W. R. Berkley (WRB) FY2016 results: revenue $7.7 billion, up 6.2% on the year
W. R. Berkley Corp. (WRB) reported revenue of $7.7 billion for fiscal 2016, the year ended 31 December 2016, up 6.2% on the year before. Net income was $602 million, up 19.5%, and diluted earnings per share $1.39. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2017.
Revenue
$7.7 billion
+6.2% on the year
FY2009FY2016
Operating margin
n/a
FY2009FY2016
Net income
$602 million
+19.5% on the year
FY2009FY2016
Diluted EPS
$1.39
+20.9% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
7,654
7,206
7,129
+6.2%
Interest expense
141
131
128
+7.6%
Pre-tax income
896
732
952
+22.5%
Income tax
293
228
303
+28.5%
Effective tax rate
32.7%
31.1%
31.8%
Net income
602
504
649
+19.5%
Net margin
7.9%
7.0%
9.1%
Diluted EPS
$1.39
$1.15
$1.44
+20.9%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
848
881
735
-3.7%
Capital expenditure
50.8
63.6
42.0
-20.0%
Free cash flow
798
818
693
-2.5%
Free cash flow margin
10.4%
11.3%
9.7%
Cash from investing
-794
-171
-808
Cash from financing
-6.9
-555
-69.8
Depreciation and amortisation
86.1
85.1
88.8
+1.1%
Share-based compensation
37.2
32.1
28.1
+15.7%
Buybacks
132
224
239
-40.8%
Dividends paid
184
58.0
181
+217.1%
Diluted shares, weighted
434m
439m
451m
-1.3%
Shares outstanding at period end
409m
416m
428m
-1.7%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
5,047
4,600
4,590
+9.7%
Non-controlling interest
33.9
33.0
34.2
+2.9%
Trading liabilities
51.2
37.0
106
+38.2%
Other liabilities
18,233
17,061
16,986
+6.9%
Total liabilities and equity
23,365
21,731
21,717
+7.5%
Fixed assets
349
348
332
+0.3%
Goodwill
145
153
151
-5.7%
Securities held for sale or to maturity
13,191
12,444
12,705
+6.0%
Trading assets
300
377
451
-20.4%
Cash and equivalents
795
764
674
+4.1%
Other assets
8,585
7,645
7,403
+12.3%
Total assets
23,365
21,731
21,717
+7.5%
10-K for the year ended 31 December 2016, filed 28 February 2017: the filing.