Scotts Miracle-Gro (SMG) FY2013 results: revenue $2.8 billion, up 0.1% on the year
Scotts Miracle-Gro Co. (SMG) reported revenue of $2.8 billion for fiscal 2013, the year ended 30 September 2013, up 0.1% on the year before. Net income was $161 million, up 51.3%, and diluted earnings per share $2.57. The figures are the company's own, from the 10-K it filed with the SEC on 20 November 2013.
Revenue
$2.8 billion
+0.1% on the year
FY2008FY2013
Operating margin
11.2%
8.7% a year earlier
FY2008FY2013
Net income
$161 million
+51.3% on the year
FY2008FY2013
Diluted EPS
$2.57
+50.3% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,774
2,770
2,800
+0.1%
Cost of revenue
1,793
1,814
1,769
-1.1%
Gross profit
978
957
1,009
+2.3%
Gross margin
35.3%
34.5%
36.0%
Research and development
46.4
50.1
50.9
-7.4%
Selling, general and administrative
660
703
686
-6.2%
Operating income
310
241
275
+28.7%
Operating margin
11.2%
8.7%
9.8%
Interest expense
59.2
61.8
51.0
-4.2%
Pre-tax income
251
179
223
+40.1%
Income tax
91.9
67.8
82.7
+35.5%
Effective tax rate
36.6%
37.8%
37.2%
Net income
161
106
168
+51.3%
Net margin
5.8%
3.8%
6.0%
Diluted EPS
$2.57
$1.71
$2.54
+50.3%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
342
153
122
+122.9%
Capital expenditure
60.1
69.4
72.7
-13.4%
Free cash flow
282
84.0
49.4
+235.6%
Free cash flow margin
10.2%
3.0%
1.8%
Cash from investing
-64.2
-75.7
154
Cash from financing
-281
-79.3
-231
Depreciation and amortisation
66.1
62.4
60.8
+5.9%
Share-based compensation
10.3
12.5
16.0
-17.6%
Buybacks
0.0
17.5
359
Dividends paid
87.8
75.4
67.9
+16.4%
Dividend per share
$1.41
$1.23
$1.05
+15.3%
Diluted shares, weighted
63m
62m
66m
+0.8%
Shares outstanding at period end
62m
61m
61m
+1.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
710
602
560
+18.0%
Non-controlling interest
0.0
n/a
n/a
Debt
570
783
795
-27.1%
Other liabilities
656
690
697
-4.9%
Total liabilities and equity
1,937
2,074
2,052
-6.6%
Fixed assets
422
427
395
-1.2%
Goodwill
315
309
309
+1.8%
Intangible assets
284
307
320
-7.4%
Cash and equivalents
130
132
131
-1.6%
Receivables
207
331
324
-37.6%
Inventory
325
415
387
-21.7%
Other assets
254
153
187
+66.3%
Total assets
1,937
2,074
2,052
-6.6%
10-K for the year ended 30 September 2013, filed 20 November 2013: the filing.