Macerich (MAC) FY2013 results: revenue $1.0 billion, up 29.1% on the year
Macerich Co. (MAC) reported revenue of $1.0 billion for fiscal 2013, the year ended 31 December 2013, up 29.1% on the year before. Net income was $420 million, up 24.5%, and diluted earnings per share $3.00. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2014.
Revenue
$1.0 billion
+29.1% on the year
FY2008FY2013
Operating margin
2.5%
-0.3% a year earlier
FY2008FY2013
Net income
$420 million
+24.5% on the year
FY2008FY2013
Diluted EPS
$3.00
+19.5% on the year
FY2008FY2013
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
1,029
798
685
+29.1%
Operating income
25.5
-2.4
-33.5
Operating margin
2.5%
-0.3%
-4.9%
Interest expense
197
164
167
+20.0%
Income tax
-1.7
-4.2
-6.1
Net income
420
337
157
+24.5%
Net margin
40.8%
42.3%
22.9%
Diluted EPS
$3.00
$2.51
$1.18
+19.5%
$ 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
422
351
237
+20.1%
Capital expenditure
51.7
45.7
63.0
+13.2%
Free cash flow
370
306
174
+21.2%
Free cash flow margin
36.0%
38.3%
25.5%
Cash from investing
272
-963
-212
Cash from financing
-690
611
-404
Depreciation and amortisation
383
323
283
+18.7%
Share-based compensation
24.2
12.3
12.3
+96.4%
Buybacks
0.0
n/a
n/a
Dividends paid
356
326
297
+9.0%
Dividend per share
$2.36
$2.23
$2.05
+5.8%
Diluted shares, weighted
140m
134m
132m
+4.1%
Shares outstanding at period end
141m
138m
132m
+2.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
3,359
3,078
2,813
+9.1%
Non-controlling interest
360
339
351
+6.3%
Debt
4,583
5,261
4,206
-12.9%
Other liabilities
774
634
568
+22.1%
Total liabilities and equity
9,075
9,311
7,939
-2.5%
Intangible assets
167
159
n/a
+4.9%
Cash and equivalents
69.7
65.8
67.2
+6.0%
Other assets
8,838
9,086
7,871
-2.7%
Total assets
9,075
9,311
7,939
-2.5%
10-K for the year ended 31 December 2013, filed 21 February 2014: the filing.