Teledyne Technologies (TDY) FY2014 results: revenue $2.4 billion, up 2.4% on the year
Teledyne Technologies Inc. (TDY) reported revenue of $2.4 billion for fiscal 2014, the year ended 28 December 2014, up 2.4% on the year before. Net income was $218 million, up 17.7%, and diluted earnings per share $5.75. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$2.4 billion
+2.4% on the year
FY2008FY2014
Operating margin
12.3%
10.3% a year earlier
FY2008FY2014
Net income
$218 million
+17.7% on the year
FY2008FY2014
Diluted EPS
$5.75
+18.1% 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
2,394
2,339
2,127
+2.4%
Cost of revenue
1,487
1,500
1,379
-0.9%
Gross profit
907
839
748
+8.1%
Gross margin
37.9%
35.9%
35.2%
Selling, general and administrative
612
598
505
+2.4%
Operating income
294
240
243
+22.6%
Operating margin
12.3%
10.3%
11.4%
Interest expense
19.1
20.9
18.2
-8.6%
Pre-tax income
282
224
228
+25.9%
Income tax
66.5
39.5
65.4
+68.4%
Effective tax rate
23.6%
17.6%
28.7%
Net income
218
185
164
+17.7%
Net margin
9.1%
7.9%
7.7%
Diluted EPS
$5.75
$4.87
$4.39
+18.1%
$ 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
288
203
190
+41.6%
Capital expenditure
43.5
72.6
65.3
-40.1%
Free cash flow
244
131
124
+87.0%
Free cash flow margin
10.2%
5.6%
5.8%
Cash from investing
-239
-195
-453
Cash from financing
30.4
11.1
260
+173.9%
Depreciation and amortisation
94.3
91.1
78.3
+3.5%
Buybacks
147
0.0
0.0
Diluted shares, weighted
38m
38m
37m
-0.3%
Shares outstanding at period end
37m
38m
36m
-2.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,427
1,472
1,148
-3.0%
Non-controlling interest
41.2
47.0
55.6
-12.3%
Debt
705
538
543
+31.0%
Other liabilities
689
694
660
-0.8%
Total liabilities and equity
2,862
2,751
2,406
+4.0%
Fixed assets
336
358
350
-5.9%
Goodwill
1,151
1,038
990
+10.9%
Intangible assets
172
168
172
+2.0%
Cash and equivalents
141
66.0
45.8
+114.2%
Receivables
401
378
350
+6.0%
Inventory
312
294
281
+5.9%
Other assets
349
449
218
-22.2%
Total assets
2,862
2,751
2,406
+4.0%
10-K for the year ended 28 December 2014, filed 26 February 2015: the filing.