Ecolab (ECL) FY2011 results: revenue $6.8 billion, up 11.6% on the year
Ecolab Inc. (ECL) reported revenue of $6.8 billion for fiscal 2011, the year ended 31 December 2011, up 11.6% on the year before. Net income was $462 million, down 12.8%, and diluted earnings per share $1.91. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2012.
Revenue
$6.8 billion
+11.6% on the year
FY2007FY2011
Operating margin
11.1%
13.2% a year earlier
FY2007FY2011
Net income
$462 million
-12.8% on the year
FY2007FY2011
Diluted EPS
$1.91
-14.3% 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
6,798
6,090
5,901
+11.6%
Cost of revenue
3,476
3,014
2,978
+15.3%
Gross profit
3,323
3,076
2,923
+8.0%
Gross margin
48.9%
50.5%
49.5%
Research and development
96.0
88.0
86.0
+9.1%
Selling, general and administrative
2,438
2,262
2,174
+7.8%
Operating income
754
807
681
-6.6%
Operating margin
11.1%
13.2%
11.5%
Interest expense
82.1
65.6
67.5
+25.2%
Pre-tax income
680
748
620
-9.1%
Income tax
216
217
201
-0.1%
Effective tax rate
31.8%
29.0%
32.5%
Net income
462
530
417
-12.8%
Net margin
6.8%
8.7%
7.1%
Diluted EPS
$1.91
$2.23
$1.74
-14.3%
$ 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
686
950
695
-27.9%
Capital expenditure
342
260
252
+31.2%
Free cash flow
344
690
442
-50.2%
Free cash flow margin
5.1%
11.3%
7.5%
Cash from investing
n/a
-304
-299
Cash from financing
n/a
-462
-398
Depreciation and amortisation
396
348
334
+13.7%
Share-based compensation
39.9
29.2
37.3
+36.6%
Buybacks
690
349
68.8
+97.8%
Dividends paid
163
146
133
+12.0%
Dividend per share
$0.72
$0.64
$0.57
+13.3%
Diluted shares, weighted
242m
238m
240m
+1.9%
Shares outstanding at period end
292m
232m
237m
+25.6%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
5,667
2,129
2,001
+166.1%
Non-controlling interest
74.4
3.8
8.7
+1,857.9%
Debt
7,600
846
877
+798.8%
Other liabilities
4,844
1,894
2,135
+155.8%
Total liabilities and equity
18,185
4,872
5,021
+273.2%
Fixed assets
2,295
1,148
1,176
+99.9%
Goodwill
5,855
1,329
1,414
+340.5%
Intangible assets
4,275
282
312
+1,413.3%
Cash and equivalents
1,844
242
73.6
+660.9%
Receivables
2,095
1,000
1,016
+109.6%
Inventory
1,070
448
493
+139.0%
Other assets
750
423
535
+77.5%
Total assets
18,185
4,872
5,021
+273.2%
10-K for the year ended 31 December 2011, filed 28 February 2012: the filing.