Danaher (DHR) FY2013 results: revenue $18.3 billion, up 4.6% on the year
Danaher Corp. (DHR) reported revenue of $18.3 billion for fiscal 2013, the year ended 31 December 2013, up 4.6% on the year before. Net income was $2.7 billion, up 12.7%, and diluted earnings per share $3.80. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2014.
Revenue
$18.3 billion
+4.6% on the year
FY2007FY2013
Operating margin
17.1%
17.1% a year earlier
FY2007FY2013
Net income
$2.7 billion
+12.7% on the year
FY2007FY2013
Diluted EPS
$3.80
+13.1% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
18,283
17,475
16,091
+4.6%
Cost of revenue
8,941
8,633
7,914
+3.6%
Gross profit
9,342
8,842
8,177
+5.7%
Gross margin
51.1%
50.6%
50.8%
Research and development
1,104
1,009
1,019
+9.4%
Selling, general and administrative
5,117
4,923
4,608
+3.9%
Operating income
3,120
2,980
2,617
+4.7%
Operating margin
17.1%
17.1%
16.3%
Interest expense
141
153
142
-7.5%
Pre-tax income
3,416
2,830
2,448
+20.7%
Income tax
826
649
513
+27.3%
Effective tax rate
24.2%
22.9%
20.9%
Net income
2,695
2,392
2,172
+12.7%
Net margin
14.7%
13.7%
13.5%
Diluted EPS
$3.80
$3.36
$3.11
+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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
3,585
3,415
2,626
+5.0%
Capital expenditure
538
446
334
+20.7%
Free cash flow
3,047
2,969
2,292
+2.6%
Free cash flow margin
16.7%
17.0%
14.2%
Cash from investing
-552
-1,888
-5,847
Cash from financing
-1,606
-388
2,089
Depreciation and amortisation
851
799
635
+6.5%
Share-based compensation
110
104
95.6
+5.7%
Buybacks
0.0
648
0.0
Dividends paid
52.1
86.4
61.3
-39.7%
Diluted shares, weighted
711m
713m
701m
-0.3%
Shares outstanding at period end
698m
688m
688m
+1.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
22,385
19,016
16,905
+17.7%
Non-controlling interest
66.1
67.4
67.0
-1.9%
Debt
3,499
5,343
5,305
-34.5%
Other liabilities
8,722
8,514
7,672
+2.4%
Total liabilities and equity
34,672
32,941
29,949
+5.3%
Fixed assets
2,184
2,141
2,101
+2.0%
Goodwill
14,717
15,462
14,474
-4.8%
Intangible assets
5,898
6,344
5,840
-7.0%
Investments
n/a
330
287
Cash and equivalents
3,115
1,679
537
+85.6%
Receivables
3,292
3,267
3,050
+0.8%
Inventory
1,734
1,813
1,781
-4.4%
Other assets
3,732
1,905
1,879
+95.9%
Total assets
34,672
32,941
29,949
+5.3%
10-K for the year ended 31 December 2013, filed 21 February 2014: the filing.