Air Products & Chemicals (APD) FY2014 results: revenue $8.4 billion, down 17.6% on the year
Air Products & Chemicals, Inc. (APD) reported revenue of $8.4 billion for fiscal 2014, the year ended 30 September 2014, down 17.6% on the year before. Net income was $992 million, down 0.3%, and diluted earnings per share $4.61. The figures are the company's own, from the 10-K it filed with the SEC on 24 November 2014.
Revenue
$8.4 billion
-17.6% on the year
FY2007FY2014
Operating margin
11.0%
13.0% a year earlier
FY2007FY2014
Net income
$992 million
-0.3% on the year
FY2007FY2014
Diluted EPS
$4.61
-1.5% 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
8,384
10,180
9,612
-17.6%
Cost of revenue
6,208
7,472
7,052
-16.9%
Gross profit
2,176
2,708
2,560
-19.7%
Gross margin
26.0%
26.6%
26.6%
Research and development
78.5
134
126
-41.3%
Selling, general and administrative
892
1,066
947
-16.3%
Operating income
924
1,324
1,282
-30.2%
Operating margin
11.0%
13.0%
13.3%
Interest expense
124
142
124
-12.6%
Pre-tax income
949
1,350
1,312
-29.7%
Income tax
258
308
287
-16.2%
Effective tax rate
27.2%
22.8%
21.9%
Net income
992
994
1,167
-0.3%
Net margin
11.8%
9.8%
12.1%
Diluted EPS
$4.61
$4.68
$5.44
-1.5%
$ 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
2,187
1,567
1,799
+39.5%
Capital expenditure
1,299
1,524
1,521
-14.8%
Free cash flow
888
43.2
278
+1,955.1%
Free cash flow margin
10.6%
0.4%
2.9%
Depreciation and amortisation
876
907
841
-3.5%
Share-based compensation
38.0
43.5
43.8
-12.6%
Buybacks
0.0
462
53.1
Dividends paid
628
566
515
+11.0%
Dividend per share
$3.02
$2.77
$2.50
+9.0%
Diluted shares, weighted
215m
212m
215m
+1.4%
Shares outstanding at period end
214m
211m
212m
+1.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
7,366
7,042
6,477
+4.6%
Non-controlling interest
156
157
146
-0.8%
Redeemable equity
287
376
392
-23.6%
Debt
6,118
6,274
5,292
-2.5%
Other liabilities
3,720
4,002
4,634
-7.0%
Total liabilities and equity
17,648
17,850
16,942
-1.1%
Fixed assets
8,442
8,974
8,241
-5.9%
Goodwill
922
1,654
1,598
-44.3%
Intangible assets
616
717
762
-14.2%
Cash and equivalents
285
450
454
-36.6%
Receivables
1,486
1,544
1,545
-3.8%
Inventory
706
706
787
-0.0%
Other assets
5,190
3,804
3,556
+36.4%
Total assets
17,648
17,850
16,942
-1.1%
10-K for the year ended 30 September 2014, filed 24 November 2014: the filing.