Owens Corning (OC) FY2014 results: revenue $5.3 billion, down 0.7% on the year
Owens Corning (OC) reported revenue of $5.3 billion for fiscal 2014, the year ended 31 December 2014, down 0.7% on the year before. Net income was $226 million, up 10.8%, and diluted earnings per share $1.91. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2015.
Revenue
$5.3 billion
-0.7% on the year
FY2008FY2014
Operating margin
7.5%
7.3% a year earlier
FY2008FY2014
Net income
$226 million
+10.8% on the year
FY2008FY2014
Diluted EPS
$1.91
+11.7% 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
5,260
5,295
5,172
-0.7%
Cost of revenue
4,284
4,329
4,375
-1.0%
Gross profit
976
966
797
+1.0%
Gross margin
18.6%
18.2%
15.4%
Research and development
76.0
77.0
79.0
-1.3%
Operating income
392
385
148
+1.8%
Operating margin
7.5%
7.3%
2.9%
Interest expense
114
112
114
+1.8%
Pre-tax income
232
273
-40.0
-15.0%
Income tax
5.0
68.0
-28.0
-92.6%
Effective tax rate
2.2%
24.9%
n/a
Net income
226
204
-19.0
+10.8%
Net margin
4.3%
3.9%
-0.4%
Diluted EPS
$1.91
$1.71
-$0.16
+11.7%
$ 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
452
383
330
+18.0%
Capital expenditure
391
353
332
+10.8%
Free cash flow
61.0
30.0
-2.0
+103.3%
Free cash flow margin
1.2%
0.6%
-0.0%
Cash from investing
-297
-283
-253
Cash from financing
-142
-96.0
-76.0
Depreciation and amortisation
304
332
349
-8.4%
Share-based compensation
29.0
28.0
24.0
+3.6%
Buybacks
44.0
63.0
113
-30.2%
Dividends paid
56.0
0.0
0.0
Dividend per share
$0.64
$0.00
$0.00
Diluted shares, weighted
118m
119m
119m
-0.7%
Shares outstanding at period end
118m
118m
118m
0.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,692
3,793
3,538
-2.7%
Non-controlling interest
38.0
37.0
37.0
+2.7%
Short-term borrowings
31.0
1.0
5.0
+3,000.0%
Debt
1,994
2,027
2,080
-1.6%
Other liabilities
1,800
1,789
1,908
+0.6%
Total liabilities and equity
7,555
7,647
7,568
-1.2%
Fixed assets
2,899
2,932
2,903
-1.1%
Goodwill
1,168
1,166
n/a
+0.2%
Intangible assets
1,017
1,040
1,045
-2.2%
Cash and equivalents
67.0
57.0
57.0
+17.5%
Receivables
674
683
600
-1.3%
Inventory
817
810
786
+0.9%
Other assets
913
959
2,177
-4.8%
Total assets
7,555
7,647
7,568
-1.2%
10-K for the year ended 31 December 2014, filed 11 February 2015: the filing.