Thermo Fisher Scientific (TMO) FY2014 results: revenue $16.9 billion, up 29.0% on the year
Thermo Fisher Scientific Inc. (TMO) reported revenue of $16.9 billion for fiscal 2014, the year ended 31 December 2014, up 29.0% on the year before. Net income was $1.9 billion, up 48.8%, and diluted earnings per share $4.71. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$16.9 billion
+29.0% on the year
FY2007FY2014
Operating margin
14.8%
12.3% a year earlier
FY2007FY2014
Net income
$1.9 billion
+48.8% on the year
FY2007FY2014
Diluted EPS
$4.71
+35.3% 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
16,890
13,090
12,510
+29.0%
Cost of revenue
9,398
7,561
7,214
+24.3%
Gross profit
7,492
5,529
5,296
+35.5%
Gross margin
44.4%
42.2%
42.3%
Research and development
691
396
376
+74.7%
Selling, general and administrative
4,896
3,446
3,355
+42.1%
Operating income
2,503
1,610
1,482
+55.5%
Operating margin
14.8%
12.3%
11.8%
Interest expense
480
262
242
+83.1%
Pre-tax income
2,087
1,320
1,269
+58.2%
Income tax
192
40.4
11.0
+374.5%
Effective tax rate
9.2%
3.1%
0.9%
Net income
1,894
1,273
1,178
+48.8%
Net margin
11.2%
9.7%
9.4%
Diluted EPS
$4.71
$3.48
$3.21
+35.3%
$ 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
2,729
2,011
2,040
+35.7%
Capital expenditure
428
282
315
+51.4%
Free cash flow
2,301
1,728
1,724
+33.2%
Free cash flow margin
13.6%
13.2%
13.8%
Cash from investing
-11,783
-263
-1,371
Depreciation and amortisation
1,685
1,000
984
+68.5%
Share-based compensation
117
90.9
78.2
+28.8%
Buybacks
0.0
89.8
1,150
Dividends paid
235
216
142
+8.6%
Dividend per share
$0.60
$0.60
$0.54
0.0%
Diluted shares, weighted
402m
366m
367m
+10.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
20,548
16,856
15,465
+21.9%
Debt
14,564
10,487
7,124
+38.9%
Other liabilities
7,740
4,520
4,856
+71.2%
Total liabilities and equity
42,852
31,863
27,445
+34.5%
Fixed assets
2,426
1,767
1,726
+37.3%
Goodwill
18,843
12,503
12,474
+50.7%
Intangible assets
14,110
7,071
7,804
+99.5%
Investments
8.5
4.5
4.3
+88.9%
Cash and equivalents
1,344
5,826
806
-76.9%
Receivables
2,474
1,942
1,805
+27.4%
Inventory
1,860
1,494
1,443
+24.4%
Other assets
1,788
1,254
1,381
+42.6%
Total assets
42,852
31,863
27,445
+34.5%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.