Stanley Black & Decker (SWK) FY2013 results: revenue $10.9 billion, up 8.7% on the year
Stanley Black & Decker, Inc. (SWK) reported revenue of $10.9 billion for fiscal 2013, the year ended 28 December 2013, up 8.7% on the year before. Net income was $490 million, down 44.5%, and diluted earnings per share $3.09. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2014.
Revenue
$10.9 billion
+8.7% on the year
FY2008FY2013
Operating margin
13.5%
14.3% a year earlier
FY2008FY2013
Net income
$490 million
-44.5% on the year
FY2008FY2013
Diluted EPS
$3.09
-41.7% 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
10,890
10,022
9,376
+8.7%
Cost of revenue
6,986
6,365
5,926
+9.8%
Gross profit
3,904
3,657
3,451
+6.7%
Gross margin
35.8%
36.5%
36.8%
Research and development
171
151
139
+12.7%
Selling, general and administrative
2,676
2,462
2,342
+8.7%
Operating income
1,467
1,436
1,338
+2.1%
Operating margin
13.5%
14.3%
14.3%
Interest expense
160
144
140
+11.2%
Pre-tax income
587
533
659
+10.0%
Income tax
68.6
75.8
52.3
-9.5%
Effective tax rate
11.7%
14.2%
7.9%
Net income
490
884
675
-44.5%
Net margin
4.5%
8.8%
7.2%
Diluted EPS
$3.09
$5.30
$3.97
-41.7%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
868
966
999
-10.2%
Capital expenditure
340
373
302
-8.7%
Free cash flow
528
593
697
-11.1%
Free cash flow margin
4.8%
5.9%
7.4%
Cash from investing
-1,198
183
-1,464
Cash from financing
156
-1,337
-372
Depreciation and amortisation
238
238
228
+0.0%
Share-based compensation
66.4
89.7
68.9
-26.0%
Buybacks
39.2
1,074
11.1
-96.3%
Dividends paid
313
304
276
+2.9%
Dividend per share
$0.00
$1.80
$1.64
Diluted shares, weighted
159m
167m
170m
-4.8%
Shares outstanding at period end
155m
160m
169m
-2.8%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
6,799
6,667
7,004
+2.0%
Non-controlling interest
81.3
60.0
63.2
+35.5%
Short-term borrowings
n/a
1.1
0.2
Debt
4,202
3,537
3,452
+18.8%
Other liabilities
5,453
5,579
5,430
-2.3%
Total liabilities and equity
16,535
15,844
15,949
+4.4%
Fixed assets
1,479
1,325
1,140
+11.6%
Goodwill
7,565
7,021
6,438
+7.8%
Intangible assets
3,068
2,934
3,117
+4.5%
Cash and equivalents
496
716
907
-30.7%
Inventory
1,473
1,305
1,271
+12.9%
Other assets
2,454
2,543
3,076
-3.5%
Total assets
16,535
15,844
15,949
+4.4%
10-K for the year ended 28 December 2013, filed 21 February 2014: the filing.