W.W. Grainger (GWW) FY2014 results: revenue $10.0 billion, up 5.6% on the year
W.W. Grainger, Inc. (GWW) reported revenue of $10.0 billion for fiscal 2014, the year ended 31 December 2014, up 5.6% on the year before. Net income was $802 million, up 0.6%, and diluted earnings per share $11.45. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$10.0 billion
+5.6% on the year
FY2007FY2014
Operating margin
13.5%
13.7% a year earlier
FY2007FY2014
Net income
$802 million
+0.6% on the year
FY2007FY2014
Diluted EPS
$11.45
+2.9% 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
9,965
9,438
8,950
+5.6%
Cost of revenue
5,651
5,301
5,034
+6.6%
Gross profit
4,314
4,136
3,916
+4.3%
Gross margin
43.3%
43.8%
43.8%
Selling, general and administrative
2,967
2,840
2,785
+4.5%
Operating income
1,347
1,297
1,131
+3.9%
Operating margin
13.5%
13.7%
12.6%
Interest expense
10.1
13.2
16.1
-23.7%
Pre-tax income
1,334
1,288
1,118
+3.6%
Income tax
522
480
419
+8.8%
Effective tax rate
39.1%
37.3%
37.5%
Net income
802
797
690
+0.6%
Net margin
8.0%
8.4%
7.7%
Diluted EPS
$11.45
$11.13
$9.52
+2.9%
$ 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
960
986
816
-2.7%
Capital expenditure
387
272
250
+42.3%
Free cash flow
572
714
566
-19.9%
Free cash flow margin
5.7%
7.6%
6.3%
Cash from investing
-384
-399
-306
Cash from financing
-758
-591
-394
Depreciation and amortisation
190
165
146
+15.3%
Share-based compensation
49.0
55.6
55.5
-11.8%
Buybacks
525
438
341
+19.8%
Dividends paid
291
255
220
+14.1%
Dividend per share
$4.17
$3.59
$3.06
+16.2%
Diluted shares, weighted
69m
71m
71m
-1.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,210
3,250
3,024
-1.2%
Non-controlling interest
74.2
76.4
93.5
-2.8%
Debt
484
543
565
-10.9%
Other liabilities
1,517
1,397
1,333
+8.6%
Total liabilities and equity
5,284
5,266
5,015
+0.3%
Fixed assets
1,324
1,209
1,145
+9.6%
Goodwill
507
525
544
-3.5%
Intangible assets
264
303
n/a
-13.0%
Cash and equivalents
227
431
452
-47.4%
Receivables
1,173
1,102
940
+6.5%
Inventory
1,356
1,306
1,302
+3.9%
Other assets
433
391
632
+10.8%
Total assets
5,284
5,266
5,015
+0.3%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.