Owens Corning (OC) FY2011 results: revenue $5.3 billion, up 6.8% on the year
Owens Corning (OC) reported revenue of $5.3 billion for fiscal 2011, the year ended 31 December 2011, up 6.8% on the year before. Net income was $276 million, down 70.4%, and diluted earnings per share $2.23. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2012.
Revenue
$5.3 billion
+6.8% on the year
FY2008FY2011
Operating margin
8.6%
4.1% a year earlier
FY2008FY2011
Net income
$276 million
-70.4% on the year
FY2008FY2011
Diluted EPS
$2.23
-69.7% on the year
FY2008FY2011
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
5,335
4,997
4,803
+6.8%
Cost of revenue
4,307
4,041
3,954
+6.6%
Gross profit
1,028
956
849
+7.5%
Gross margin
19.3%
19.1%
17.7%
Research and development
77.0
76.0
61.0
+1.3%
Operating income
461
206
192
+123.8%
Operating margin
8.6%
4.1%
4.0%
Interest expense
108
110
111
-1.8%
Pre-tax income
353
96.0
81.0
+267.7%
Income tax
74.0
-840
14.0
Effective tax rate
21.0%
-875.0%
17.3%
Net income
276
933
64.0
-70.4%
Net margin
5.2%
18.7%
1.3%
Diluted EPS
$2.23
$7.37
$0.50
-69.7%
$ 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
289
488
541
-40.8%
Capital expenditure
442
314
243
+40.8%
Free cash flow
-153
174
298
Free cash flow margin
-2.9%
3.5%
6.2%
Cash from investing
-445
-249
-204
Cash from financing
174
-750
-17.0
Depreciation and amortisation
318
320
325
-0.6%
Share-based compensation
21.0
23.0
52.0
-8.7%
Buybacks
138
120
3.0
+15.0%
Diluted shares, weighted
124m
127m
127m
-2.4%
Shares outstanding at period end
121m
124m
128m
-2.6%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
3,701
3,648
2,820
+1.5%
Non-controlling interest
40.0
38.0
33.0
+5.3%
Short-term borrowings
n/a
1.0
11.0
Debt
1,962
1,634
2,177
+20.1%
Other liabilities
1,824
1,837
2,126
-0.7%
Total liabilities and equity
7,527
7,158
7,167
+5.2%
Fixed assets
2,904
2,754
2,806
+5.4%
Goodwill
n/a
1,088
n/a
Intangible assets
1,073
1,090
1,169
-1.6%
Cash and equivalents
52.0
52.0
564
0.0%
Receivables
610
546
552
+11.7%
Inventory
795
620
615
+28.2%
Other assets
2,093
1,008
1,461
+107.6%
Total assets
7,527
7,158
7,167
+5.2%
10-K for the year ended 31 December 2011, filed 15 February 2012: the filing.