CF Industries Holdings (CF) FY2014 results: revenue $4.7 billion, down 13.4% on the year
CF Industries Holdings, Inc. (CF) reported revenue of $4.7 billion for fiscal 2014, the year ended 31 December 2014, down 13.4% on the year before. Net income was $1.4 billion, down 5.1%, and diluted earnings per share $5.42. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$4.7 billion
-13.4% on the year
FY2007FY2014
Operating margin
49.9%
44.1% a year earlier
FY2007FY2014
Net income
$1.4 billion
-5.1% on the year
FY2007FY2014
Diluted EPS
$5.42
+9.5% 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
4,743
5,475
6,104
-13.4%
Cost of revenue
2,965
2,954
2,991
+0.3%
Gross profit
1,778
2,520
3,113
-29.4%
Gross margin
37.5%
46.0%
51.0%
Selling, general and administrative
152
166
152
-8.5%
Operating income
2,366
2,412
2,959
-1.9%
Operating margin
49.9%
44.1%
48.5%
Interest expense
178
152
135
+17.1%
Pre-tax income
2,187
2,210
2,830
-1.0%
Income tax
773
686
964
+12.6%
Effective tax rate
35.3%
31.1%
34.1%
Net income
1,390
1,465
1,849
-5.1%
Net margin
29.3%
26.8%
30.3%
Diluted EPS
$5.42
$4.95
$5.72
+9.5%
$ 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
1,421
1,467
2,376
-3.1%
Capital expenditure
1,808
824
524
+119.5%
Free cash flow
-388
643
1,852
Free cash flow margin
-8.2%
11.7%
30.3%
Cash from investing
-344
n/a
n/a
Cash from financing
-787
n/a
n/a
Depreciation and amortisation
392
411
420
-4.4%
Share-based compensation
17.0
12.6
11.9
+34.9%
Buybacks
1,935
1,409
500
+37.3%
Dividends paid
256
129
103
+98.1%
Dividend per share
$1.00
$0.44
$0.32
+127.3%
Diluted shares, weighted
256m
296m
324m
-13.3%
Shares outstanding at period end
242m
279m
315m
-13.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
4,210
5,076
5,902
-17.1%
Non-controlling interest
363
362
380
+0.1%
Debt
4,592
3,098
1,600
+48.2%
Other liabilities
2,089
2,142
2,285
-2.4%
Total liabilities and equity
11,254
10,678
10,167
+5.4%
Fixed assets
5,526
4,102
3,900
+34.7%
Goodwill
2,093
2,096
2,064
-0.1%
Intangible assets
41.8
45.8
49.6
-8.7%
Cash and equivalents
1,997
1,711
2,275
+16.7%
Receivables
192
231
217
-17.1%
Inventory
203
274
278
-26.0%
Other assets
1,203
2,219
1,382
-45.8%
Total assets
11,254
10,678
10,167
+5.4%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.