Illinois Tool Works (ITW) FY2013 results: revenue $14.1 billion, down 4.4% on the year
Illinois Tool Works Inc. (ITW) reported revenue of $14.1 billion for fiscal 2013, the year ended 31 December 2013, down 4.4% on the year before. Net income was $1.7 billion, down 41.5%, and diluted earnings per share $3.74. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2014.
Revenue
$14.1 billion
-4.4% on the year
FY2007FY2013
Operating margin
17.8%
16.7% a year earlier
FY2007FY2013
Net income
$1.7 billion
-41.5% on the year
FY2007FY2013
Diluted EPS
$3.74
-38.3% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
14,135
14,791
14,515
-4.4%
Cost of revenue
8,554
9,134
9,089
-6.3%
Gross profit
5,581
5,657
5,426
-1.3%
Gross margin
39.5%
38.2%
37.4%
Research and development
240
240
221
0.0%
Operating income
2,514
2,475
2,361
+1.6%
Operating margin
17.8%
16.7%
16.3%
Interest expense
239
213
191
+12.2%
Pre-tax income
2,347
3,206
2,223
-26.8%
Income tax
717
973
448
-26.3%
Effective tax rate
30.5%
30.3%
20.2%
Net income
1,679
2,870
2,071
-41.5%
Net margin
11.9%
19.4%
14.3%
Diluted EPS
$3.74
$6.06
$4.19
-38.3%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
2,528
2,072
1,956
+22.0%
Capital expenditure
368
382
353
-3.7%
Free cash flow
2,160
1,690
1,603
+27.8%
Free cash flow margin
15.3%
11.4%
11.0%
Cash from investing
-456
1,047
-1,579
Cash from financing
-1,140
-1,571
-321
Depreciation and amortisation
549
575
555
-4.5%
Share-based compensation
37.0
54.0
56.0
-31.5%
Buybacks
2,106
2,020
950
+4.3%
Dividends paid
528
865
680
-39.0%
Dividend per share
$1.18
$1.48
$1.40
-20.3%
Diluted shares, weighted
449m
473m
495m
-5.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
9,709
10,570
10,034
-8.1%
Debt
4,627
5,048
3,990
-8.3%
Other liabilities
5,263
3,691
3,959
+42.6%
Total liabilities and equity
19,599
19,309
17,984
+1.5%
Fixed assets
1,709
1,994
2,025
-14.3%
Goodwill
4,886
5,530
5,198
-11.6%
Intangible assets
1,999
2,258
2,233
-11.5%
Investments
n/a
146
409
Cash and equivalents
3,618
2,779
1,178
+30.2%
Receivables
2,365
2,742
2,819
-13.7%
Inventory
1,247
1,585
1,716
-21.3%
Other assets
3,775
2,275
2,406
+65.9%
Total assets
19,599
19,309
17,984
+1.5%
10-K for the year ended 31 December 2013, filed 14 February 2014: the filing.