W. R. Berkley (WRB) FY2018 results: revenue $7.7 billion, up 0.1% on the year
W. R. Berkley Corp. (WRB) reported revenue of $7.7 billion for fiscal 2018, the year ended 31 December 2018, up 0.1% on the year before. Net income was $641 million, up 16.7%, and diluted earnings per share $1.48. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$7.7 billion
+0.1% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$641 million
+16.7% on the year
FY2011FY2018
Diluted EPS
$1.48
+17.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
7,692
7,685
7,654
+0.1%
Interest expense
157
147
141
+6.7%
Pre-tax income
812
773
896
+5.1%
Income tax
163
219
293
-25.7%
Effective tax rate
20.1%
28.4%
32.7%
Net income
641
549
602
+16.7%
Net margin
8.3%
7.1%
7.9%
Diluted EPS
$1.48
$1.26
$1.39
+17.4%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
620
711
848
-12.8%
Capital expenditure
49.9
116
50.8
-56.9%
Free cash flow
570
595
798
-4.2%
Free cash flow margin
7.4%
7.7%
10.4%
Cash from investing
-714
-333
-794
Cash from financing
-7.4
-235
-6.9
Depreciation and amortisation
131
113
86.1
+16.1%
Share-based compensation
36.6
40.5
37.2
-9.6%
Buybacks
24.8
47.8
132
-48.2%
Dividends paid
255
188
184
+35.5%
Dividend per share
$0.41
$0.31
n/a
+35.0%
Diluted shares, weighted
433m
435m
434m
-0.6%
Shares outstanding at period end
412m
410m
409m
+0.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
5,438
5,411
5,047
+0.5%
Non-controlling interest
41.9
39.8
33.9
+5.3%
Trading liabilities
38.1
64.4
51.2
-40.8%
Other liabilities
19,378
18,784
18,233
+3.2%
Total liabilities and equity
24,896
24,300
23,365
+2.5%
Fixed assets
416
423
349
-1.6%
Goodwill
173
179
145
-3.3%
Securities held for sale or to maturity
13,607
13,551
13,191
+0.4%
Trading assets
453
618
300
-26.7%
Cash and equivalents
818
950
795
-14.0%
Other assets
9,430
8,579
8,585
+9.9%
Total assets
24,896
24,300
23,365
+2.5%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.