Universal (UVV) FY2014 results: revenue $2.5 billion, up 3.3% on the year
Universal Corp. (UVV) reported revenue of $2.5 billion for fiscal 2014, the year ended 31 March 2014, up 3.3% on the year before. Net income was $149 million, up 12.2%, and diluted earnings per share $5.25. The figures are the company's own, from the 10-K it filed with the SEC on 23 May 2014.
Revenue
$2.5 billion
+3.3% on the year
FY2009FY2014
Operating margin
9.7%
9.1% a year earlier
FY2009FY2014
Net income
$149 million
+12.2% on the year
FY2009FY2014
Diluted EPS
$5.25
+12.7% on the year
FY2009FY2014
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
2,542
2,462
2,447
+3.3%
Cost of revenue
2,109
1,999
1,975
+5.5%
Gross profit
433
462
472
-6.3%
Gross margin
17.0%
18.8%
19.3%
Selling, general and administrative
262
235
252
+11.4%
Operating income
246
223
180
+10.4%
Operating margin
9.7%
9.1%
7.4%
Interest expense
20.3
22.0
22.8
-7.7%
Pre-tax income
231
207
162
+11.3%
Income tax
75.5
66.4
61.2
+13.8%
Effective tax rate
32.7%
32.0%
37.8%
Net income
149
133
92.1
+12.2%
Net margin
5.9%
5.4%
3.8%
Diluted EPS
$5.25
$4.66
$3.25
+12.7%
$ 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
-3.5
234
200
Capital expenditure
45.8
30.8
38.2
+48.9%
Free cash flow
-49.4
204
162
Free cash flow margin
-1.9%
8.3%
6.6%
Cash from investing
-42.1
-26.2
-9.9
Cash from financing
-158
-102
-67.3
Depreciation and amortisation
38.9
45.1
43.9
-13.8%
Share-based compensation
6.3
6.2
6.0
+1.7%
Buybacks
14.1
8.5
4.0
+66.8%
Dividends paid
46.7
46.0
44.7
+1.6%
Dividend per share
$2.02
$1.98
$1.94
+2.0%
Diluted shares, weighted
28m
28m
28m
-0.3%
Shares outstanding at period end
23m
23m
n/a
-0.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,378
1,259
1,183
+9.5%
Non-controlling interest
32.7
29.1
22.5
+12.3%
Debt
419
498
537
-15.8%
Other liabilities
435
521
524
-16.5%
Total liabilities and equity
2,265
2,306
2,267
-1.8%
Fixed assets
297
287
303
+3.2%
Goodwill
99.1
98.4
98.3
+0.7%
Trading assets
19.8
19.2
n/a
+3.1%
Cash and equivalents
164
368
262
-55.5%
Receivables
468
402
391
+16.5%
Other assets
1,218
1,132
1,213
+7.6%
Total assets
2,265
2,306
2,267
-1.8%
10-K for the year ended 31 March 2014, filed 23 May 2014: the filing.