W.W. Grainger (GWW) FY2013 results: revenue $9.4 billion, up 5.4% on the year
W.W. Grainger, Inc. (GWW) reported revenue of $9.4 billion for fiscal 2013, the year ended 31 December 2013, up 5.4% on the year before. Net income was $797 million, up 15.5%, and diluted earnings per share $11.13. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$9.4 billion
+5.4% on the year
FY2007FY2013
Operating margin
13.7%
12.6% a year earlier
FY2007FY2013
Net income
$797 million
+15.5% on the year
FY2007FY2013
Diluted EPS
$11.13
+16.9% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
9,438
8,950
8,078
+5.4%
Cost of revenue
5,301
5,034
4,567
+5.3%
Gross profit
4,136
3,916
3,511
+5.6%
Gross margin
43.8%
43.8%
43.5%
Selling, general and administrative
2,840
2,785
2,458
+2.0%
Operating income
1,297
1,131
1,052
+14.7%
Operating margin
13.7%
12.6%
13.0%
Interest expense
13.2
16.1
9.1
-17.7%
Pre-tax income
1,288
1,118
1,052
+15.2%
Income tax
480
419
385
+14.5%
Effective tax rate
37.3%
37.5%
36.6%
Net income
797
690
658
+15.5%
Net margin
8.4%
7.7%
8.2%
Diluted EPS
$11.13
$9.52
$9.07
+16.9%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
986
816
746
+20.9%
Capital expenditure
272
250
197
+8.9%
Free cash flow
714
566
549
+26.1%
Free cash flow margin
7.6%
6.3%
6.8%
Cash from investing
-399
-306
-535
Cash from financing
-591
-394
-177
Depreciation and amortisation
165
146
137
+13.2%
Share-based compensation
55.6
55.5
54.0
+0.2%
Buybacks
438
341
151
+28.8%
Dividends paid
255
220
181
+16.1%
Dividend per share
$3.59
$3.06
$2.52
+17.3%
Diluted shares, weighted
71m
71m
71m
-0.9%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
3,250
3,024
2,629
+7.5%
Non-controlling interest
76.4
93.5
95.5
-18.3%
Debt
543
565
517
-3.9%
Other liabilities
1,397
1,333
1,475
+4.8%
Total liabilities and equity
5,266
5,015
4,716
+5.0%
Fixed assets
1,209
1,145
1,060
+5.6%
Goodwill
525
544
509
-3.3%
Intangible assets
303
n/a
122
Cash and equivalents
431
452
335
-4.7%
Receivables
1,102
940
889
+17.2%
Inventory
1,306
1,302
1,269
+0.3%
Other assets
391
632
532
-38.2%
Total assets
5,266
5,015
4,716
+5.0%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.