Textron (TXT) FY2014 results: revenue $13.9 billion, up 14.7% on the year
Textron Inc. (TXT) reported revenue of $13.9 billion for fiscal 2014, the year ended 3 January 2015, up 14.7% on the year before. Net income was $600 million, up 20.5%, and diluted earnings per share $2.13. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$13.9 billion
+14.7% on the year
FY2008FY2014
Operating margin
6.1%
5.6% a year earlier
FY2008FY2014
Net income
$600 million
+20.5% on the year
FY2008FY2014
Diluted EPS
$2.13
+21.7% 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
13,878
12,104
12,237
+14.7%
Cost of revenue
11,421
10,131
10,019
+12.7%
Gross profit
2,457
1,973
2,218
+24.5%
Gross margin
17.7%
16.3%
18.1%
Research and development
694
651
584
+6.6%
Selling, general and administrative
1,361
1,126
1,165
+20.9%
Operating income
853
674
841
+26.6%
Operating margin
6.1%
5.6%
6.9%
Interest expense
191
173
212
+10.4%
Pre-tax income
853
674
841
+26.6%
Income tax
248
176
260
+40.9%
Effective tax rate
29.1%
26.1%
30.9%
Net income
600
498
589
+20.5%
Net margin
4.3%
4.1%
4.8%
Diluted EPS
$2.13
$1.75
$2.00
+21.7%
$ 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
1,208
810
927
+49.1%
Capital expenditure
429
444
480
-3.4%
Free cash flow
779
366
447
+112.8%
Free cash flow margin
5.6%
3.0%
3.7%
Cash from investing
-1,919
-264
378
Cash from financing
335
-742
-781
Depreciation and amortisation
459
389
383
+18.0%
Share-based compensation
85.0
86.0
71.0
-1.2%
Buybacks
340
n/a
272
Dividends paid
28.0
22.0
17.0
+27.3%
Dividend per share
$0.08
$0.08
$0.08
0.0%
Diluted shares, weighted
282m
284m
295m
-0.9%
Shares outstanding at period end
277m
282m
271m
-1.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
4,272
4,384
2,991
-2.6%
Other liabilities
10,333
8,560
10,042
+20.7%
Total liabilities and equity
14,605
12,944
13,033
+12.8%
Fixed assets
2,497
2,215
2,149
+12.7%
Intangible assets
833
276
238
+201.8%
Cash and equivalents
822
1,211
1,413
-32.1%
Inventory
3,928
2,963
2,712
+32.6%
Other assets
6,525
6,279
6,521
+3.9%
Total assets
14,605
12,944
13,033
+12.8%
10-K for the year ended 3 January 2015, filed 25 February 2015: the filing.