Altria Group (MO) FY2014 results: revenue $24.5 billion, up 0.2% on the year
Altria Group, Inc. (MO) reported revenue of $24.5 billion for fiscal 2014, the year ended 31 December 2014, up 0.2% on the year before. Net income was $5.1 billion, up 11.8%, and diluted earnings per share $2.56. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$24.5 billion
+0.2% on the year
FY2007FY2014
Operating margin
31.1%
33.0% a year earlier
FY2007FY2014
Net income
$5.1 billion
+11.8% on the year
FY2007FY2014
Diluted EPS
$2.56
+13.3% 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
24,522
24,466
24,618
+0.2%
Cost of revenue
7,785
7,206
7,937
+8.0%
Gross profit
10,160
10,457
9,563
-2.8%
Gross margin
41.4%
42.7%
38.8%
Research and development
167
153
136
+9.2%
Operating income
7,620
8,084
7,253
-5.7%
Operating margin
31.1%
33.0%
29.5%
Interest expense
857
1,053
1,128
-18.6%
Pre-tax income
7,774
6,942
6,477
+12.0%
Income tax
2,704
2,407
2,294
+12.3%
Effective tax rate
34.8%
34.7%
35.4%
Net income
5,070
4,535
4,180
+11.8%
Net margin
20.7%
18.5%
17.0%
Diluted EPS
$2.56
$2.26
$2.06
+13.3%
$ 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
4,663
4,375
3,903
+6.6%
Capital expenditure
163
131
124
+24.4%
Free cash flow
4,500
4,244
3,779
+6.0%
Free cash flow margin
18.4%
17.3%
15.4%
Cash from investing
177
602
920
-70.6%
Cash from financing
-4,694
-4,702
-5,193
Depreciation and amortisation
208
212
225
-1.9%
Buybacks
939
634
1,082
+48.1%
Dividends paid
3,892
3,612
3,400
+7.8%
Dividend per share
$2.00
$1.84
$1.70
+8.7%
Diluted shares, weighted
n/a
n/a
2,024m
Shares outstanding at period end
1,971m
1,993m
2,010m
-1.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,014
4,119
3,168
-26.8%
Non-controlling interest
-4.0
-1.0
2.0
Redeemable equity
35.0
35.0
34.0
0.0%
Short-term borrowings
0.0
0.0
0.0
Debt
14,693
14,517
13,878
+1.2%
Other liabilities
16,737
16,189
18,247
+3.4%
Total liabilities and equity
34,475
34,859
35,329
-1.1%
Fixed assets
1,983
2,028
2,102
-2.2%
Goodwill
5,285
5,174
5,174
+2.1%
Intangible assets
12,049
12,058
12,078
-0.1%
Cash and equivalents
3,321
3,175
2,900
+4.6%
Receivables
124
115
193
+7.8%
Inventory
2,040
1,879
1,746
+8.6%
Other assets
9,673
10,430
11,136
-7.3%
Total assets
34,475
34,859
35,329
-1.1%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.