Ecolab (ECL) FY2014 results: revenue $14.3 billion, up 7.7% on the year
Ecolab Inc. (ECL) reported revenue of $14.3 billion for fiscal 2014, the year ended 31 December 2014, up 7.7% on the year before. Net income was $1.2 billion, up 24.3%, and diluted earnings per share $3.93. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$14.3 billion
+7.7% on the year
FY2007FY2014
Operating margin
13.7%
11.8% a year earlier
FY2007FY2014
Net income
$1.2 billion
+24.3% on the year
FY2007FY2014
Diluted EPS
$3.93
+24.4% 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
14,280
13,253
11,839
+7.7%
Cost of revenue
7,679
7,161
6,385
+7.2%
Gross profit
6,601
6,092
5,453
+8.4%
Gross margin
46.2%
46.0%
46.1%
Research and development
197
188
183
+4.8%
Selling, general and administrative
4,578
4,360
4,018
+5.0%
Operating income
1,955
1,561
1,289
+25.3%
Operating margin
13.7%
11.8%
10.9%
Interest expense
268
273
286
-1.8%
Pre-tax income
1,698
1,298
1,013
+30.8%
Income tax
476
325
311
+46.7%
Effective tax rate
28.0%
25.0%
30.7%
Net income
1,203
968
704
+24.3%
Net margin
8.4%
7.3%
5.9%
Diluted EPS
$3.93
$3.16
$2.35
+24.4%
$ 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
1,816
1,560
1,203
+16.4%
Capital expenditure
749
625
574
+19.8%
Free cash flow
1,067
935
628
+14.1%
Free cash flow margin
7.5%
7.1%
5.3%
Depreciation and amortisation
863
807
714
+6.9%
Share-based compensation
71.1
69.6
65.8
+2.2%
Buybacks
429
308
210
+39.3%
Dividends paid
344
218
307
+57.9%
Dividend per share
$1.16
$0.96
$0.83
+19.7%
Diluted shares, weighted
306m
306m
299m
0.0%
Shares outstanding at period end
300m
301m
295m
-0.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
7,316
7,344
6,077
-0.4%
Non-controlling interest
66.2
65.1
83.1
+1.7%
Debt
6,548
6,904
6,542
-5.2%
Other liabilities
5,497
5,323
4,870
+3.3%
Total liabilities and equity
19,427
19,636
17,572
-1.1%
Fixed assets
3,051
2,882
2,409
+5.9%
Goodwill
6,717
6,863
5,920
-2.1%
Intangible assets
4,457
4,785
4,044
-6.9%
Cash and equivalents
210
339
1,158
-38.2%
Receivables
2,627
2,568
2,225
+2.3%
Inventory
1,467
1,322
1,088
+11.0%
Other assets
900
877
728
+2.6%
Total assets
19,427
19,636
17,572
-1.1%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.