Estee Lauder Companies (EL) FY2014 results: revenue $11.0 billion, up 7.7% on the year
Estee Lauder Companies Inc. (EL) reported revenue of $11.0 billion for fiscal 2014, the year ended 30 June 2014, up 7.7% on the year before. Net income was $1.2 billion, up 18.1%, and diluted earnings per share $3.06. The figures are the company's own, from the 10-K it filed with the SEC on 20 August 2014.
Revenue
$11.0 billion
+7.7% on the year
FY2009FY2014
Operating margin
16.7%
15.0% a year earlier
FY2009FY2014
Net income
$1.2 billion
+18.1% on the year
FY2009FY2014
Diluted EPS
$3.06
+18.6% 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
10,969
10,182
9,714
+7.7%
Cost of revenue
2,158
2,026
1,996
+6.5%
Gross profit
8,811
8,156
7,718
+8.0%
Gross margin
80.3%
80.1%
79.5%
Research and development
158
147
138
+7.6%
Selling, general and administrative
6,986
6,597
6,325
+5.9%
Operating income
1,828
1,526
1,312
+19.8%
Operating margin
16.7%
15.0%
13.5%
Interest expense
59.4
63.1
n/a
-5.9%
Pre-tax income
1,777
1,475
1,261
+20.4%
Income tax
568
451
401
+25.8%
Effective tax rate
32.0%
30.6%
31.8%
Net income
1,204
1,020
857
+18.1%
Net margin
11.0%
10.0%
8.8%
Diluted EPS
$3.06
$2.58
$2.16
+18.6%
$ 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
1,535
1,226
1,127
+25.2%
Capital expenditure
510
461
421
+10.7%
Free cash flow
1,025
765
706
+33.9%
Free cash flow margin
9.3%
7.5%
7.3%
Depreciation and amortisation
385
337
296
+14.2%
Share-based compensation
153
146
125
+4.7%
Buybacks
667
388
593
+72.1%
Dividends paid
302
419
204
-28.0%
Dividend per share
$0.78
$1.08
$0.53
-27.8%
Diluted shares, weighted
393m
395m
397m
-0.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,855
3,287
2,733
+17.3%
Non-controlling interest
14.5
15.0
14.3
-3.3%
Debt
1,343
1,344
1,288
-0.1%
Other liabilities
2,656
2,499
2,557
+6.3%
Total liabilities and equity
7,869
7,145
6,593
+10.1%
Fixed assets
1,503
1,351
1,232
+11.2%
Goodwill
893
882
883
+1.3%
Intangible assets
157
170
190
-7.3%
Investments
13.6
n/a
n/a
Cash and equivalents
1,629
1,496
1,348
+8.9%
Receivables
1,379
1,172
1,060
+17.7%
Inventory
1,294
1,114
984
+16.2%
Other assets
1,000
962
897
+3.9%
Total assets
7,869
7,145
6,593
+10.1%
10-K for the year ended 30 June 2014, filed 20 August 2014: the filing.