W.W. Grainger (GWW) FY2011 results: revenue $8.1 billion, up 12.5% on the year
W.W. Grainger, Inc. (GWW) reported revenue of $8.1 billion for fiscal 2011, the year ended 31 December 2011, up 12.5% on the year before. Net income was $658 million, up 28.9%, and diluted earnings per share $9.07. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2012.
Revenue
$8.1 billion
+12.5% on the year
FY2007FY2011
Operating margin
13.0%
12.0% a year earlier
FY2007FY2011
Net income
$658 million
+28.9% on the year
FY2007FY2011
Diluted EPS
$9.07
+30.9% 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
8,078
7,182
6,222
+12.5%
Cost of revenue
4,567
4,176
3,623
+9.4%
Gross profit
3,511
3,006
2,599
+16.8%
Gross margin
43.5%
41.8%
41.8%
Selling, general and administrative
2,458
2,145
1,933
+14.6%
Operating income
1,052
860
665
+22.3%
Operating margin
13.0%
12.0%
10.7%
Interest expense
9.1
8.2
8.8
+11.0%
Pre-tax income
1,052
n/a
n/a
Income tax
385
340
277
+13.2%
Effective tax rate
36.6%
n/a
n/a
Net income
658
511
430
+28.9%
Net margin
8.2%
7.1%
6.9%
Diluted EPS
$9.07
$6.93
$5.62
+30.9%
$ 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
746
596
732
+25.1%
Capital expenditure
197
127
142
+54.9%
Free cash flow
549
469
590
+17.0%
Free cash flow margin
6.8%
6.5%
9.5%
Cash from investing
-535
-169
-263
Cash from financing
-177
-579
-414
Depreciation and amortisation
137
150
148
-8.3%
Share-based compensation
54.0
49.8
43.3
+8.5%
Buybacks
151
505
373
-70.1%
Dividends paid
181
152
135
+18.5%
Dividend per share
$2.52
$2.08
$1.78
+21.2%
Diluted shares, weighted
71m
72m
75m
-1.3%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
2,629
2,205
2,164
+19.2%
Non-controlling interest
95.5
82.5
63.5
+15.8%
Short-term borrowings
n/a
n/a
34.8
Debt
517
494
491
+4.5%
Other liabilities
1,475
1,122
974
+31.4%
Total liabilities and equity
4,716
3,904
3,726
+20.8%
Fixed assets
1,060
964
953
+10.0%
Goodwill
509
387
351
+31.5%
Intangible assets
122
145
128
-16.0%
Cash and equivalents
335
313
460
+7.0%
Receivables
889
763
625
+16.5%
Inventory
1,269
992
890
+27.9%
Other assets
532
340
320
+56.3%
Total assets
4,716
3,904
3,726
+20.8%
10-K for the year ended 31 December 2011, filed 28 February 2012: the filing.