Charles River Laboratories International (CRL) FY2014 results: revenue $1.3 billion, up 11.3% on the year
Charles River Laboratories International, Inc. (CRL) reported revenue of $1.3 billion for fiscal 2014, the year ended 27 December 2014, up 11.3% on the year before. Net income was $127 million, up 23.2%, and diluted earnings per share $2.66. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2015.
Revenue
$1.3 billion
+11.3% on the year
FY2008FY2014
Operating margin
13.7%
13.0% a year earlier
FY2008FY2014
Net income
$127 million
+23.2% on the year
FY2008FY2014
Diluted EPS
$2.66
+25.5% 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
1,298
1,166
1,130
+11.3%
Cost of revenue
825
771
737
+7.1%
Gross profit
473
395
392
+19.7%
Gross margin
36.4%
33.9%
34.7%
Selling, general and administrative
269
226
208
+19.2%
Operating income
178
151
166
+17.4%
Operating margin
13.7%
13.0%
14.7%
Interest expense
11.9
21.0
33.3
-43.0%
Pre-tax income
178
138
130
+28.4%
Income tax
47.7
32.9
27.6
+44.8%
Effective tax rate
26.8%
23.8%
21.3%
Net income
127
103
97.3
+23.2%
Net margin
9.8%
8.8%
8.6%
Diluted EPS
$2.66
$2.12
$2.01
+25.5%
$ 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
251
207
n/a
+21.2%
Capital expenditure
56.9
39.2
47.5
+45.4%
Free cash flow
194
168
n/a
+15.6%
Free cash flow margin
15.0%
14.4%
n/a
Depreciation and amortisation
96.4
96.6
81.3
-0.2%
Share-based compensation
31.0
24.5
21.9
+26.5%
Buybacks
122
166
64.2
-26.5%
Diluted shares, weighted
48m
48m
48m
-1.9%
Shares outstanding at period end
47m
48m
49m
-0.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
672
641
601
+4.9%
Non-controlling interest
3.7
3.1
2.4
+20.4%
Redeemable equity
28.4
20.6
0.0
+38.1%
Debt
772
663
666
+16.5%
Other liabilities
394
305
317
+29.1%
Total liabilities and equity
1,871
1,633
1,586
+14.6%
Fixed assets
677
676
717
+0.1%
Goodwill
321
231
209
+39.2%
Intangible assets
179
84.5
84.9
+111.6%
Investments
27.0
29.1
6.8
-7.0%
Cash and equivalents
160
156
110
+2.6%
Receivables
258
221
203
+16.9%
Inventory
89.0
89.4
88.5
-0.4%
Other assets
160
146
168
+9.2%
Total assets
1,871
1,633
1,586
+14.6%
10-K for the year ended 27 December 2014, filed 17 February 2015: the filing.