Wendy's (WEN) FY2014 results: revenue $2.0 billion, down 17.5% on the year
Wendy's Co. (WEN) reported revenue of $2.0 billion for fiscal 2014, the year ended 28 December 2014, down 17.5% on the year before. Net income was $121 million, up 167.0%, and diluted earnings per share $0.32. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$2.0 billion
-17.5% on the year
FY2008FY2014
Operating margin
12.1%
5.7% a year earlier
FY2008FY2014
Net income
$121 million
+167.0% on the year
FY2008FY2014
Diluted EPS
$0.32
+190.9% 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
1,999
2,424
2,505
-17.5%
Cost of revenue
1,355
1,781
1,881
-23.9%
Gross profit
643
643
624
+0.1%
Gross margin
32.2%
26.5%
24.9%
Operating income
243
139
123
+74.1%
Operating margin
12.1%
5.7%
4.9%
Interest expense
52.0
68.6
98.6
-24.3%
Pre-tax income
193
63.6
-13.1
+202.8%
Income tax
76.1
16.1
-21.1
+374.0%
Effective tax rate
39.5%
25.3%
n/a
Net income
121
45.5
7.1
+167.0%
Net margin
6.1%
1.9%
0.3%
Diluted EPS
$0.32
$0.11
$0.02
+190.9%
$ 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
255
330
190
-22.8%
Capital expenditure
298
224
198
+33.1%
Free cash flow
-43.7
106
-7.2
Free cash flow margin
-2.2%
4.4%
-0.3%
Cash from investing
-188
-76.7
-189
Cash from financing
-375
-123
-24.1
Depreciation and amortisation
160
200
154
-20.2%
Share-based compensation
28.2
19.6
11.5
+44.0%
Buybacks
301
69.3
0.0
+334.5%
Dividends paid
75.1
70.7
39.0
+6.3%
Dividend per share
$0.21
$0.18
$0.10
+16.7%
Diluted shares, weighted
376m
399m
392m
-5.6%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,718
1,929
1,986
-11.0%
Non-controlling interest
n/a
n/a
0.0
Debt
1,438
1,464
1,458
-1.8%
Other liabilities
990
970
860
+2.1%
Total liabilities and equity
4,146
4,363
4,303
-5.0%
Fixed assets
1,241
1,133
1,250
+9.5%
Goodwill
823
843
876
-2.4%
Intangible assets
1,351
1,306
1,302
+3.5%
Investments
74.1
83.2
113
-11.0%
Cash and equivalents
267
580
453
-53.9%
Inventory
6.9
10.2
13.8
-32.9%
Other assets
383
408
295
-6.2%
Total assets
4,146
4,363
4,303
-5.0%
10-K for the year ended 28 December 2014, filed 26 February 2015: the filing.