Quest Diagnostics (DGX) FY2014 results: revenue $7.4 billion, up 4.0% on the year
Quest Diagnostics Inc. (DGX) reported revenue of $7.4 billion for fiscal 2014, the year ended 31 December 2014, up 4.0% on the year before. Net income was $556 million, down 34.5%, and diluted earnings per share $3.81. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2015.
Revenue
$7.4 billion
+4.0% on the year
FY2007FY2014
Operating margin
13.2%
20.6% a year earlier
FY2007FY2014
Net income
$556 million
-34.5% on the year
FY2007FY2014
Diluted EPS
$3.81
-31.2% 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
7,435
7,146
7,383
+4.0%
Cost of revenue
4,637
4,326
4,365
+7.2%
Gross profit
2,798
2,820
3,018
-0.8%
Gross margin
37.6%
39.5%
40.9%
Selling, general and administrative
1,728
1,704
1,745
+1.4%
Operating income
983
1,475
1,201
-33.4%
Operating margin
13.2%
20.6%
16.3%
Interest expense
167
n/a
n/a
Pre-tax income
823
1,324
n/a
-37.8%
Income tax
262
500
402
-47.6%
Effective tax rate
31.8%
37.8%
n/a
Net income
556
849
556
-34.5%
Net margin
7.5%
11.9%
7.5%
Diluted EPS
$3.81
$5.54
$3.46
-31.2%
$ 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
944
652
1,187
+44.8%
Capital expenditure
308
231
182
+33.3%
Free cash flow
636
421
1,005
+51.1%
Free cash flow margin
8.6%
5.9%
13.6%
Cash from investing
-1,025
328
-217
Cash from financing
86.0
-1,106
-822
Depreciation and amortisation
314
283
287
+11.0%
Share-based compensation
51.0
28.0
50.0
+82.1%
Buybacks
132
1,037
200
-87.3%
Dividends paid
187
185
108
+1.1%
Dividend per share
$1.32
$1.20
$0.81
+10.0%
Diluted shares, weighted
145m
153m
160m
-5.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
4,301
3,948
4,163
+8.9%
Non-controlling interest
29.0
25.0
23.0
+16.0%
Redeemable equity
0.0
0.0
0.0
Debt
3,742
3,332
3,364
+12.3%
Other liabilities
1,785
1,643
1,734
+8.6%
Total liabilities and equity
9,857
8,948
9,284
+10.2%
Fixed assets
933
805
756
+15.9%
Goodwill
6,032
5,649
5,536
+6.8%
Intangible assets
1,071
896
872
+19.5%
Trading assets
n/a
n/a
52.3
Cash and equivalents
192
187
296
+2.7%
Receivables
932
852
867
+9.4%
Inventory
110
91.0
93.0
+20.9%
Other assets
587
468
812
+25.4%
Total assets
9,857
8,948
9,284
+10.2%
10-K for the year ended 31 December 2014, filed 24 February 2015: the filing.