Black Hills (BKH) FY2014 results: revenue $1.4 billion, up 9.2% on the year
Black Hills Corp. (BKH) reported revenue of $1.4 billion for fiscal 2014, the year ended 31 December 2014, up 9.2% on the year before. Net income was $131 million, up 13.9%, and diluted earnings per share $2.93. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$1.4 billion
+9.2% on the year
FY2008FY2014
Operating margin
18.9%
20.3% a year earlier
FY2008FY2014
Net income
$131 million
+13.9% on the year
FY2008FY2014
Diluted EPS
$2.93
+13.1% 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
1,394
1,276
1,174
+9.2%
Gross profit
n/a
n/a
767
Gross margin
n/a
n/a
65.3%
Operating income
264
259
276
+1.7%
Operating margin
18.9%
20.3%
23.5%
Interest expense
71.0
112
114
-36.5%
Pre-tax income
198
181
170
+8.9%
Income tax
66.6
63.0
60.2
+5.7%
Effective tax rate
33.7%
34.7%
35.5%
Net income
131
115
81.5
+13.9%
Net margin
9.4%
9.0%
6.9%
Diluted EPS
$2.93
$2.59
$1.85
+13.1%
$ 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
315
325
317
-2.9%
Capital expenditure
398
355
349
+12.3%
Free cash flow
-83.2
-30.1
-32.2
Free cash flow margin
-6.0%
-2.4%
-2.7%
Cash from investing
-401
-349
11.2
Cash from financing
91.1
17.0
-371
+434.8%
Depreciation and amortisation
145
137
146
+5.4%
Share-based compensation
9.3
12.6
8.3
-25.9%
Dividends paid
69.6
67.6
65.3
+3.0%
Dividend per share
$1.56
$1.52
$1.48
+2.6%
Diluted shares, weighted
45m
44m
44m
+0.4%
Shares outstanding at period end
45m
44m
44m
+0.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,354
1,284
1,206
+5.5%
Non-controlling interest
n/a
n/a
26.7
Debt
1,618
1,479
1,320
+9.3%
Other liabilities
1,274
1,075
1,177
+18.6%
Total liabilities and equity
4,246
3,838
3,729
+10.6%
Fixed assets
3,205
2,953
2,743
+8.5%
Goodwill
353
353
353
0.0%
Intangible assets
3.2
3.4
3.6
-6.5%
Investments
17.3
16.7
16.4
+3.6%
Cash and equivalents
21.2
7.8
15.5
+170.6%
Receivables
190
178
164
+7.0%
Inventory
91.2
88.5
77.6
+3.1%
Other assets
364
237
357
+53.3%
Total assets
4,246
3,838
3,729
+10.6%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.