Masco (MAS) FY2014 results: revenue $7.0 billion, up 3.6% on the year
Masco Corp. (MAS) reported revenue of $7.0 billion for fiscal 2014, the year ended 31 December 2014, up 3.6% on the year before. Net income was $856 million, up 197.2%, and diluted earnings per share $2.38. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2015.
Revenue
$7.0 billion
+3.6% on the year
FY2007FY2014
Operating margin
10.3%
9.1% a year earlier
FY2007FY2014
Net income
$856 million
+197.2% on the year
FY2007FY2014
Diluted EPS
$2.38
+197.5% 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
7,006
6,761
7,495
+3.6%
Cost of revenue
4,946
4,802
5,539
+3.0%
Gross profit
2,060
1,959
1,956
+5.2%
Gross margin
29.4%
29.0%
26.1%
Selling, general and administrative
1,347
1,347
1,535
0.0%
Operating income
721
612
302
+17.8%
Operating margin
10.3%
9.1%
4.0%
Interest expense
225
235
254
-4.3%
Pre-tax income
507
386
73.0
+31.3%
Income tax
-361
86.0
91.0
Effective tax rate
-71.2%
22.3%
124.7%
Net income
856
288
-114
+197.2%
Net margin
12.2%
4.3%
-1.5%
Diluted EPS
$2.38
$0.80
-$0.33
+197.5%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
602
645
281
-6.7%
Capital expenditure
128
126
117
+1.6%
Free cash flow
474
519
164
-8.7%
Free cash flow margin
6.8%
7.7%
2.2%
Cash from investing
-100
-77.0
-29.0
Cash from financing
-297
-382
-576
Depreciation and amortisation
167
186
214
-10.2%
Share-based compensation
47.0
54.0
61.0
-13.0%
Buybacks
158
35.0
8.0
+351.4%
Dividends paid
117
107
107
+9.3%
Dividend per share
$0.34
$0.30
$0.30
+15.0%
Diluted shares, weighted
352m
352m
349m
0.0%
Shares outstanding at period end
345m
350m
349m
-1.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
924
559
322
+65.3%
Non-controlling interest
204
228
212
-10.5%
Debt
3,424
3,427
3,628
-0.1%
Other liabilities
2,656
2,671
2,713
-0.6%
Total liabilities and equity
7,208
6,885
6,875
+4.7%
Fixed assets
1,046
1,252
1,326
-16.5%
Goodwill
840
859
1,894
-2.2%
Intangible assets
142
149
151
-4.7%
Investments
356
434
406
-18.0%
Cash and equivalents
1,379
1,223
1,040
+12.8%
Receivables
820
1,004
71.0
-18.3%
Inventory
712
765
726
-6.9%
Other assets
1,913
1,199
1,261
+59.5%
Total assets
7,208
6,885
6,875
+4.7%
10-K for the year ended 31 December 2014, filed 13 February 2015: the filing.