Scotts Miracle-Gro (SMG) FY2014 results: revenue $2.8 billion, up 2.4% on the year
Scotts Miracle-Gro Co. (SMG) reported revenue of $2.8 billion for fiscal 2014, the year ended 30 September 2014, up 2.4% on the year before. Net income was $166 million, up 3.4%, and diluted earnings per share $2.65. The figures are the company's own, from the 10-K it filed with the SEC on 25 November 2014.
Revenue
$2.8 billion
+2.4% on the year
FY2008FY2014
Operating margin
10.0%
11.2% a year earlier
FY2008FY2014
Net income
$166 million
+3.4% on the year
FY2008FY2014
Diluted EPS
$2.65
+3.1% 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
2,841
2,774
2,770
+2.4%
Cost of revenue
1,688
1,793
1,814
-5.9%
Gross profit
890
978
957
-9.0%
Gross margin
31.3%
35.3%
34.5%
Research and development
46.0
46.4
50.1
-0.9%
Selling, general and administrative
567
660
703
-14.0%
Operating income
284
310
241
-8.6%
Operating margin
10.0%
11.2%
8.7%
Interest expense
47.3
59.2
61.8
-20.1%
Pre-tax income
226
251
179
-10.2%
Income tax
80.2
91.9
67.8
-12.7%
Effective tax rate
35.5%
36.6%
37.8%
Net income
166
161
106
+3.4%
Net margin
5.9%
5.8%
3.8%
Diluted EPS
$2.65
$2.57
$1.71
+3.1%
$ 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
241
342
153
-29.6%
Capital expenditure
87.6
60.1
69.4
+45.8%
Free cash flow
153
282
84.0
-45.6%
Free cash flow margin
5.4%
10.2%
3.0%
Cash from investing
-156
-64.2
-75.7
Cash from financing
-124
-281
-79.3
Depreciation and amortisation
60.5
66.1
62.4
-8.5%
Share-based compensation
11.1
10.3
12.5
+7.8%
Buybacks
120
0.0
17.5
Dividends paid
231
87.8
75.4
+162.9%
Dividend per share
$3.76
$1.41
$1.23
+166.4%
Diluted shares, weighted
63m
63m
62m
+0.2%
Shares outstanding at period end
61m
62m
61m
-2.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
554
710
602
-22.1%
Non-controlling interest
13.5
0.0
n/a
Debt
784
570
783
+37.5%
Other liabilities
707
656
690
+7.7%
Total liabilities and equity
2,058
1,937
2,074
+6.3%
Fixed assets
437
422
427
+3.5%
Goodwill
219
315
309
-30.5%
Intangible assets
303
284
307
+6.4%
Cash and equivalents
64.9
130
132
-50.0%
Receivables
224
207
331
+8.4%
Inventory
385
325
415
+18.5%
Other assets
426
254
153
+67.5%
Total assets
2,058
1,937
2,074
+6.3%
10-K for the year ended 30 September 2014, filed 25 November 2014: the filing.