Dover (DOV) FY2014 results: revenue $7.8 billion, up 8.4% on the year
Dover Corp. (DOV) reported revenue of $7.8 billion for fiscal 2014, the year ended 31 December 2014, up 8.4% on the year before. Net income was $775 million, down 22.7%, and diluted earnings per share $4.59. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2015.
Revenue
$7.8 billion
+8.4% on the year
FY2007FY2014
Operating margin
15.7%
16.2% a year earlier
FY2007FY2014
Net income
$775 million
-22.7% on the year
FY2007FY2014
Diluted EPS
$4.59
-20.6% 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
7,753
7,155
6,627
+8.4%
Cost of revenue
4,778
4,377
4,047
+9.2%
Gross profit
2,974
2,779
2,580
+7.0%
Gross margin
38.4%
38.8%
38.9%
Research and development
118
117
124
+1.1%
Selling, general and administrative
1,759
1,617
1,521
+8.8%
Operating income
1,215
1,162
1,059
+4.6%
Operating margin
15.7%
16.2%
16.0%
Interest expense
132
n/a
n/a
Pre-tax income
1,094
1,046
931
+4.6%
Income tax
316
248
281
+27.2%
Effective tax rate
28.9%
23.8%
30.2%
Net income
775
1,003
811
-22.7%
Net margin
10.0%
14.0%
12.2%
Diluted EPS
$4.59
$5.78
$4.41
-20.6%
$ 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
976
1,153
1,267
-15.3%
Capital expenditure
166
142
147
+17.2%
Free cash flow
810
1,011
1,120
-19.9%
Free cash flow margin
10.4%
14.1%
16.9%
Depreciation and amortisation
307
278
230
+10.5%
Share-based compensation
31.6
30.5
30.9
+3.8%
Buybacks
601
458
749
+31.3%
Dividends paid
258
248
241
+4.3%
Dividend per share
$1.55
$1.45
$1.33
+6.9%
Diluted shares, weighted
169m
174m
184m
-2.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,701
5,377
4,919
-31.2%
Debt
3,031
2,828
2,800
+7.2%
Other liabilities
2,299
2,632
2,725
-12.7%
Total liabilities and equity
9,030
10,838
10,444
-16.7%
Fixed assets
837
788
1,167
+6.2%
Goodwill
3,492
3,109
2,997
+12.3%
Intangible assets
1,370
1,259
1,625
+8.8%
Investments
n/a
0.0
0.0
Cash and equivalents
682
804
800
-15.2%
Receivables
1,187
1,077
1,226
+10.2%
Inventory
864
715
873
+20.7%
Other assets
600
3,087
1,755
-80.6%
Total assets
9,030
10,838
10,444
-16.7%
10-K for the year ended 31 December 2014, filed 13 February 2015: the filing.