Illumina Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 29, 2013. For the quarter, the company reported total revenue of $387,326,000 compared to $309,265,000 for the same period a year ago. Income from operations was $73,784,000 compared to $59,346,000 for the same period a year ago. Income before income taxes was $120,369,000 compared to $103,903,000 for the same period a year ago. Net income was $80,661,000 or $0.56 per diluted share compared to $71,903,000 or $0.53 per diluted share for the same period a year ago. Net cash provided by operating activities was $126,839,000 compared to $78,876,000 for the same period a year ago. Purchases of property and equipment were $27,310,000 compared to $17,101,000 for the same period a year ago. Free cash flow was $61,775,000 compared to $81,186,000 for the same period a year ago. Non-GAAP net income per diluted share was $0.45 compared to $0.42 for the same period a year ago. Non-GAAP net income was $64,504,000 compared to $56,800,000 for the same period a year ago. Non-GAAP operating profit was $124,918,000 compared to $102,417,000 for the same period a year ago. GAAP operating profit was $73,784,000 compared to $59,346,000 for the same period a year ago.

For the year, the company reported total revenue of $1,421,178,000 compared to $1,148,516,000 for the same period a year ago. Income from operations was $134,107,000 compared to $200,752,000 for the same period a year ago. Income before income taxes was $159,314,000 compared to $222,608,000 for the same period a year ago. Net income was $125,308,000 or $0.90 per diluted share compared to $151,254,000 or $1.13 per diluted share for the same period a year ago. Net cash provided by operating activities was $386,421,000 compared to $291,873,000 for the same period a year ago. Purchases of property and equipment were $79,215,000 compared to $68,781,000 for the same period a year ago. Non-GAAP net income per diluted share was $1.80 compared to $1.59 for the same period a year ago. Non-GAAP net income was $249,663,000 compared to $210,428,000 for the same period a year ago. Non-GAAP operating profit was $462,229,000 compared to $401,445,000 for the same period a year ago. GAAP operating profit was $134,107,000 compared to $200,752,000 for the same period a year ago.

The company provided earnings guidance for the first quarter, first half, second half and full year of fiscal 2014. For the year, the company is projecting approximately 15% to 17% revenue growth and non-GAAP earnings per fully diluted share of $2.00 to $2.06. These projections assume full year non-GAAP gross margin of approximately 70.0%, a pro forma tax rate of approximately 29.5% and stock compensation expense of approximately $128 million. The company expects revenue to ramp during the year starting from the first quarter that could be flat sequentially. As a result, embedded in this guidance is an expectations for EPS growth to be slower than revenue growth in the first half, as the company fully absorbs the 2013 investments, including acquisitions and the higher share count due to the increase in stock price. In the second half, the company expects the rate of EPS growth to exceed the rate of revenue growth. For modeling purposes, the company feels it is appropriate to assume the tax credit is in part in the fourth quarter, and at that time it will record the full year impact. Therefore, at this point, the company expects first quarter tax rate to be approximately 32%.