Andersons (ANDE) FY2014 results: revenue $4.5 billion, down 19.0% on the year
Andersons, Inc. (ANDE) reported revenue of $4.5 billion for fiscal 2014, the year ended 31 December 2014, down 19.0% on the year before. Net income was $110 million, up 22.0%, and diluted earnings per share $3.84. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$4.5 billion
-19.0% on the year
FY2008FY2014
Operating margin
1.8%
1.5% a year earlier
FY2008FY2014
Net income
$110 million
+22.0% on the year
FY2008FY2014
Diluted EPS
$3.84
+20.8% on the year
FY2008FY2014
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
4,540
5,605
5,272
-19.0%
Cost of revenue
4,143
5,239
4,914
-20.9%
Gross profit
397
365
358
+8.7%
Gross margin
8.7%
6.5%
6.8%
Research and development
n/a
n/a
1.0
Operating income
81.3
86.8
111
-6.3%
Operating margin
1.8%
1.5%
2.1%
Pre-tax income
184
150
120
+23.2%
Income tax
61.5
53.8
44.6
+14.3%
Effective tax rate
33.4%
36.0%
37.1%
Net income
110
89.9
79.5
+22.0%
Net margin
2.4%
1.6%
1.5%
Diluted EPS
$3.84
$3.18
$2.82
+20.8%
$ 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
-10.1
337
328
Capital expenditure
59.7
46.8
69.3
+27.5%
Free cash flow
-69.7
290
259
Free cash flow margin
-1.5%
5.2%
4.9%
Cash from investing
-89.7
-106
-291
Cash from financing
-94.6
-60.1
79.9
Depreciation and amortisation
62.0
55.3
49.0
+12.1%
Share-based compensation
8.6
4.3
4.0
+97.8%
Buybacks
0.0
0.0
0.0
Dividends paid
12.5
12.0
11.2
+4.2%
Dividend per share
$0.47
$0.43
$0.40
+9.3%
Diluted shares, weighted
28m
28m
28m
+0.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
803
701
594
+14.5%
Non-controlling interest
20.9
22.9
17.0
-8.7%
Short-term borrowings
n/a
0.0
n/a
Debt
377
427
467
-11.7%
Other liabilities
1,163
1,122
1,104
+3.7%
Total liabilities and equity
2,365
2,274
2,182
+4.0%
Fixed assets
411
387
359
+6.2%
Goodwill
72.4
58.6
54.4
+23.6%
Intangible assets
66.5
19.5
26.1
+241.5%
Cash and equivalents
115
309
138
-62.9%
Inventory
796
615
777
+29.4%
Other assets
904
884
828
+2.3%
Total assets
2,365
2,274
2,182
+4.0%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.