Avista (AVA) FY2014 results: revenue $1.5 billion, up 2.1% on the year
Avista Corp. (AVA) reported revenue of $1.5 billion for fiscal 2014, the year ended 31 December 2014, up 2.1% on the year before. Net income was $192 million, up 72.9%, and diluted earnings per share $3.10. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$1.5 billion
+2.1% on the year
FY2008FY2014
Operating margin
17.2%
16.0% a year earlier
FY2008FY2014
Net income
$192 million
+72.9% on the year
FY2008FY2014
Diluted EPS
$3.10
+67.6% 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
1,473
1,442
1,391
+2.1%
Operating income
253
231
187
+9.3%
Operating margin
17.2%
16.0%
13.4%
Interest expense
75.3
77.1
75.1
-2.4%
Pre-tax income
192
162
117
+18.3%
Income tax
72.2
58.0
39.8
+24.5%
Effective tax rate
37.6%
35.7%
34.1%
Net income
192
111
78.2
+72.9%
Net margin
13.0%
7.7%
5.6%
Diluted EPS
$3.10
$1.85
$1.32
+67.6%
$ 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
267
243
317
+10.2%
Capital expenditure
326
294
271
+10.6%
Free cash flow
-58.2
-51.8
45.4
Free cash flow margin
-4.0%
-3.6%
3.3%
Cash from investing
-104
-312
-295
Cash from financing
-224
76.8
-21.1
Depreciation and amortisation
138
133
126
+3.9%
Share-based compensation
8.1
6.2
5.8
+30.5%
Buybacks
79.9
0.0
0.0
Dividends paid
78.3
73.3
68.6
+6.9%
Dividend per share
$1.27
$1.22
$1.16
+4.1%
Diluted shares, weighted
62m
60m
59m
+3.2%
Shares outstanding at period end
62m
60m
60m
+3.6%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,483
1,318
1,277
+12.5%
Non-controlling interest
0.4
20.0
17.7
-97.9%
Redeemable equity
0.0
15.9
4.9
Debt
1,645
1,559
1,419
+5.5%
Other liabilities
1,572
1,098
1,594
+43.2%
Total liabilities and equity
4,701
4,012
4,313
+17.2%
Goodwill
58.0
76.3
76.0
-24.0%
Intangible assets
0.0
39.6
46.3
Cash and equivalents
22.1
82.6
75.5
-73.2%
Inventory
66.4
44.9
47.5
+47.6%
Other assets
4,554
3,768
4,068
+20.9%
Total assets
4,701
4,012
4,313
+17.2%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.