Caterpillar (CAT) FY2011 results: revenue $60.1 billion, up 41.2% on the year
Caterpillar Inc. (CAT) reported revenue of $60.1 billion for fiscal 2011, the year ended 31 December 2011, up 41.2% on the year before. Net income was $4.9 billion, up 82.5%, and diluted earnings per share $7.40. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2012.
Revenue
$60.1 billion
+41.2% on the year
FY2007FY2011
Operating margin
11.9%
9.3% a year earlier
FY2007FY2011
Net income
$4.9 billion
+82.5% on the year
FY2007FY2011
Diluted EPS
$7.40
+78.3% 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
60,138
42,588
32,396
+41.2%
Cost of revenue
43,578
30,367
23,886
+43.5%
Gross profit
16,560
12,221
8,510
+35.5%
Gross margin
27.5%
28.7%
26.3%
Research and development
2,297
1,905
1,421
+20.6%
Selling, general and administrative
5,203
4,248
3,645
+22.5%
Operating income
7,153
3,963
577
+80.5%
Operating margin
11.9%
9.3%
1.8%
Pre-tax income
6,725
3,750
569
+79.3%
Income tax
1,720
968
-270
+77.7%
Effective tax rate
25.6%
25.8%
-47.5%
Net income
4,928
2,700
895
+82.5%
Net margin
8.2%
6.3%
2.8%
Diluted EPS
$7.40
$4.15
$1.43
+78.3%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
6,957
5,009
6,499
+38.9%
Capital expenditure
2,515
1,575
1,504
+59.7%
Free cash flow
4,442
3,434
4,995
+29.4%
Free cash flow margin
7.4%
8.1%
15.4%
Cash from investing
n/a
-1,595
846
Cash from financing
n/a
-4,613
-5,215
Depreciation and amortisation
2,527
2,296
2,336
+10.1%
Share-based compensation
193
226
132
-14.6%
Buybacks
0.0
n/a
0.0
Dividends paid
1,159
1,084
1,029
+6.9%
Dividend per share
$1.82
$1.74
$1.68
+4.6%
Diluted shares, weighted
666m
650m
626m
+2.4%
Shares outstanding at period end
648m
639m
625m
+1.4%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
12,929
10,864
8,823
+19.0%
Short-term borrowings
n/a
n/a
4,083
Debt
34,592
28,418
21,847
+21.7%
Other liabilities
33,697
24,738
25,285
+36.2%
Total liabilities and equity
81,218
64,020
60,038
+26.9%
Fixed assets
14,395
12,539
12,386
+14.8%
Goodwill
7,080
2,614
2,269
+170.8%
Intangible assets
4,368
805
465
+442.6%
Cash and equivalents
n/a
n/a
4,867
Receivables
10,057
8,494
5,611
+18.4%
Inventory
14,544
9,587
6,360
+51.7%
Other assets
30,774
29,981
28,080
+2.6%
Total assets
81,218
64,020
60,038
+26.9%
10-K for the year ended 31 December 2011, filed 21 February 2012: the filing.