Becton Dickinson (BDX) FY2011 results: revenue $7.6 billion, up 6.5% on the year
Becton Dickinson & Co. (BDX) reported revenue of $7.6 billion for fiscal 2011, the year ended 30 September 2011, up 6.5% on the year before. Net income was $1.3 billion, down 3.5%, and diluted earnings per share $5.62. The figures are the company's own, from the 10-K it filed with the SEC on 23 November 2011.
Revenue
$7.6 billion
+6.5% on the year
FY2007FY2011
Operating margin
22.0%
22.2% a year earlier
FY2007FY2011
Net income
$1.3 billion
-3.5% on the year
FY2007FY2011
Diluted EPS
$5.62
+2.4% 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
7,584
7,124
6,987
+6.5%
Cost of revenue
3,625
3,428
3,312
+5.7%
Gross profit
3,959
3,696
3,675
+7.1%
Gross margin
52.2%
51.9%
52.6%
Research and development
470
423
405
+11.2%
Selling, general and administrative
1,824
1,691
1,681
+7.9%
Operating income
1,666
1,582
1,590
+5.3%
Operating margin
22.0%
22.2%
22.8%
Interest expense
84.0
51.3
40.4
+63.9%
Pre-tax income
1,618
1,567
1,579
+3.3%
Income tax
417
452
411
-7.7%
Effective tax rate
25.8%
28.8%
26.1%
Net income
1,271
1,318
1,232
-3.5%
Net margin
16.8%
18.5%
17.6%
Diluted EPS
$5.62
$5.49
$4.99
+2.4%
$ 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
1,716
1,744
1,717
-1.6%
Capital expenditure
509
531
585
-4.1%
Free cash flow
1,207
1,213
1,132
-0.5%
Free cash flow margin
15.9%
17.0%
16.2%
Depreciation and amortisation
494
491
465
+0.5%
Share-based compensation
73.0
79.4
86.6
-8.0%
Buybacks
1,500
750
550
+100.0%
Dividends paid
361
346
317
+4.5%
Dividend per share
n/a
$1.48
$1.32
Diluted shares, weighted
226m
240m
247m
-5.8%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
4,828
5,435
5,143
-11.2%
Debt
2,720
1,698
1,689
+60.2%
Other liabilities
2,883
2,518
2,473
+14.5%
Total liabilities and equity
10,430
9,651
9,305
+8.1%
Fixed assets
3,211
3,100
2,967
+3.6%
Goodwill
991
764
622
+29.7%
Cash and equivalents
1,175
1,216
1,394
-3.3%
Receivables
1,229
1,205
n/a
+1.9%
Inventory
1,245
1,145
1,157
+8.7%
Other assets
2,579
2,220
3,165
+16.2%
Total assets
10,430
9,651
9,305
+8.1%
10-K for the year ended 30 September 2011, filed 23 November 2011: the filing.