Hormel Foods (HRL) FY2014 results: revenue $9.3 billion, up 6.5% on the year
Hormel Foods Corp. (HRL) reported revenue of $9.3 billion for fiscal 2014, the year ended 26 October 2014, up 6.5% on the year before. Net income was $603 million, up 14.5%, and diluted earnings per share $1.11. The figures are the company's own, from the 10-K it filed with the SEC on 17 December 2014.
Revenue
$9.3 billion
+6.5% on the year
FY2008FY2014
Operating margin
10.0%
9.2% a year earlier
FY2008FY2014
Net income
$603 million
+14.5% on the year
FY2008FY2014
Diluted EPS
$1.11
+14.4% on the year
FY2008FY2014
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
9,316
8,752
8,231
+6.5%
Cost of revenue
7,751
7,339
6,899
+5.6%
Gross profit
1,565
1,413
1,332
+10.8%
Gross margin
16.8%
16.1%
16.2%
Research and development
29.9
29.9
29.8
0.0%
Selling, general and administrative
651
627
606
+3.8%
Operating income
932
806
781
+15.6%
Operating margin
10.0%
9.2%
9.5%
Interest expense
12.7
12.5
12.9
+2.0%
Pre-tax income
922
799
758
+15.5%
Income tax
316
268
253
+17.8%
Effective tax rate
34.3%
33.6%
33.4%
Net income
603
526
500
+14.5%
Net margin
6.5%
6.0%
6.1%
Diluted EPS
$1.11
$0.97
$0.93
+14.4%
$ 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
747
638
518
+17.1%
Capital expenditure
159
107
132
+49.1%
Free cash flow
588
531
385
+10.7%
Free cash flow margin
6.3%
6.1%
4.7%
Depreciation and amortisation
130
125
119
+4.2%
Share-based compensation
14.4
17.6
16.7
-18.2%
Buybacks
58.9
70.8
61.4
-16.8%
Dividends paid
203
174
152
+16.5%
Dividend per share
$0.40
$0.34
$0.30
+17.6%
Diluted shares, weighted
540m
540m
538m
-0.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,606
3,311
2,819
+8.9%
Non-controlling interest
6.4
5.5
5.5
+15.1%
Debt
250
250
250
0.0%
Other liabilities
1,594
1,349
1,489
+18.1%
Total liabilities and equity
5,456
4,916
4,564
+11.0%
Fixed assets
1,002
955
924
+4.9%
Goodwill
1,226
934
631
+31.2%
Intangible assets
555
378
123
+46.8%
Investments
n/a
n/a
77.4
Cash and equivalents
334
434
682
-23.0%
Receivables
610
552
507
+10.5%
Inventory
1,055
968
951
+8.9%
Other assets
674
694
668
-2.9%
Total assets
5,456
4,916
4,564
+11.0%
10-K for the year ended 26 October 2014, filed 17 December 2014: the filing.