International Paper (IP) FY2011 results: revenue $26.0 billion, up 3.4% on the year
International Paper Co. (IP) reported revenue of $26.0 billion for fiscal 2011, the year ended 31 December 2011, up 3.4% on the year before. Net income was $1.3 billion, up 91.3%, and diluted earnings per share $3.03. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2012.
Revenue
$26.0 billion
+3.4% on the year
FY2007FY2011
Operating margin
8.5%
6.7% a year earlier
FY2007FY2011
Net income
$1.3 billion
+91.3% on the year
FY2007FY2011
Diluted EPS
$3.03
+90.6% 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
26,034
25,179
23,366
+3.4%
Cost of revenue
n/a
18,482
15,220
Gross profit
7,074
6,697
8,146
+5.6%
Gross margin
27.2%
26.6%
34.9%
Selling, general and administrative
1,887
1,930
2,031
-2.2%
Operating income
2,216
1,686
2,360
+31.4%
Operating margin
8.5%
6.7%
10.1%
Interest expense
596
643
702
-7.3%
Pre-tax income
1,458
822
1,199
+77.4%
Income tax
311
221
469
+40.7%
Effective tax rate
21.3%
26.9%
39.1%
Net income
1,322
691
686
+91.3%
Net margin
5.1%
2.7%
2.9%
Diluted EPS
$3.03
$1.59
$1.61
+90.6%
$ 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
2,675
1,631
4,655
+64.0%
Capital expenditure
1,159
775
534
+49.5%
Free cash flow
1,516
856
4,121
+77.1%
Free cash flow margin
5.8%
3.4%
17.6%
Cash from investing
-1,487
-834
-593
Cash from financing
742
-588
-3,376
Depreciation and amortisation
1,295
1,427
1,450
-9.3%
Buybacks
30.0
26.0
10.0
+15.4%
Dividends paid
427
175
140
+144.0%
Dividend per share
$0.97
$0.40
$0.33
+143.7%
Diluted shares, weighted
437m
434m
428m
+0.6%
Shares outstanding at period end
439m
439m
437m
0.0%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
6,645
6,875
6,023
-3.3%
Non-controlling interest
340
250
232
+36.0%
Debt
9,908
8,671
9,033
+14.3%
Other liabilities
10,100
9,572
10,260
+5.5%
Total liabilities and equity
26,993
25,368
25,548
+6.4%
Fixed assets
11,817
12,002
12,688
-1.5%
Goodwill
2,346
2,308
2,290
+1.6%
Intangible assets
n/a
261
248
Investments
657
1,133
1,077
-42.0%
Cash and equivalents
3,994
2,073
1,892
+92.7%
Inventory
2,320
2,347
2,179
-1.2%
Other assets
5,859
5,244
5,174
+11.7%
Total assets
26,993
25,368
25,548
+6.4%
10-K for the year ended 31 December 2011, filed 27 February 2012: the filing.