Ecolab (ECL) FY2013 results: revenue $13.3 billion, up 11.9% on the year
Ecolab Inc. (ECL) reported revenue of $13.3 billion for fiscal 2013, the year ended 31 December 2013, up 11.9% on the year before. Net income was $968 million, up 37.5%, and diluted earnings per share $3.16. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$13.3 billion
+11.9% on the year
FY2007FY2013
Operating margin
11.8%
10.9% a year earlier
FY2007FY2013
Net income
$968 million
+37.5% on the year
FY2007FY2013
Diluted EPS
$3.16
+34.5% 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
13,253
11,839
6,798
+11.9%
Cost of revenue
7,161
6,385
3,476
+12.1%
Gross profit
6,092
5,453
3,323
+11.7%
Gross margin
46.0%
46.1%
48.9%
Research and development
188
183
96.0
+2.7%
Selling, general and administrative
4,360
4,018
2,438
+8.5%
Operating income
1,561
1,289
754
+21.0%
Operating margin
11.8%
10.9%
11.1%
Interest expense
273
286
82.1
-4.5%
Pre-tax income
1,298
1,013
680
+28.2%
Income tax
325
311
216
+4.3%
Effective tax rate
25.0%
30.7%
31.8%
Net income
968
704
462
+37.5%
Net margin
7.3%
5.9%
6.8%
Diluted EPS
$3.16
$2.35
$1.91
+34.5%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,560
1,203
686
+29.7%
Capital expenditure
625
574
342
+8.8%
Free cash flow
935
628
344
+48.7%
Free cash flow margin
7.1%
5.3%
5.1%
Depreciation and amortisation
807
714
396
+13.0%
Share-based compensation
69.6
65.8
39.9
+5.8%
Buybacks
308
210
690
+46.5%
Dividends paid
218
307
163
-28.9%
Dividend per share
$0.96
$0.83
$0.72
+16.3%
Diluted shares, weighted
306m
299m
242m
+2.3%
Shares outstanding at period end
301m
295m
292m
+2.2%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
7,344
6,077
5,667
+20.9%
Non-controlling interest
65.1
83.1
74.4
-21.7%
Debt
6,904
6,542
7,600
+5.5%
Other liabilities
5,323
4,870
4,844
+9.3%
Total liabilities and equity
19,636
17,572
18,185
+11.7%
Fixed assets
2,882
2,409
2,295
+19.6%
Goodwill
6,863
5,920
5,855
+15.9%
Intangible assets
4,785
4,044
4,275
+18.3%
Cash and equivalents
339
1,158
1,844
-70.7%
Receivables
2,568
2,225
2,095
+15.4%
Inventory
1,322
1,088
1,070
+21.5%
Other assets
877
728
750
+20.6%
Total assets
19,636
17,572
18,185
+11.7%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.