AMETEK (AME) FY2014 results: revenue $4.0 billion, up 11.9% on the year
AMETEK Inc. (AME) reported revenue of $4.0 billion for fiscal 2014, the year ended 31 December 2014, up 11.9% on the year before. Net income was $584 million, up 13.0%, and diluted earnings per share $2.37. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2015.
Revenue
$4.0 billion
+11.9% on the year
FY2007FY2014
Operating margin
22.3%
22.7% a year earlier
FY2007FY2014
Net income
$584 million
+13.0% on the year
FY2007FY2014
Diluted EPS
$2.37
+12.9% on the year
FY2007FY2014
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
4,022
3,594
3,334
+11.9%
Cost of revenue
2,661
n/a
n/a
Gross profit
1,361
n/a
n/a
Gross margin
33.8%
n/a
n/a
Research and development
119
93.9
84.9
+27.1%
Selling, general and administrative
463
398
381
+16.2%
Operating income
899
815
746
+10.2%
Operating margin
22.3%
22.7%
22.4%
Interest expense
79.9
73.6
75.5
+8.6%
Pre-tax income
805
725
662
+11.0%
Income tax
220
208
203
+6.1%
Effective tax rate
27.4%
28.7%
30.7%
Net income
584
517
459
+13.0%
Net margin
14.5%
14.4%
13.8%
Diluted EPS
$2.37
$2.10
$1.88
+12.9%
$ 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
726
661
612
+9.9%
Capital expenditure
71.3
63.3
57.4
+12.7%
Free cash flow
655
597
555
+9.6%
Free cash flow margin
16.3%
16.6%
16.6%
Cash from investing
n/a
-460
-804
Cash from financing
n/a
-70.3
175
Depreciation and amortisation
139
119
105
+16.8%
Share-based compensation
19.9
21.6
19.4
-8.0%
Buybacks
245
8.5
4.6
+2,796.9%
Dividends paid
80.6
58.4
53.1
+37.9%
Dividend per share
$0.33
$0.24
$0.22
+37.5%
Diluted shares, weighted
247m
246m
244m
+0.4%
Shares outstanding at period end
241m
245m
243m
-1.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,240
3,136
2,535
+3.3%
Debt
1,714
1,415
1,454
+21.1%
Other liabilities
1,467
1,327
1,201
+10.6%
Total liabilities and equity
6,421
5,878
5,190
+9.2%
Fixed assets
448
403
383
+11.3%
Goodwill
2,614
2,408
2,208
+8.5%
Intangible assets
1,626
1,474
1,310
+10.3%
Securities held for sale or to maturity
9.2
8.2
n/a
+12.2%
Cash and equivalents
378
295
158
+27.9%
Receivables
585
537
508
+9.1%
Inventory
496
453
429
+9.5%
Other assets
265
300
194
-11.7%
Total assets
6,421
5,878
5,190
+9.2%
10-K for the year ended 31 December 2014, filed 24 February 2015: the filing.