Ecolab (ECL) FY2010 results: revenue $6.1 billion, up 3.2% on the year
Ecolab Inc. (ECL) reported revenue of $6.1 billion for fiscal 2010, the year ended 31 December 2010, up 3.2% on the year before. Net income was $530 million, up 27.1%, and diluted earnings per share $2.23. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2011.
Revenue
$6.1 billion
+3.2% on the year
FY2007FY2010
Operating margin
13.2%
11.5% a year earlier
FY2007FY2010
Net income
$530 million
+27.1% on the year
FY2007FY2010
Diluted EPS
$2.23
+28.2% on the year
FY2007FY2010
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Revenue
6,090
5,901
6,138
+3.2%
Cost of revenue
3,014
2,978
3,142
+1.2%
Gross profit
3,076
2,923
2,996
+5.2%
Gross margin
50.5%
49.5%
48.8%
Research and development
88.0
86.0
86.0
+2.3%
Selling, general and administrative
2,262
2,174
2,257
+4.0%
Operating income
807
681
713
+18.4%
Operating margin
13.2%
11.5%
11.6%
Interest expense
65.6
67.5
70.8
-2.8%
Pre-tax income
748
620
651
+20.6%
Income tax
217
201
203
+7.5%
Effective tax rate
29.0%
32.5%
31.1%
Net income
530
417
448
+27.1%
Net margin
8.7%
7.1%
7.3%
Diluted EPS
$2.23
$1.74
$1.80
+28.2%
$ 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
FY2010
FY2009
FY2008
On the year
Last 8 years
Operating cash flow
950
695
753
+36.7%
Capital expenditure
260
252
327
+3.2%
Free cash flow
690
442
426
+55.9%
Free cash flow margin
11.3%
7.5%
6.9%
Cash from investing
-304
-299
-581
Cash from financing
-462
-398
-236
Depreciation and amortisation
348
334
335
+4.1%
Share-based compensation
29.2
37.3
33.6
-21.7%
Buybacks
349
68.8
337
+407.0%
Dividends paid
146
133
128
+9.6%
Dividend per share
$0.64
$0.57
$0.53
+11.3%
Diluted shares, weighted
238m
240m
249m
-1.0%
Shares outstanding at period end
232m
237m
236m
-1.7%
Balance sheet
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Shareholders' equity
2,129
2,001
1,572
+6.4%
Non-controlling interest
3.8
8.7
7.4
-56.3%
Debt
846
877
799
-3.5%
Other liabilities
1,894
2,135
2,379
-11.3%
Total liabilities and equity
4,872
5,021
4,757
-3.0%
Fixed assets
1,148
1,176
1,135
-2.4%
Goodwill
1,329
1,414
1,268
-6.0%
Intangible assets
282
312
327
-9.6%
Cash and equivalents
242
73.6
66.7
+229.2%
Receivables
1,000
1,016
971
-1.6%
Inventory
448
493
467
-9.3%
Other assets
423
535
522
-21.0%
Total assets
4,872
5,021
4,757
-3.0%
10-K for the year ended 31 December 2010, filed 25 February 2011: the filing.