Fortune Brands Innovations (FBIN) FY2014 results: revenue $4.0 billion, up 8.4% on the year
Fortune Brands Innovations, Inc. (FBIN) reported revenue of $4.0 billion for fiscal 2014, the year ended 31 December 2014, up 8.4% on the year before. Net income was $158 million, down 31.2%, and diluted earnings per share $0.95. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$4.0 billion
+8.4% on the year
FY2009FY2014
Operating margin
10.1%
8.7% a year earlier
FY2009FY2014
Net income
$158 million
-31.2% on the year
FY2009FY2014
Diluted EPS
$0.95
-29.1% 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
4,014
3,704
3,135
+8.4%
Cost of revenue
2,647
2,408
2,093
+9.9%
Gross profit
1,367
1,295
1,042
+5.5%
Gross margin
34.1%
35.0%
33.2%
Research and development
46.1
50.8
41.7
-9.3%
Selling, general and administrative
943
939
873
+0.5%
Operating income
404
323
143
+24.9%
Operating margin
10.1%
8.7%
4.6%
Interest expense
10.4
7.2
8.5
+44.4%
Pre-tax income
392
310
135
+26.2%
Income tax
118
102
26.9
+16.6%
Effective tax rate
30.2%
32.7%
19.9%
Net income
158
230
119
-31.2%
Net margin
3.9%
6.2%
3.8%
Diluted EPS
$0.95
$1.34
$0.71
-29.1%
$ 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
266
298
283
-10.6%
Capital expenditure
128
96.7
75.0
+31.9%
Free cash flow
139
201
208
-31.0%
Free cash flow margin
3.5%
5.4%
6.6%
Cash from investing
-151
-397
-86.7
Cash from financing
-160
4.1
15.7
Depreciation and amortisation
96.0
86.6
97.6
+10.9%
Share-based compensation
29.7
26.1
26.9
+13.8%
Buybacks
440
52.1
8.8
+744.1%
Dividends paid
77.4
49.9
n/a
+55.1%
Dividend per share
$0.50
$0.42
n/a
+19.0%
Diluted shares, weighted
166m
171m
166m
-2.9%
Shares outstanding at period end
158m
n/a
n/a
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,260
2,649
2,381
-14.7%
Non-controlling interest
3.6
3.7
3.6
-2.7%
Debt
670
356
326
+88.2%
Other liabilities
1,120
1,169
1,164
-4.2%
Total liabilities and equity
4,053
4,178
3,874
-3.0%
Fixed assets
540
468
446
+15.3%
Goodwill
1,468
1,434
1,295
+2.4%
Intangible assets
656
629
684
+4.4%
Cash and equivalents
192
241
336
-20.5%
Receivables
459
403
382
+13.9%
Inventory
462
429
357
+7.8%
Other assets
276
574
374
-52.0%
Total assets
4,053
4,178
3,874
-3.0%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.