Wolverine World Wide (WWW) FY2014 results: revenue $2.8 billion, up 2.6% on the year
Wolverine World Wide Inc. (WWW) reported revenue of $2.8 billion for fiscal 2014, the year ended 3 January 2015, up 2.6% on the year before. Net income was $133 million, up 32.6%, and diluted earnings per share $1.30. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2015.
Revenue
$2.8 billion
+2.6% on the year
FY2008FY2014
Operating margin
8.3%
7.1% a year earlier
FY2008FY2014
Net income
$133 million
+32.6% on the year
FY2008FY2014
Diluted EPS
$1.30
+31.3% 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
2,761
2,691
1,641
+2.6%
Cost of revenue
1,674
1,619
1,008
+3.4%
Gross profit
1,086
1,064
628
+2.0%
Gross margin
39.3%
39.6%
38.3%
Selling, general and administrative
815
831
482
-1.9%
Operating income
230
192
114
+19.6%
Operating margin
8.3%
7.1%
6.9%
Interest expense
n/a
n/a
14.6
Pre-tax income
182
128
94.2
+42.1%
Income tax
47.6
26.7
13.4
+78.3%
Effective tax rate
26.2%
20.9%
14.2%
Net income
133
100
80.7
+32.6%
Net margin
4.8%
3.7%
4.9%
Diluted EPS
$1.30
$0.99
$0.81
+31.3%
$ 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
315
202
91.6
+55.5%
Capital expenditure
30.0
41.7
14.9
-28.1%
Free cash flow
285
161
76.7
+77.2%
Free cash flow margin
10.3%
6.0%
4.7%
Cash from investing
-34.8
-44.7
-1,246
Cash from financing
-270
-113
1,183
Depreciation and amortisation
53.3
56.2
27.7
-5.2%
Share-based compensation
25.1
28.2
15.0
-11.0%
Buybacks
0.0
0.0
2.4
Dividends paid
24.0
23.7
23.6
+1.3%
Dividend per share
$0.24
$0.24
$0.12
0.0%
Diluted shares, weighted
100m
99m
97m
+1.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
934
838
642
+11.4%
Non-controlling interest
4.5
3.8
1.3
+18.4%
Debt
901
1,150
1,250
-21.7%
Other liabilities
652
631
721
+3.4%
Total liabilities and equity
2,491
2,622
2,614
-5.0%
Fixed assets
137
152
150
-9.9%
Goodwill
439
445
460
-1.5%
Intangible assets
112
127
153
-11.5%
Cash and equivalents
224
214
171
+4.5%
Receivables
313
398
354
-21.5%
Inventory
414
428
466
-3.3%
Other assets
853
858
860
-0.5%
Total assets
2,491
2,622
2,614
-5.0%
10-K for the year ended 3 January 2015, filed 3 March 2015: the filing.