Danaher (DHR) FY2014 results: revenue $12.9 billion, down 29.6% on the year
Danaher Corp. (DHR) reported revenue of $12.9 billion for fiscal 2014, the year ended 31 December 2014, down 29.6% on the year before. Net income was $2.6 billion, down 3.6%, and diluted earnings per share $3.63. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$12.9 billion
-29.6% on the year
FY2007FY2014
Operating margin
15.9%
17.1% a year earlier
FY2007FY2014
Net income
$2.6 billion
-3.6% on the year
FY2007FY2014
Diluted EPS
$3.63
-4.5% 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
12,867
18,283
17,475
-29.6%
Cost of revenue
6,017
8,941
8,633
-32.7%
Gross profit
6,850
9,342
8,842
-26.7%
Gross margin
53.2%
51.1%
50.6%
Research and development
769
1,104
1,009
-30.3%
Selling, general and administrative
4,035
5,117
4,923
-21.1%
Operating income
2,045
3,120
2,980
-34.5%
Operating margin
15.9%
17.1%
17.1%
Interest expense
94.7
141
153
-32.9%
Pre-tax income
2,086
3,416
2,830
-38.9%
Income tax
448
826
649
-45.8%
Effective tax rate
21.5%
24.2%
22.9%
Net income
2,598
2,695
2,392
-3.6%
Net margin
20.2%
14.7%
13.7%
Diluted EPS
$3.63
$3.80
$3.36
-4.5%
$ 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
3,758
3,585
3,415
+4.8%
Capital expenditure
465
538
446
-13.5%
Free cash flow
3,293
3,047
2,969
+8.1%
Free cash flow margin
25.6%
16.7%
17.0%
Cash from investing
-3,444
-552
-1,888
Cash from financing
-218
-1,606
-388
Depreciation and amortisation
718
851
799
-15.6%
Share-based compensation
84.7
110
104
-22.7%
Buybacks
0.0
0.0
648
Dividends paid
228
52.1
86.4
+337.0%
Diluted shares, weighted
716m
711m
713m
+0.7%
Shares outstanding at period end
704m
698m
688m
+0.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
23,378
22,385
19,016
+4.4%
Non-controlling interest
71.7
66.1
67.4
+8.5%
Debt
3,473
3,499
5,343
-0.7%
Other liabilities
10,068
8,722
8,514
+15.4%
Total liabilities and equity
36,992
34,672
32,941
+6.7%
Fixed assets
1,666
2,184
2,141
-23.7%
Goodwill
11,575
14,717
15,462
-21.3%
Intangible assets
7,060
5,898
6,344
+19.7%
Investments
n/a
n/a
330
Cash and equivalents
3,006
3,115
1,679
-3.5%
Receivables
3,446
3,292
3,267
+4.7%
Inventory
1,783
1,734
1,813
+2.8%
Other assets
8,457
3,732
1,905
+126.6%
Total assets
36,992
34,672
32,941
+6.7%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.