Illinois Tool Works (ITW) FY2011 results: revenue $14.5 billion, down 5.8% on the year
Illinois Tool Works Inc. (ITW) reported revenue of $14.5 billion for fiscal 2011, the year ended 31 December 2011, down 5.8% on the year before. Net income was $2.1 billion, up 37.8%, and diluted earnings per share $4.19. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2012.
Revenue
$14.5 billion
-5.8% on the year
FY2007FY2011
Operating margin
16.3%
14.6% a year earlier
FY2007FY2011
Net income
$2.1 billion
+37.8% on the year
FY2007FY2011
Diluted EPS
$4.19
+40.1% 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
14,515
15,416
13,573
-5.8%
Cost of revenue
9,089
9,997
8,953
-9.1%
Gross profit
5,426
5,419
4,620
+0.1%
Gross margin
37.4%
35.2%
34.0%
Research and development
221
213
192
+3.8%
Operating income
2,361
2,254
1,383
+4.7%
Operating margin
16.3%
14.6%
10.2%
Interest expense
191
175
165
+9.1%
Pre-tax income
2,223
2,089
1,214
+6.4%
Income tax
448
637
245
-29.7%
Effective tax rate
20.2%
30.5%
20.2%
Net income
2,071
1,503
973
+37.8%
Net margin
14.3%
9.7%
7.2%
Diluted EPS
$4.19
$2.99
$1.94
+40.1%
$ 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
1,956
1,488
2,168
+31.5%
Capital expenditure
353
288
256
+22.7%
Free cash flow
1,603
1,200
1,912
+33.6%
Free cash flow margin
11.0%
7.8%
14.1%
Cash from investing
-1,579
-672
-514
Cash from financing
-321
-1,053
-1,256
Depreciation and amortisation
555
542
574
+2.4%
Share-based compensation
56.0
56.0
51.9
0.0%
Buybacks
950
350
0.0
+171.4%
Dividends paid
680
636
620
+6.9%
Dividend per share
$1.40
$1.30
$1.24
+7.7%
Diluted shares, weighted
495m
501m
502m
-1.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
10,034
9,572
8,818
+4.8%
Debt
3,990
2,868
2,923
+39.1%
Other liabilities
3,959
3,972
4,341
-0.3%
Total liabilities and equity
17,984
16,412
16,082
+9.6%
Fixed assets
2,025
2,066
2,137
-2.0%
Goodwill
5,198
4,972
4,777
+4.5%
Intangible assets
2,233
1,731
1,723
+29.0%
Investments
409
442
451
-7.4%
Cash and equivalents
1,178
1,186
1,346
-0.7%
Receivables
2,819
2,582
2,491
+9.2%
Inventory
1,716
1,635
1,356
+5.0%
Other assets
2,406
1,799
1,800
+33.7%
Total assets
17,984
16,412
16,082
+9.6%
10-K for the year ended 31 December 2011, filed 17 February 2012: the filing.