Baxter International (BAX) FY2013 results: revenue $9.4 billion, down 32.5% on the year
Baxter International Inc. (BAX) reported revenue of $9.4 billion for fiscal 2013, the year ended 31 December 2013, down 32.5% on the year before. Net income was $2.0 billion, down 13.5%, and diluted earnings per share $3.66. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2014.
Revenue
$9.4 billion
-32.5% on the year
FY2007FY2013
Operating margin
5.3%
FY2007FY2013
Net income
$2.0 billion
-13.5% on the year
FY2007FY2013
Diluted EPS
$3.66
-12.4% on the year
FY2007FY2013
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
9,413
13,936
13,893
-32.5%
Cost of revenue
5,251
6,802
6,847
-22.8%
Gross profit
4,162
7,134
7,046
-41.7%
Gross margin
44.2%
51.2%
50.7%
Research and development
582
1,081
946
-46.2%
Selling, general and administrative
3,084
3,283
3,154
-6.1%
Operating income
496
n/a
n/a
Operating margin
5.3%
n/a
n/a
Interest expense
155
113
92.0
+37.2%
Pre-tax income
375
2,889
2,809
-87.0%
Income tax
60.0
555
553
-89.2%
Effective tax rate
16.0%
19.2%
19.7%
Net income
2,012
2,326
2,224
-13.5%
Net margin
21.4%
16.7%
16.0%
Diluted EPS
$3.66
$4.18
$3.88
-12.4%
$ 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
3,198
3,106
2,817
+3.0%
Capital expenditure
706
1,161
960
-39.2%
Free cash flow
2,492
1,945
1,857
+28.1%
Free cash flow margin
26.5%
14.0%
13.4%
Cash from investing
-5,362
-1,569
-1,427
Cash from financing
1,645
-1,115
-1,137
Depreciation and amortisation
635
712
670
-10.8%
Share-based compensation
122
130
119
-6.2%
Buybacks
913
1,480
1,583
-38.3%
Dividends paid
1,023
804
709
+27.2%
Dividend per share
$1.92
$1.57
$1.26
+22.3%
Diluted shares, weighted
549m
556m
573m
-1.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
8,463
6,938
6,585
+22.0%
Non-controlling interest
23.0
40.0
243
-42.5%
Debt
9,166
5,930
5,195
+54.6%
Other liabilities
7,572
7,482
7,050
+1.2%
Total liabilities and equity
25,224
20,390
19,073
+23.7%
Fixed assets
4,408
6,098
5,525
-27.7%
Goodwill
3,290
2,502
2,317
+31.5%
Intangible assets
2,294
814
826
+181.8%
Cash and equivalents
2,733
3,270
2,905
-16.4%
Inventory
3,499
2,803
2,628
+24.8%
Other assets
9,000
4,903
4,872
+83.6%
Total assets
25,224
20,390
19,073
+23.7%
10-K for the year ended 31 December 2013, filed 21 February 2014: the filing.