Macerich (MAC) FY2014 results: revenue $1.1 billion, up 7.4% on the year
Macerich Co. (MAC) reported revenue of $1.1 billion for fiscal 2014, the year ended 31 December 2014, up 7.4% on the year before. Net income was $1.5 billion, up 256.8%, and diluted earnings per share $10.45. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2015.
Revenue
$1.1 billion
+7.4% on the year
FY2008FY2014
Operating margin
5.0%
2.5% a year earlier
FY2008FY2014
Net income
$1.5 billion
+256.8% on the year
FY2008FY2014
Diluted EPS
$10.45
+248.3% 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
1,105
1,029
798
+7.4%
Operating income
55.0
25.5
-2.4
+115.8%
Operating margin
5.0%
2.5%
-0.3%
Interest expense
191
197
164
-3.3%
Income tax
-4.3
-1.7
-4.2
Net income
1,499
420
337
+256.8%
Net margin
135.6%
40.8%
42.3%
Diluted EPS
$10.45
$3.00
$2.51
+248.3%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
401
422
351
-5.1%
Capital expenditure
66.7
51.7
45.7
+29.1%
Free cash flow
334
370
306
-9.8%
Free cash flow margin
30.2%
36.0%
38.3%
Cash from investing
-256
272
-963
Cash from financing
-130
-690
611
Depreciation and amortisation
388
383
323
+1.2%
Share-based compensation
29.5
24.2
12.3
+21.7%
Buybacks
0.0
0.0
n/a
Dividends paid
386
356
326
+8.5%
Dividend per share
$2.51
$2.36
$2.23
+6.4%
Diluted shares, weighted
143m
140m
134m
+2.6%
Shares outstanding at period end
158m
141m
138m
+12.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
5,640
3,359
3,078
+67.9%
Non-controlling interest
400
360
339
+11.0%
Debt
6,292
4,583
5,261
+37.3%
Other liabilities
790
774
634
+2.0%
Total liabilities and equity
13,122
9,075
9,311
+44.6%
Intangible assets
268
167
159
+60.3%
Cash and equivalents
84.9
69.7
65.8
+21.8%
Other assets
12,769
8,838
9,086
+44.5%
Total assets
13,122
9,075
9,311
+44.6%
10-K for the year ended 31 December 2014, filed 23 February 2015: the filing.