Caterpillar (CAT) FY2014 results: revenue $55.2 billion, down 0.8% on the year
Caterpillar Inc. (CAT) reported revenue of $55.2 billion for fiscal 2014, the year ended 31 December 2014, down 0.8% on the year before. Net income was $2.5 billion, down 62.6%, and diluted earnings per share $3.90. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2015.
Revenue
$55.2 billion
-0.8% on the year
FY2007FY2014
Operating margin
6.0%
17.7% a year earlier
FY2007FY2014
Net income
$2.5 billion
-62.6% on the year
FY2007FY2014
Diluted EPS
$3.90
-60.8% 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
55,184
55,656
65,875
-0.8%
Cost of revenue
40,718
38,432
47,055
+5.9%
Gross profit
14,466
17,224
18,820
-16.0%
Gross margin
26.2%
30.9%
28.6%
Research and development
2,380
1,552
2,466
+53.4%
Selling, general and administrative
6,529
4,122
5,919
+58.4%
Operating income
3,314
9,870
8,573
-66.4%
Operating margin
6.0%
17.7%
13.0%
Pre-tax income
3,152
9,371
8,236
-66.4%
Income tax
692
2,795
2,528
-75.2%
Effective tax rate
22.0%
29.8%
30.7%
Net income
2,452
6,556
5,681
-62.6%
Net margin
4.4%
11.8%
8.6%
Diluted EPS
$3.90
$9.95
$8.48
-60.8%
$ 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
8,057
10,191
5,184
-20.9%
Capital expenditure
1,539
2,522
3,350
-39.0%
Free cash flow
6,518
7,669
1,834
-15.0%
Free cash flow margin
11.8%
13.8%
2.8%
Depreciation and amortisation
3,163
3,087
2,813
+2.5%
Share-based compensation
254
231
245
+10.0%
Buybacks
4,238
2,000
0.0
+111.9%
Dividends paid
1,620
1,111
1,617
+45.8%
Dividend per share
$2.70
$2.32
$2.02
+16.4%
Diluted shares, weighted
629m
659m
670m
-4.5%
Shares outstanding at period end
606m
638m
655m
-5.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
16,826
20,878
17,582
-19.4%
Debt
39,285
37,750
40,143
+4.1%
Other liabilities
28,387
26,268
31,245
+8.1%
Total liabilities and equity
84,498
84,896
88,970
-0.5%
Fixed assets
16,577
17,075
16,461
-2.9%
Goodwill
6,694
6,956
6,942
-3.8%
Intangible assets
3,076
3,596
4,016
-14.5%
Receivables
7,737
8,413
9,706
-8.0%
Inventory
12,205
12,625
15,547
-3.3%
Other assets
38,209
36,231
36,298
+5.5%
Total assets
84,498
84,896
88,970
-0.5%
10-K for the year ended 31 December 2014, filed 17 February 2015: the filing.