Ingredion (INGR) FY2014 results: revenue $5.7 billion, down 10.4% on the year
Ingredion Inc. (INGR) reported revenue of $5.7 billion for fiscal 2014, the year ended 31 December 2014, down 10.4% on the year before. Net income was $355 million, down 10.4%, and diluted earnings per share $4.74. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2015.
Revenue
$5.7 billion
-10.4% on the year
FY2008FY2014
Operating margin
10.3%
9.7% a year earlier
FY2008FY2014
Net income
$355 million
-10.4% on the year
FY2008FY2014
Diluted EPS
$4.74
-6.1% 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
5,668
6,328
6,868
-10.4%
Cost of revenue
4,553
5,197
5,294
-12.4%
Gross profit
1,115
1,131
1,238
-1.4%
Gross margin
19.7%
17.9%
18.0%
Selling, general and administrative
525
534
556
-1.7%
Operating income
581
613
668
-5.2%
Operating margin
10.3%
9.7%
9.7%
Pre-tax income
520
547
601
-4.9%
Income tax
157
144
167
+9.0%
Effective tax rate
30.2%
26.3%
27.8%
Net income
355
396
428
-10.4%
Net margin
6.3%
6.3%
6.2%
Diluted EPS
$4.74
$5.05
$5.47
-6.1%
$ 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
731
619
732
+18.1%
Capital expenditure
276
298
313
-7.4%
Free cash flow
455
321
419
+41.7%
Free cash flow margin
8.0%
5.1%
6.1%
Depreciation and amortisation
195
194
211
+0.5%
Share-based compensation
19.0
17.0
18.0
+11.8%
Buybacks
304
228
18.0
+33.3%
Dividends paid
128
112
69.0
+14.3%
Diluted shares, weighted
75m
78m
78m
-4.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,177
2,404
2,437
-9.4%
Non-controlling interest
30.0
25.0
22.0
+20.0%
Redeemable equity
22.0
n/a
n/a
Short-term borrowings
n/a
93.0
76.0
Debt
1,830
1,717
1,724
+6.6%
Other liabilities
1,032
1,121
1,333
-7.9%
Total liabilities and equity
5,091
5,360
5,592
-5.0%
Fixed assets
2,073
2,156
2,193
-3.8%
Goodwill
478
535
557
-10.7%
Intangible assets
290
311
329
-6.8%
Investments
5.0
11.0
10.0
-54.5%
Cash and equivalents
580
574
609
+1.0%
Receivables
762
832
814
-8.4%
Inventory
699
723
834
-3.3%
Other assets
204
218
246
-6.4%
Total assets
5,091
5,360
5,592
-5.0%
10-K for the year ended 31 December 2014, filed 20 February 2015: the filing.