Illinois Tool Works (ITW) FY2014 results: revenue $14.5 billion, up 2.5% on the year
Illinois Tool Works Inc. (ITW) reported revenue of $14.5 billion for fiscal 2014, the year ended 31 December 2014, up 2.5% on the year before. Net income was $2.9 billion, up 75.5%, and diluted earnings per share $7.28. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2015.
Revenue
$14.5 billion
+2.5% on the year
FY2007FY2014
Operating margin
19.9%
17.8% a year earlier
FY2007FY2014
Net income
$2.9 billion
+75.5% on the year
FY2007FY2014
Diluted EPS
$7.28
+94.7% 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
14,484
14,135
14,791
+2.5%
Cost of revenue
8,673
8,554
9,134
+1.4%
Gross profit
5,811
5,581
5,657
+4.1%
Gross margin
40.1%
39.5%
38.2%
Research and development
227
240
240
-5.4%
Operating income
2,888
2,514
2,475
+14.9%
Operating margin
19.9%
17.8%
16.7%
Interest expense
250
239
213
+4.6%
Pre-tax income
2,699
2,347
3,206
+15.0%
Income tax
809
717
973
+12.8%
Effective tax rate
30.0%
30.5%
30.3%
Net income
2,946
1,679
2,870
+75.5%
Net margin
20.3%
11.9%
19.4%
Diluted EPS
$7.28
$3.74
$6.06
+94.7%
$ 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
1,616
2,528
2,072
-36.1%
Capital expenditure
361
368
382
-1.9%
Free cash flow
1,255
2,160
1,690
-41.9%
Free cash flow margin
8.7%
15.3%
11.4%
Cash from investing
2,842
-456
1,047
Cash from financing
-3,551
-1,140
-1,571
Depreciation and amortisation
504
549
575
-8.2%
Share-based compensation
39.0
37.0
54.0
+5.4%
Buybacks
4,346
2,106
2,020
+106.4%
Dividends paid
711
528
865
+34.7%
Dividend per share
$1.81
$1.18
$1.48
+53.4%
Diluted shares, weighted
405m
449m
473m
-9.9%
Shares outstanding at period end
383m
n/a
n/a
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,824
9,709
10,570
-29.7%
Debt
7,419
4,627
5,048
+60.3%
Other liabilities
3,222
5,263
3,691
-38.8%
Total liabilities and equity
17,465
19,599
19,309
-10.9%
Fixed assets
1,686
1,709
1,994
-1.3%
Goodwill
4,667
4,886
5,530
-4.5%
Intangible assets
1,799
1,999
2,258
-10.0%
Investments
n/a
n/a
146
Cash and equivalents
3,990
3,618
2,779
+10.3%
Receivables
2,293
2,365
2,742
-3.0%
Inventory
1,180
1,247
1,585
-5.4%
Other assets
1,850
3,775
2,275
-51.0%
Total assets
17,465
19,599
19,309
-10.9%
10-K for the year ended 31 December 2014, filed 13 February 2015: the filing.