Tractor Supply (TSCO) FY2014 results: revenue $5.7 billion, up 10.6% on the year
Tractor Supply Co. (TSCO) reported revenue of $5.7 billion for fiscal 2014, the year ended 27 December 2014, up 10.6% on the year before. Net income was $371 million, up 13.0%, and diluted earnings per share $0.53. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2015.
Revenue
$5.7 billion
+10.6% on the year
FY2008FY2014
Operating margin
10.3%
10.0% a year earlier
FY2008FY2014
Net income
$371 million
+13.0% on the year
FY2008FY2014
Diluted EPS
$0.53
+14.7% 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
5,712
5,165
4,664
+10.6%
Cost of revenue
3,761
3,411
3,098
+10.3%
Gross profit
1,950
1,754
1,566
+11.2%
Gross margin
34.1%
34.0%
33.6%
Selling, general and administrative
1,246
1,139
1,040
+9.4%
Operating income
589
515
437
+14.5%
Operating margin
10.3%
10.0%
9.4%
Interest expense
1.9
0.6
1.1
+238.4%
Pre-tax income
588
514
436
+14.3%
Income tax
217
186
159
+16.6%
Effective tax rate
36.9%
36.2%
36.6%
Net income
371
328
276
+13.0%
Net margin
6.5%
6.4%
5.9%
Diluted EPS
$0.53
$0.46
$0.38
+14.7%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
409
334
378
+22.6%
Capital expenditure
161
218
153
-26.4%
Free cash flow
249
115
225
+115.2%
Free cash flow margin
4.4%
2.2%
4.8%
Cash from investing
-160
-209
-139
Cash from financing
-341
-120
-278
Depreciation and amortisation
115
100
89.0
+14.6%
Share-based compensation
16.2
13.9
17.6
+16.4%
Buybacks
298
129
272
+130.6%
Dividends paid
84.1
68.5
51.3
+22.7%
Dividend per share
$0.12
$0.10
$0.07
+24.5%
Diluted shares, weighted
697m
709m
728m
-1.6%
Shares outstanding at period end
682m
698m
695m
-2.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,294
1,247
1,025
+3.7%
Debt
n/a
n/a
0.0
Other liabilities
741
656
682
+12.9%
Total liabilities and equity
2,035
1,903
1,707
+6.9%
Fixed assets
721
665
550
+8.4%
Goodwill
10.3
10.3
10.3
0.0%
Cash and equivalents
51.1
143
139
-64.2%
Inventory
1,115
979
908
+13.9%
Other assets
137
106
99.8
+28.8%
Total assets
2,035
1,903
1,707
+6.9%
10-K for the year ended 27 December 2014, filed 18 February 2015: the filing.