Hershey (HSY) FY2014 results: revenue $7.4 billion, up 3.9% on the year
Hershey Co. (HSY) reported revenue of $7.4 billion for fiscal 2014, the year ended 31 December 2014, up 3.9% on the year before. Net income was $847 million, up 3.2%. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2015.
Revenue
$7.4 billion
+3.9% on the year
FY2007FY2014
Operating margin
18.8%
18.7% a year earlier
FY2007FY2014
Net income
$847 million
+3.2% on the year
FY2007FY2014
Diluted EPS
n/a
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
7,422
7,146
6,644
+3.9%
Cost of revenue
4,086
3,865
3,784
+5.7%
Gross profit
3,336
3,281
2,860
+1.7%
Gross margin
45.0%
45.9%
43.0%
Research and development
47.6
47.6
39.0
-0.1%
Selling, general and administrative
1,901
1,923
1,704
-1.1%
Operating income
1,392
1,338
1,708
+4.1%
Operating margin
18.8%
18.7%
25.7%
Interest expense
87.6
91.5
98.5
-4.3%
Pre-tax income
1,306
1,251
1,016
+4.4%
Income tax
459
431
355
+6.6%
Effective tax rate
35.2%
34.4%
34.9%
Net income
847
820
661
+3.2%
Net margin
11.4%
11.5%
9.9%
$ 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
844
1,191
1,095
-29.1%
Capital expenditure
371
324
259
+14.6%
Free cash flow
474
868
836
-45.4%
Free cash flow margin
6.4%
12.1%
12.6%
Cash from investing
-863
-352
-473
Cash from financing
-719
-447
-587
Depreciation and amortisation
212
201
210
+5.2%
Share-based compensation
54.1
54.0
50.5
+0.2%
Buybacks
577
306
511
+88.8%
Dividends paid
440
394
341
+11.8%
Diluted shares, weighted
225m
227m
228m
-1.0%
Shares outstanding at period end
221m
224m
224m
-1.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,455
1,605
1,037
-9.3%
Non-controlling interest
64.5
11.2
11.6
+474.7%
Debt
2,178
1,962
1,907
+11.0%
Other liabilities
1,932
1,779
1,800
+8.6%
Total liabilities and equity
5,630
5,357
4,755
+5.1%
Fixed assets
2,152
1,805
1,674
+19.2%
Goodwill
793
577
588
+37.5%
Intangible assets
295
195
215
+51.0%
Investments
97.1
0.0
n/a
Cash and equivalents
375
1,119
728
-66.5%
Receivables
597
478
461
+24.9%
Inventory
801
660
633
+21.5%
Other assets
520
524
455
-0.9%
Total assets
5,630
5,357
4,755
+5.1%
10-K for the year ended 31 December 2014, filed 20 February 2015: the filing.