Altria Group (MO) FY2011 results: revenue $23.8 billion, down 2.3% on the year
Altria Group, Inc. (MO) reported revenue of $23.8 billion for fiscal 2011, the year ended 31 December 2011, down 2.3% on the year before. Net income was $3.4 billion, down 13.2%, and diluted earnings per share $1.64. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2012.
Revenue
$23.8 billion
-2.3% on the year
FY2007FY2011
Operating margin
25.5%
25.6% a year earlier
FY2007FY2011
Net income
$3.4 billion
-13.2% on the year
FY2007FY2011
Diluted EPS
$1.64
-12.3% 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
23,800
24,363
23,556
-2.3%
Cost of revenue
7,680
7,704
7,990
-0.3%
Gross profit
8,939
9,188
8,834
-2.7%
Gross margin
37.6%
37.7%
37.5%
Research and development
128
144
177
-11.1%
Operating income
6,068
6,228
5,462
-2.6%
Operating margin
25.5%
25.6%
23.2%
Interest expense
1,220
1,136
1,189
+7.4%
Pre-tax income
5,582
5,723
4,877
-2.5%
Income tax
2,189
1,816
1,669
+20.5%
Effective tax rate
39.2%
31.7%
34.2%
Net income
3,390
3,905
3,206
-13.2%
Net margin
14.2%
16.0%
13.6%
Diluted EPS
$1.64
$1.87
$1.54
-12.3%
$ 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
3,613
2,767
3,443
+30.6%
Capital expenditure
105
168
273
-37.5%
Free cash flow
3,508
2,599
3,170
+35.0%
Free cash flow margin
14.7%
10.7%
13.5%
Cash from investing
387
259
-9,764
+49.4%
Cash from financing
-3,044
-2,583
276
Depreciation and amortisation
253
276
291
-8.3%
Buybacks
1,327
0.0
0.0
Dividends paid
3,222
2,958
2,693
+8.9%
Dividend per share
$1.58
$1.46
$1.32
+8.2%
Diluted shares, weighted
2,064m
2,079m
2,071m
-0.7%
Shares outstanding at period end
2,044m
2,089m
2,076m
-2.1%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
3,680
5,192
4,069
-29.1%
Non-controlling interest
3.0
3.0
3.0
0.0%
Short-term borrowings
0.0
0.0
0.0
Debt
13,689
12,194
11,960
+12.3%
Other liabilities
19,379
20,013
20,645
-3.2%
Total liabilities and equity
36,751
37,402
36,677
-1.7%
Fixed assets
2,216
2,380
2,684
-6.9%
Goodwill
5,174
5,174
5,174
0.0%
Intangible assets
12,098
12,118
12,138
-0.2%
Cash and equivalents
3,270
2,314
1,871
+41.3%
Receivables
268
85.0
96.0
+215.3%
Inventory
1,779
1,803
1,810
-1.3%
Other assets
11,946
13,528
12,904
-11.7%
Total assets
36,751
37,402
36,677
-1.7%
10-K for the year ended 31 December 2011, filed 16 February 2012: the filing.