A. O. Smith (AOS) FY2013 results: revenue $2.2 billion, up 11.1% on the year
A. O. Smith Corp. (AOS) reported revenue of $2.2 billion for fiscal 2013, the year ended 31 December 2013, up 11.1% on the year before. Net income was $170 million, up 6.9%, and diluted earnings per share $0.92. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2014.
Revenue
$2.2 billion
+11.1% on the year
FY2008FY2013
Operating margin
13.9%
13.4% a year earlier
FY2008FY2013
Net income
$170 million
+6.9% on the year
FY2008FY2013
Diluted EPS
$0.92
+7.3% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,154
1,939
1,710
+11.1%
Cost of revenue
1,380
1,287
1,198
+7.2%
Gross profit
774
652
513
+18.7%
Gross margin
35.9%
33.6%
30.0%
Research and development
57.8
51.7
42.7
+11.8%
Selling, general and administrative
524
450
373
+16.4%
Operating income
300
259
196
+15.6%
Operating margin
13.9%
13.4%
11.5%
Interest expense
5.7
9.2
9.3
-38.0%
Pre-tax income
236
234
162
+1.1%
Income tax
66.7
71.2
50.3
-6.3%
Effective tax rate
28.2%
30.5%
31.1%
Net income
170
159
306
+6.9%
Net margin
7.9%
8.2%
17.9%
Diluted EPS
$0.92
$0.85
$1.64
+7.3%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
280
144
58.7
+94.4%
Capital expenditure
97.7
69.9
53.5
+39.8%
Free cash flow
182
73.9
5.2
+146.1%
Free cash flow margin
8.4%
3.8%
0.3%
Cash from investing
-8.2
-86.8
126
Cash from financing
-158
-254
160
Depreciation and amortisation
59.7
54.6
47.0
+9.3%
Share-based compensation
10.5
6.8
5.7
+54.4%
Buybacks
73.7
22.0
23.5
+235.0%
Dividends paid
42.6
33.2
27.7
+28.3%
Dividend per share
$0.23
$0.18
$0.15
+27.8%
Diluted shares, weighted
186m
186m
186m
-0.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,329
1,194
1,086
+11.3%
Debt
192
244
462
-21.3%
Other liabilities
871
841
802
+3.6%
Total liabilities and equity
2,392
2,279
2,349
+4.9%
Fixed assets
391
346
315
+13.2%
Goodwill
434
435
434
-0.4%
Intangible assets
325
339
353
-4.1%
Investments
105
196
n/a
-46.3%
Cash and equivalents
381
267
463
+42.6%
Receivables
459
425
368
+7.8%
Inventory
193
163
168
+18.4%
Other assets
104
107
247
-3.3%
Total assets
2,392
2,279
2,349
+4.9%
10-K for the year ended 31 December 2013, filed 20 February 2014: the filing.