Motorola Solutions (MSI) FY2014 results: revenue $5.9 billion, down 5.6% on the year
Motorola Solutions, Inc. (MSI) reported revenue of $5.9 billion for fiscal 2014, the year ended 31 December 2014, down 5.6% on the year before. Net income was $1.3 billion, up 18.2%, and diluted earnings per share $5.29. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2015.
Revenue
$5.9 billion
-5.6% on the year
FY2007FY2014
Operating margin
-17.1%
15.2% a year earlier
FY2007FY2014
Net income
$1.3 billion
+18.2% on the year
FY2007FY2014
Diluted EPS
$5.29
+30.3% 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
5,881
6,227
6,269
-5.6%
Cost of revenue
3,050
3,118
3,075
-2.2%
Gross profit
2,831
3,109
3,194
-8.9%
Gross margin
48.1%
49.9%
50.9%
Research and development
681
761
790
-10.5%
Selling, general and administrative
1,184
1,330
1,472
-11.0%
Operating income
-1,006
947
920
Operating margin
-17.1%
15.2%
14.7%
Interest expense
147
132
108
+11.4%
Pre-tax income
-1,161
880
881
Income tax
-465
-59.0
211
Effective tax rate
n/a
-6.7%
24.0%
Net income
1,299
1,099
881
+18.2%
Net margin
22.1%
17.6%
14.1%
Diluted EPS
$5.29
$4.06
$2.96
+30.3%
$ 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
-637
555
674
Capital expenditure
181
169
170
+7.1%
Free cash flow
-818
386
504
Free cash flow margin
-13.9%
6.2%
8.0%
Cash from investing
3,208
2,034
970
+57.7%
Cash from financing
-1,763
-842
-2,077
Depreciation and amortisation
173
158
151
+9.5%
Share-based compensation
94.0
120
146
-21.7%
Buybacks
2,546
1,694
2,438
+50.3%
Dividends paid
318
292
270
+8.9%
Dividend per share
$1.30
$1.14
$0.96
+14.0%
Diluted shares, weighted
246m
270m
297m
-9.2%
Shares outstanding at period end
220m
254m
276m
-13.6%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,735
3,659
3,265
-25.3%
Non-controlling interest
31.0
30.0
25.0
+3.3%
Debt
3,400
2,461
1,863
+38.2%
Other liabilities
4,257
5,701
7,526
-25.3%
Total liabilities and equity
10,423
11,851
12,679
-12.0%
Fixed assets
549
610
730
-10.0%
Goodwill
383
361
361
+6.1%
Intangible assets
23.0
6.0
4.0
+283.3%
Investments
562
234
226
+140.2%
Cash and equivalents
3,954
3,225
1,468
+22.6%
Receivables
1,409
1,369
1,358
+2.9%
Inventory
345
347
339
-0.6%
Other assets
3,198
5,699
8,193
-43.9%
Total assets
10,423
11,851
12,679
-12.0%
10-K for the year ended 31 December 2014, filed 13 February 2015: the filing.