Halliburton (HAL) FY2014 results: revenue $32.9 billion, up 11.8% on the year
Halliburton Co. (HAL) reported revenue of $32.9 billion for fiscal 2014, the year ended 31 December 2014, up 11.8% on the year before. Net income was $3.5 billion, up 64.7%, and diluted earnings per share $4.11. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2015.
Revenue
$32.9 billion
+11.8% on the year
FY2007FY2014
Operating margin
15.5%
10.7% a year earlier
FY2007FY2014
Net income
$3.5 billion
+64.7% on the year
FY2007FY2014
Diluted EPS
$4.11
+74.2% 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
32,870
29,402
28,503
+11.8%
Cost of revenue
27,334
24,931
23,769
+9.6%
Gross profit
5,536
4,471
4,734
+23.8%
Gross margin
16.8%
15.2%
16.6%
Research and development
601
588
460
+2.2%
Operating income
5,097
3,138
4,159
+62.4%
Operating margin
15.5%
10.7%
14.6%
Pre-tax income
4,712
2,764
3,822
+70.5%
Income tax
1,275
648
1,235
+96.8%
Effective tax rate
27.1%
23.4%
32.3%
Net income
3,500
2,125
2,635
+64.7%
Net margin
10.6%
7.2%
9.2%
Diluted EPS
$4.11
$2.36
$2.84
+74.2%
$ 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
4,062
4,447
3,654
-8.7%
Capital expenditure
3,283
2,934
3,566
+11.9%
Free cash flow
779
1,513
88.0
-48.5%
Free cash flow margin
2.4%
5.1%
0.3%
Cash from investing
-3,138
-2,870
-3,688
Cash from financing
-1,030
-1,754
-172
Depreciation and amortisation
2,126
1,900
1,628
+11.9%
Share-based compensation
298
264
217
+12.9%
Buybacks
800
4,356
0.0
-81.6%
Dividends paid
533
465
333
+14.6%
Dividend per share
$0.53
$0.53
$0.36
0.0%
Diluted shares, weighted
852m
902m
928m
-5.5%
Shares outstanding at period end
848m
849m
929m
-0.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
16,267
13,581
15,765
+19.8%
Non-controlling interest
31.0
34.0
25.0
-8.8%
Debt
7,779
7,816
4,820
-0.5%
Other liabilities
8,088
7,792
6,800
+3.8%
Total liabilities and equity
32,165
29,223
27,410
+10.1%
Fixed assets
12,475
11,322
10,257
+10.2%
Goodwill
2,330
2,168
2,168
+7.5%
Cash and equivalents
2,291
2,356
2,484
-2.8%
Receivables
7,564
6,181
5,787
+22.4%
Inventory
3,571
3,305
3,186
+8.0%
Other assets
3,934
3,891
3,528
+1.1%
Total assets
32,165
29,223
27,410
+10.1%
10-K for the year ended 31 December 2014, filed 24 February 2015: the filing.