trading liabilities
106
162
121
-34.6%
Debt
n/a
n/a
1,872
Other liabilities
16,986
16,020
13,827
+6.0%
Total liabilities and equity
21,717
20,552
20,156
+5.7%
Fixed assets
332
339
267
-2.2%
Goodwill
151
110
87.9
+37.0%
Intangible assets
n/a
n/a
31.0
Securities held for sale or to maturity
12,705
11,617
11,944
+9.4%
Trading assets
451
522
329
-13.7%
Cash and equivalents
674
840
840
-19.7%
Other assets
7,403
7,123
6,657
+3.9%
Total assets
21,717
20,552
20,156
+5.7%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.