Air Products & Chemicals (APD) FY2011 results: revenue $9.7 billion, up 12.3% on the year
Air Products & Chemicals, Inc. (APD) reported revenue of $9.7 billion for fiscal 2011, the year ended 30 September 2011, up 12.3% on the year before. Net income was $1.2 billion, up 19.0%, and diluted earnings per share $5.63. The figures are the company's own, from the 10-K it filed with the SEC on 22 November 2011.
Revenue
$9.7 billion
+12.3% on the year
FY2007FY2011
Operating margin
15.6%
14.7% a year earlier
FY2007FY2011
Net income
$1.2 billion
+19.0% on the year
FY2007FY2011
Diluted EPS
$5.63
+18.8% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
9,674
8,616
8,256
+12.3%
Cost of revenue
7,098
6,289
6,042
+12.9%
Gross profit
2,575
2,327
2,214
+10.7%
Gross margin
26.6%
27.0%
26.8%
Research and development
119
115
116
+3.6%
Selling, general and administrative
942
887
943
+6.2%
Operating income
1,508
1,268
846
+19.0%
Operating margin
15.6%
14.7%
10.3%
Interest expense
116
122
122
-5.3%
Pre-tax income
1,547
1,273
837
+21.5%
Income tax
375
306
185
+22.8%
Effective tax rate
24.3%
24.0%
22.1%
Net income
1,224
1,029
631
+19.0%
Net margin
12.7%
11.9%
7.6%
Diluted EPS
$5.63
$4.74
$2.96
+18.8%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,753
1,522
1,329
+15.2%
Capital expenditure
1,309
989
1,179
+32.4%
Free cash flow
444
534
150
-16.8%
Free cash flow margin
4.6%
6.2%
1.8%
Cash from investing
-1,212
-1,056
-1,040
Cash from financing
-484
-580
95.0
Depreciation and amortisation
834
827
840
+0.9%
Share-based compensation
44.8
48.6
60.4
-7.8%
Buybacks
649
0.0
0.0
Dividends paid
457
399
373
+14.5%
Dividend per share
$2.23
$1.92
$1.79
+16.1%
Diluted shares, weighted
218m
217m
214m
+0.2%
Shares outstanding at period end
210m
214m
211m
-1.7%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
5,796
5,547
4,792
+4.5%
Non-controlling interest
143
151
138
-5.2%
Redeemable equity
0.0
n/a
n/a
Short-term borrowings
n/a
n/a
334
Debt
4,562
4,128
4,168
+10.5%
Other liabilities
3,790
3,680
3,598
+3.0%
Total liabilities and equity
14,291
13,506
13,029
+5.8%
Fixed assets
7,223
6,849
6,860
+5.5%
Goodwill
796
817
916
-2.5%
Intangible assets
261
286
263
-8.8%
Securities held for sale or to maturity
n/a
967
965
Cash and equivalents
421
374
488
+12.6%
Receivables
1,362
1,482
1,363
-8.1%
Inventory
670
572
510
+17.2%
Other assets
3,558
2,159
1,665
+64.8%
Total assets
14,291
13,506
13,029
+5.8%
10-K for the year ended 30 September 2011, filed 22 November 2011: the filing.