Consolidated Edison (ED) FY2014 results: revenue $12.9 billion, up 4.6% on the year
Consolidated Edison Inc. (ED) reported revenue of $12.9 billion for fiscal 2014, the year ended 31 December 2014, up 4.6% on the year before. Net income was $1.1 billion, up 2.8%, and diluted earnings per share $3.71. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2015.
Revenue
$12.9 billion
+4.6% on the year
FY2009FY2014
Operating margin
17.1%
18.2% a year earlier
FY2009FY2014
Net income
$1.1 billion
+2.8% on the year
FY2009FY2014
Diluted EPS
$3.71
+2.8% on the year
FY2009FY2014
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
12,919
12,354
12,188
+4.6%
Research and development
22.0
18.0
21.0
+22.2%
Operating income
2,209
2,244
2,339
-1.6%
Operating margin
17.1%
18.2%
19.2%
Interest expense
587
719
604
-18.4%
Pre-tax income
1,660
1,538
1,741
+7.9%
Income tax
568
476
600
+19.3%
Effective tax rate
34.2%
30.9%
34.5%
Net income
1,092
1,062
1,141
+2.8%
Net margin
8.5%
8.6%
9.4%
Diluted EPS
$3.71
$3.61
$3.86
+2.8%
$ 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
2,831
2,552
2,599
+10.9%
Capital expenditure
180
199
152
-9.5%
Free cash flow
2,651
2,353
2,447
+12.7%
Free cash flow margin
20.5%
19.0%
20.1%
Cash from investing
-2,759
-2,659
-2,523
Cash from financing
-47.0
387
-330
Depreciation and amortisation
1,071
1,024
955
+4.6%
Share-based compensation
29.0
n/a
n/a
Buybacks
10.0
8.0
9.0
+25.0%
Dividends paid
739
721
709
+2.5%
Dividend per share
$2.52
$2.46
$2.42
+2.4%
Diluted shares, weighted
294m
294m
294m
-0.1%
Shares outstanding at period end
22m
22m
22m
0.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
12,576
12,245
11,869
+2.7%
Non-controlling interest
9.0
n/a
n/a
Debt
12,906
12,425
11,307
+3.9%
Other liabilities
18,580
15,781
18,033
+17.7%
Total liabilities and equity
44,071
40,451
41,209
+8.9%
Fixed assets
29,827
28,436
26,939
+4.9%
Goodwill
429
429
429
0.0%
Intangible assets
3.0
4.0
2.0
-25.0%
Investments
816
461
467
+77.0%
Cash and equivalents
699
674
394
+3.7%
Receivables
1,201
1,251
1,222
-4.0%
Other assets
11,096
9,196
11,756
+20.7%
Total assets
44,071
40,451
41,209
+8.9%
10-K for the year ended 31 December 2014, filed 19 February 2015: the filing.