A. O. Smith (AOS) FY2014 results: revenue $2.4 billion, up 9.4% on the year
A. O. Smith Corp. (AOS) reported revenue of $2.4 billion for fiscal 2014, the year ended 31 December 2014, up 9.4% on the year before. Net income was $208 million, up 22.5%, and diluted earnings per share $1.14. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2015.
Revenue
$2.4 billion
+9.4% on the year
FY2008FY2014
Operating margin
14.7%
13.9% a year earlier
FY2008FY2014
Net income
$208 million
+22.5% on the year
FY2008FY2014
Diluted EPS
$1.14
+24.6% 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
2,356
2,154
1,939
+9.4%
Cost of revenue
1,497
1,380
1,287
+8.5%
Gross profit
859
774
652
+11.0%
Gross margin
36.5%
35.9%
33.6%
Research and development
67.9
57.8
51.7
+17.5%
Selling, general and administrative
572
524
450
+9.1%
Operating income
345
300
259
+15.1%
Operating margin
14.7%
13.9%
13.4%
Interest expense
5.7
5.7
9.2
0.0%
Pre-tax income
287
236
234
+21.3%
Income tax
78.9
66.7
71.2
+18.3%
Effective tax rate
27.5%
28.2%
30.5%
Net income
208
170
159
+22.5%
Net margin
8.8%
7.9%
8.2%
Diluted EPS
$1.14
$0.92
$0.85
+24.6%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
264
280
144
-5.6%
Capital expenditure
86.1
97.7
69.9
-11.9%
Free cash flow
178
182
73.9
-2.3%
Free cash flow margin
7.5%
8.4%
3.8%
Cash from investing
n/a
-8.2
-86.8
Cash from financing
n/a
-158
-254
Depreciation and amortisation
59.8
59.7
54.6
+0.2%
Share-based compensation
10.8
10.5
6.8
+2.9%
Buybacks
104
73.7
22.0
+40.8%
Dividends paid
54.4
42.6
33.2
+27.7%
Dividend per share
$0.30
$0.23
$0.18
+30.4%
Diluted shares, weighted
182m
186m
186m
-1.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,381
1,329
1,194
+4.0%
Debt
224
192
244
+16.6%
Other liabilities
893
871
841
+2.5%
Total liabilities and equity
2,498
2,392
2,279
+4.5%
Fixed assets
428
391
346
+9.3%
Goodwill
429
434
435
-1.1%
Intangible assets
308
325
339
-5.0%
Investments
222
105
196
+111.3%
Cash and equivalents
319
381
267
-16.1%
Receivables
475
459
425
+3.6%
Inventory
208
193
163
+7.7%
Other assets
108
104
107
+3.6%
Total assets
2,498
2,392
2,279
+4.5%
10-K for the year ended 31 December 2014, filed 18 February 2015: the filing.