W.W. Grainger (GWW) FY2010 results: revenue $7.2 billion, up 15.4% on the year
W.W. Grainger, Inc. (GWW) reported revenue of $7.2 billion for fiscal 2010, the year ended 31 December 2010, up 15.4% on the year before. Net income was $511 million, up 18.7%, and diluted earnings per share $6.93. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2011.
Revenue
$7.2 billion
+15.4% on the year
FY2007FY2010
Operating margin
12.0%
10.7% a year earlier
FY2007FY2010
Net income
$511 million
+18.7% on the year
FY2007FY2010
Diluted EPS
$6.93
+23.3% 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
7,182
6,222
6,850
+15.4%
Cost of revenue
4,176
3,623
4,042
+15.3%
Gross profit
3,006
2,599
2,808
+15.7%
Gross margin
41.8%
41.8%
41.0%
Selling, general and administrative
2,145
1,933
2,026
+11.0%
Operating income
860
665
783
+29.4%
Operating margin
12.0%
10.7%
11.4%
Interest expense
8.2
8.8
14.5
-6.6%
Income tax
340
277
298
+23.0%
Net income
511
430
475
+18.7%
Net margin
7.1%
6.9%
6.9%
Diluted EPS
$6.93
$5.62
$5.97
+23.3%
$ 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
FY2010
FY2009
FY2008
On the year
Last 8 years
Operating cash flow
596
732
530
-18.6%
Capital expenditure
127
142
n/a
-10.7%
Free cash flow
469
590
n/a
-20.5%
Free cash flow margin
6.5%
9.5%
n/a
Cash from investing
-169
-263
-203
Cash from financing
-579
-414
-36.8
Depreciation and amortisation
150
148
140
+1.5%
Share-based compensation
49.8
43.3
47.9
+15.0%
Buybacks
505
373
394
+35.4%
Dividends paid
152
135
122
+13.1%
Dividend per share
$2.08
$1.78
$1.55
+16.9%
Diluted shares, weighted
72m
75m
78m
-3.7%
Balance sheet
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Shareholders' equity
2,205
2,164
2,034
+1.9%
Non-controlling interest
82.5
63.5
0.0
+29.9%
Short-term borrowings
n/a
34.8
20.0
Debt
494
491
509
+0.7%
Other liabilities
1,122
974
952
+15.3%
Total liabilities and equity
3,904
3,726
3,515
+4.8%
Fixed assets
964
953
930
+1.1%
Goodwill
387
351
213
+10.3%
Intangible assets
145
128
20.8
+13.8%
Cash and equivalents
313
460
396
-31.8%
Receivables
763
625
589
+22.1%
Inventory
992
890
1,010
+11.5%
Other assets
340
320
356
+6.4%
Total assets
3,904
3,726
3,515
+4.8%
10-K for the year ended 31 December 2010, filed 28 February 2011: the filing.