W.W. Grainger (GWW) FY2012 results: revenue $9.0 billion, up 10.8% on the year
W.W. Grainger, Inc. (GWW) reported revenue of $9.0 billion for fiscal 2012, the year ended 31 December 2012, up 10.8% on the year before. Net income was $690 million, up 4.8%, and diluted earnings per share $9.52. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2013.
Revenue
$9.0 billion
+10.8% on the year
FY2007FY2012
Operating margin
12.6%
13.0% a year earlier
FY2007FY2012
Net income
$690 million
+4.8% on the year
FY2007FY2012
Diluted EPS
$9.52
+5.0% 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
8,950
8,078
7,182
+10.8%
Cost of revenue
5,034
4,567
4,176
+10.2%
Gross profit
3,916
3,511
3,006
+11.5%
Gross margin
43.8%
43.5%
41.8%
Selling, general and administrative
2,785
2,458
2,145
+13.3%
Operating income
1,131
1,052
860
+7.5%
Operating margin
12.6%
13.0%
12.0%
Interest expense
16.1
9.1
8.2
+76.9%
Pre-tax income
1,118
1,052
n/a
+6.3%
Income tax
419
385
340
+8.8%
Effective tax rate
37.5%
36.6%
n/a
Net income
690
658
511
+4.8%
Net margin
7.7%
8.2%
7.1%
Diluted EPS
$9.52
$9.07
$6.93
+5.0%
$ 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
816
746
596
+9.4%
Capital expenditure
250
197
127
+26.9%
Free cash flow
566
549
469
+3.1%
Free cash flow margin
6.3%
6.8%
6.5%
Cash from investing
-306
-535
-169
Cash from financing
-394
-177
-579
Depreciation and amortisation
146
137
150
+6.1%
Share-based compensation
55.5
54.0
49.8
+2.7%
Buybacks
341
151
505
+125.4%
Dividends paid
220
181
152
+21.9%
Dividend per share
$3.06
$2.52
$2.08
+21.4%
Diluted shares, weighted
71m
71m
72m
+0.0%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
3,024
2,629
2,205
+15.0%
Non-controlling interest
93.5
95.5
82.5
-2.1%
Debt
565
517
494
+9.3%
Other liabilities
1,333
1,475
1,122
-9.7%
Total liabilities and equity
5,015
4,716
3,904
+6.3%
Fixed assets
1,145
1,060
964
+7.9%
Goodwill
544
509
387
+6.8%
Intangible assets
n/a
122
145
Cash and equivalents
452
335
313
+34.7%
Receivables
940
889
763
+5.8%
Inventory
1,302
1,269
992
+2.6%
Other assets
632
532
340
+18.9%
Total assets
5,015
4,716
3,904
+6.3%
10-K for the year ended 31 December 2012, filed 28 February 2013: the filing.