Danaher (DHR) FY2012 results: revenue $17.5 billion, up 8.6% on the year
Danaher Corp. (DHR) reported revenue of $17.5 billion for fiscal 2012, the year ended 31 December 2012, up 8.6% on the year before. Net income was $2.4 billion, up 10.1%, and diluted earnings per share $3.36. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2013.
Revenue
$17.5 billion
+8.6% on the year
FY2007FY2012
Operating margin
17.1%
16.3% a year earlier
FY2007FY2012
Net income
$2.4 billion
+10.1% on the year
FY2007FY2012
Diluted EPS
$3.36
+8.0% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
17,475
16,091
12,550
+8.6%
Cost of revenue
8,633
7,914
6,146
+9.1%
Gross profit
8,842
8,177
6,404
+8.1%
Gross margin
50.6%
50.8%
51.0%
Research and development
1,009
1,019
774
-0.9%
Selling, general and administrative
4,923
4,608
3,604
+6.8%
Operating income
2,980
2,617
2,050
+13.8%
Operating margin
17.1%
16.3%
16.3%
Interest expense
153
142
117
+7.8%
Pre-tax income
2,830
2,448
2,230
+15.6%
Income tax
649
513
511
+26.6%
Effective tax rate
22.9%
20.9%
22.9%
Net income
2,392
2,172
1,793
+10.1%
Net margin
13.7%
13.5%
14.3%
Diluted EPS
$3.36
$3.11
$2.64
+8.0%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
3,415
2,626
2,084
+30.0%
Capital expenditure
446
334
191
+33.3%
Free cash flow
2,969
2,292
1,893
+29.6%
Free cash flow margin
17.0%
14.2%
15.1%
Cash from investing
-1,888
-5,847
-2,289
Cash from financing
-388
2,089
117
Depreciation and amortisation
799
635
388
+25.8%
Share-based compensation
104
95.6
88.1
+8.5%
Buybacks
648
0.0
n/a
Dividends paid
86.4
61.3
52.2
+40.9%
Diluted shares, weighted
713m
701m
683m
+1.7%
Shares outstanding at period end
688m
688m
656m
-0.0%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
19,016
16,905
13,711
+12.5%
Non-controlling interest
67.4
67.0
61.8
+0.6%
Short-term borrowings
n/a
n/a
40.8
Debt
5,343
5,305
2,825
+0.7%
Other liabilities
8,514
7,672
5,579
+11.0%
Total liabilities and equity
32,941
29,949
22,217
+10.0%
Fixed assets
2,141
2,101
1,130
+1.9%
Goodwill
15,462
14,474
10,394
+6.8%
Intangible assets
6,344
5,840
3,308
+8.6%
Investments
330
287
257
+14.8%
Cash and equivalents
1,679
537
1,633
+212.6%
Receivables
3,267
3,050
2,098
+7.1%
Inventory
1,813
1,781
1,166
+1.8%
Other assets
1,905
1,879
2,232
+1.4%
Total assets
32,941
29,949
22,217
+10.0%
10-K for the year ended 31 December 2012, filed 22 February 2013: the filing.