Danaher (DHR) FY2011 results: revenue $16.1 billion, up 28.2% on the year
Danaher Corp. (DHR) reported revenue of $16.1 billion for fiscal 2011, the year ended 31 December 2011, up 28.2% on the year before. Net income was $2.2 billion, up 21.2%, and diluted earnings per share $3.11. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2012.
Revenue
$16.1 billion
+28.2% on the year
FY2007FY2011
Operating margin
16.3%
16.3% a year earlier
FY2007FY2011
Net income
$2.2 billion
+21.2% on the year
FY2007FY2011
Diluted EPS
$3.11
+17.8% 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
16,091
12,550
10,517
+28.2%
Cost of revenue
7,914
6,146
5,447
+28.8%
Gross profit
8,177
6,404
5,070
+27.7%
Gross margin
50.8%
51.0%
48.2%
Research and development
1,019
774
600
+31.6%
Selling, general and administrative
4,608
3,604
3,115
+27.9%
Operating income
2,617
2,050
1,440
+27.7%
Operating margin
16.3%
16.3%
13.7%
Interest expense
142
117
119
+21.0%
Pre-tax income
2,448
2,230
1,326
+9.8%
Income tax
513
511
239
+0.2%
Effective tax rate
20.9%
22.9%
18.0%
Net income
2,172
1,793
1,152
+21.2%
Net margin
13.5%
14.3%
11.0%
Diluted EPS
$3.11
$2.64
$1.73
+17.8%
$ 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
2,626
2,084
1,801
+26.0%
Capital expenditure
334
191
175
+75.0%
Free cash flow
2,292
1,893
1,625
+21.1%
Free cash flow margin
14.2%
15.1%
15.5%
Cash from investing
-5,847
-2,289
-943
Cash from financing
2,089
117
407
+1,688.2%
Depreciation and amortisation
635
388
332
+63.5%
Share-based compensation
95.6
88.1
87.3
+8.5%
Buybacks
0.0
n/a
0.0
Dividends paid
61.3
52.2
41.7
+17.4%
Diluted shares, weighted
701m
683m
671m
+2.6%
Shares outstanding at period end
688m
656m
645m
+4.8%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
16,905
13,711
11,630
+23.3%
Non-controlling interest
67.0
61.8
n/a
+8.5%
Short-term borrowings
n/a
40.8
n/a
Debt
5,305
2,825
2,933
+87.8%
Other liabilities
7,672
5,579
5,032
+37.5%
Total liabilities and equity
29,949
22,217
19,595
+34.8%
Fixed assets
2,101
1,130
1,113
+86.0%
Goodwill
14,474
10,394
9,452
+39.3%
Intangible assets
5,840
3,308
2,656
+76.6%
Investments
287
257
n/a
+11.7%
Cash and equivalents
537
1,633
1,722
-67.1%
Receivables
3,050
2,098
1,852
+45.4%
Inventory
1,781
1,166
954
+52.8%
Other assets
1,879
2,232
1,847
-15.8%
Total assets
29,949
22,217
19,595
+34.8%
10-K for the year ended 31 December 2011, filed 24 February 2012: the filing.