Ҵý

LETTER TO OUR SHAREHOLDERS

To Our Shareholders

Ҵý delivered strong growth in 2023, reflecting broad-based momentum across our diverse range of businesses. Consolidated revenues reached $15.9 billion and net income rose to $1.4 billion, or $6.29 per share, compared with revenues of $14.0 billion and net income of $822 million, or $3.38 per share, in 2022. These results represented top-line growth of 13% and an increase in net income of 74%.

As our long-term investors know, Ҵý has consistently maintained a practice of repurchasing our shares when we believe they are trading at a significant discount to our view of the company’s intrinsic value. Despite the strong performance of Ҵý shares in 2023, we continued to believe our stock price did not reflect the true value of our businesses. Accordingly, we repurchased 14 million of our own shares during 2023 at a total cost of $852 million and an average cost of about $60 per share. These buybacks represented nearly 6% of Ҵý’s outstanding shares at the start of 2023.

In a similar vein, we believe the market continued to undervalue Ҵý, despite the company’s solid performance in 2023 and its track record of significant improvements in the business. We expressed a strong vote of confidence in the value and prospects of Ҵý by purchasing 4.5 million of its shares in 2023 for $178 million.

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ANNUAL REPORT

An important element of Ҵý’s strategy to deliver value for shareholders is our multi-industry holding company structure, with subsidiaries spanning diverse sectors.