Hershey (HSY) FY2011 results: revenue $6.1 billion, up 7.2% on the year
Hershey Co. (HSY) reported revenue of $6.1 billion for fiscal 2011, the year ended 31 December 2011, up 7.2% on the year before. Net income was $622 million, up 21.9%. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2012.
Revenue
$6.1 billion
+7.2% on the year
FY2007FY2011
Operating margin
17.4%
16.0% a year earlier
FY2007FY2011
Net income
$622 million
+21.9% on the year
FY2007FY2011
Diluted EPS
n/a
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
6,081
5,671
5,299
+7.2%
Cost of revenue
3,549
3,256
3,246
+9.0%
Gross profit
2,532
2,415
2,053
+4.8%
Gross margin
41.6%
42.6%
38.7%
Research and development
33.2
31.1
28.1
+6.8%
Selling, general and administrative
1,478
1,426
1,209
+3.6%
Operating income
1,055
905
762
+16.5%
Operating margin
17.4%
16.0%
14.4%
Interest expense
94.8
97.7
n/a
-3.0%
Pre-tax income
963
809
671
+19.0%
Income tax
334
299
235
+11.6%
Effective tax rate
34.7%
37.0%
35.0%
Net income
622
510
428
+21.9%
Net margin
10.2%
9.0%
8.1%
$ 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
588
901
1,066
-34.8%
Capital expenditure
324
180
126
+80.4%
Free cash flow
264
722
939
-63.4%
Free cash flow margin
4.3%
12.7%
17.7%
Cash from investing
-340
-199
-150
Cash from financing
-439
-71.1
n/a
Depreciation and amortisation
216
197
182
+9.5%
Share-based compensation
43.5
49.5
53.8
-12.2%
Buybacks
385
169
9.3
+127.4%
Dividends paid
304
283
263
+7.3%
Diluted shares, weighted
229,919
230,313
228,995
-0.2%
Shares outstanding at period end
225m
227m
228m
-0.8%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
857
902
720
-5.0%
Non-controlling interest
23.6
35.3
39.9
-33.0%
Short-term borrowings
n/a
24.1
24.1
Debt
1,888
1,803
1,518
+4.7%
Other liabilities
1,643
1,508
1,373
+9.0%
Total liabilities and equity
4,412
4,273
3,675
+3.3%
Fixed assets
1,560
1,438
1,405
+8.5%
Goodwill
517
524
572
-1.4%
Intangible assets
112
123
126
-9.1%
Cash and equivalents
694
885
254
-21.6%
Receivables
399
390
410
+2.4%
Inventory
649
534
520
+21.6%
Other assets
482
379
389
+26.9%
Total assets
4,412
4,273
3,675
+3.3%
10-K for the year ended 31 December 2011, filed 17 February 2012: the filing.