Good day, ladies and gentlemen, and welcome to the HanesBrands Fourth Quarter 2014 Earnings Conference Call. At this time, all participants are in a listen-only-mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to hand the conference over to T.C. Robillard. Please go ahead.
Good afternoon, everyone and welcome to the HanesBrands Quarterly Investor Conference Call and Webcast. We are pleased to be here today to provide an update on our progress after the fourth quarter of 2014. Hopefully, everyone has had a chance to review the news release we issued earlier today. The news release and the audio replay of the webcast of this call could be found in the Investors Section of our hanes.com website.
(Forward-Looking Cautionary Statements)
Additional information, including a reconciliation of these and other non-GAAP performance measures to GAAP, can be found in today's press release, which is available in the Investors section of our hanes.com website. With me on the call today are Rich Noll, our Chief Executive Officer; Gerald Evans, our Chief Operating Officer and Rick Moss, our Chief Financial Officer. For today's call, Rich will highlight a few big picture themes, Gerald will provide a sense of what is happening in our businesses and Rick will emphasize some of the financial aspects of our results.
I will now turn the call over to Rich.
Richard A. Noll
Thank you, T.C. 2014 was another great year for HanesBrands. We delivered $5.66 in earnings per share, about $1 per share more than our initial guidance. In fact, it's been a great couple of years. It's the second year in a row we delivered record financial results as we grew earnings per share of 45%, which comes on top of 49% growth that we delivered in 2013.
In just the last two years, we've generated $1.1 billion in operating cash flow. We instituted the dividend, raised it by 50% and then raised it another 33%. We acquired and successfully integrated Maidenform, and we closed the acquisition of DBApparel.
An incredible set of achievements, especially considering we accomplished all of this in a very challenging consumer environment. And looking back over the past two years, two things have become crystal clear. First, we have a very powerful and resilient business model that has been able to generate significant returns for our shareholders in any environment, especially when it is leveraged through acquisitions. And second, this feels like it's only the beginning. As we continue to generate cash and pursue our acquisition strategy, we believe we can continue to deliver solid double-digit earnings growth for many years to come. Our acquisition strategy is working extremely well. Maidenform has been integrated and is now generating substantial synergies.
Looking at DBA, things are progressing as planned. DBA's results in the quarter were right in line with our expectations, and we have made significant progress on our integration plan. We expect to begin
Richard A. Noll
Gerald W. Evans
Richard D. Moss
David J. Glick
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