Becton Dickinson (BDX) FY2014 results: revenue $8.4 billion, up 4.9% on the year
Becton Dickinson & Co. (BDX) reported revenue of $8.4 billion for fiscal 2014, the year ended 30 September 2014, up 4.9% on the year before. Net income was $1.2 billion, down 8.4%, and diluted earnings per share $5.99. The figures are the company's own, from the 10-K it filed with the SEC on 26 November 2014.
Revenue
$8.4 billion
+4.9% on the year
FY2007FY2014
Operating margin
19.0%
15.6% a year earlier
FY2007FY2014
Net income
$1.2 billion
-8.4% on the year
FY2007FY2014
Diluted EPS
$5.99
-7.7% 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
8,446
8,054
7,708
+4.9%
Cost of revenue
4,145
3,883
3,755
+6.7%
Gross profit
4,301
4,171
3,953
+3.1%
Gross margin
50.9%
51.8%
51.3%
Research and development
550
494
472
+11.3%
Selling, general and administrative
2,145
2,422
1,923
-11.4%
Operating income
1,606
1,254
1,558
+28.1%
Operating margin
19.0%
15.6%
20.2%
Interest expense
135
138
135
-2.2%
Pre-tax income
1,522
1,165
1,472
+30.6%
Income tax
337
236
363
+42.8%
Effective tax rate
22.1%
20.3%
24.6%
Net income
1,185
1,293
1,170
-8.4%
Net margin
14.0%
16.1%
15.2%
Diluted EPS
$5.99
$6.49
$5.59
-7.7%
$ 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
1,746
n/a
1,760
Capital expenditure
592
522
487
+13.4%
Free cash flow
1,154
n/a
1,273
Free cash flow margin
13.7%
n/a
16.5%
Cash from investing
-948
n/a
n/a
Cash from financing
-807
n/a
n/a
Depreciation and amortisation
562
546
511
+2.9%
Share-based compensation
113
100
89.0
+13.0%
Buybacks
400
450
1,500
-11.1%
Dividends paid
421
386
368
+9.1%
Dividend per share
$2.18
$1.98
n/a
+10.1%
Diluted shares, weighted
198m
199m
209m
-0.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
5,053
5,043
4,136
+0.2%
Debt
3,971
3,970
4,166
+0.0%
Other liabilities
3,360
3,136
3,059
+7.1%
Total liabilities and equity
12,384
12,149
11,361
+1.9%
Fixed assets
3,605
3,476
3,304
+3.7%
Goodwill
1,090
1,109
1,076
-1.7%
Cash and equivalents
1,861
1,890
1,671
-1.5%
Receivables
1,187
1,240
1,250
-4.3%
Inventory
1,495
1,402
1,241
+6.6%
Other assets
3,146
3,032
2,820
+3.8%
Total assets
12,384
12,149
11,361
+1.9%
10-K for the year ended 30 September 2014, filed 26 November 2014: the filing.