W. R. Berkley (WRB) FY2019 results: revenue $7.9 billion, up 2.7% on the year
W. R. Berkley Corp. (WRB) reported revenue of $7.9 billion for fiscal 2019, the year ended 31 December 2019, up 2.7% on the year before. Net income was $682 million, up 6.4%, and diluted earnings per share $1.56. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$7.9 billion
+2.7% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$682 million
+6.4% on the year
FY2012FY2019
Diluted EPS
$1.56
+5.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
7,902
7,692
7,685
+2.7%
Interest expense
153
157
147
-2.4%
Pre-tax income
853
812
773
+5.0%
Income tax
169
163
219
+3.6%
Effective tax rate
19.8%
20.1%
28.4%
Net income
682
641
549
+6.4%
Net margin
8.6%
8.3%
7.1%
Diluted EPS
$1.56
$1.48
$1.26
+5.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,144
620
711
+84.4%
Capital expenditure
60.5
49.9
116
+21.3%
Free cash flow
1,083
570
595
+89.9%
Free cash flow margin
13.7%
7.4%
7.7%
Cash from investing
-425
-714
-333
Cash from financing
-513
-7.4
-235
Depreciation and amortisation
113
131
113
-13.5%
Share-based compensation
49.3
36.6
40.5
+34.7%
Buybacks
18.2
24.8
47.8
-26.4%
Dividends paid
308
255
188
+20.9%
Dividend per share
$0.75
$0.41
$0.31
+81.3%
Diluted shares, weighted
435m
433m
435m
+0.6%
Shares outstanding at period end
413m
412m
410m
+0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
6,075
5,438
5,411
+11.7%
Non-controlling interest
43.4
41.9
39.8
+3.5%
Trading liabilities
36.1
38.1
64.4
-5.2%
Other liabilities
20,489
19,378
18,784
+5.7%
Total liabilities and equity
26,643
24,896
24,300
+7.0%
Fixed assets
422
416
423
+1.4%
Goodwill
170
173
179
-2.0%
Securities held for sale or to maturity
14,181
13,607
13,551
+4.2%
Trading assets
401
453
618
-11.4%
Cash and equivalents
1,024
818
950
+25.2%
Other assets
10,446
9,430
8,579
+10.8%
Total assets
26,643
24,896
24,300
+7.0%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.