Steel Dynamics (STLD) FY2014 results: revenue $8.8 billion, up 18.8% on the year
Steel Dynamics Inc. (STLD) reported revenue of $8.8 billion for fiscal 2014, the year ended 31 December 2014, up 18.8% on the year before. Net income was $157 million, down 17.1%, and diluted earnings per share $0.67. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$8.8 billion
+18.8% on the year
FY2007FY2014
Operating margin
3.7%
5.2% a year earlier
FY2007FY2014
Net income
$157 million
-17.1% on the year
FY2007FY2014
Diluted EPS
$0.67
-19.3% 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
8,756
7,373
7,290
+18.8%
Cost of revenue
7,790
6,654
6,570
+17.1%
Gross profit
966
719
720
+34.4%
Gross margin
11.0%
9.8%
9.9%
Selling, general and administrative
386
333
329
+16.0%
Operating income
320
387
391
-17.1%
Operating margin
3.7%
5.2%
5.4%
Interest expense
137
128
159
+7.5%
Pre-tax income
165
263
204
-37.3%
Income tax
73.2
99.3
61.8
-26.3%
Effective tax rate
44.4%
37.8%
30.3%
Net income
157
189
164
-17.1%
Net margin
1.8%
2.6%
2.2%
Diluted EPS
$0.67
$0.83
$0.73
-19.3%
$ 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
628
312
446
+101.2%
Capital expenditure
112
187
224
-40.2%
Free cash flow
516
125
222
+312.1%
Free cash flow margin
5.9%
1.7%
3.0%
Depreciation and amortisation
263
231
225
+14.0%
Share-based compensation
24.0
15.5
12.5
+55.0%
Dividends paid
105
94.8
87.6
+11.1%
Dividend per share
$0.46
$0.44
$0.40
+4.5%
Diluted shares, weighted
242m
239m
237m
+1.3%
Shares outstanding at period end
241m
223m
220m
+8.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,913
2,496
2,378
+16.7%
Non-controlling interest
-117
-51.5
-27.6
Redeemable equity
126
117
98.8
+8.4%
Debt
2,982
2,108
2,202
+41.5%
Other liabilities
1,329
1,220
1,164
+9.0%
Total liabilities and equity
7,233
5,889
5,815
+22.8%
Fixed assets
3,124
2,226
2,231
+40.3%
Goodwill
745
732
739
+1.8%
Intangible assets
371
386
417
-4.0%
Cash and equivalents
361
395
376
-8.6%
Receivables
860
664
599
+29.5%
Inventory
1,618
1,315
1,203
+23.1%
Other assets
154
170
251
-9.6%
Total assets
7,233
5,889
5,815
+22.8%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.