PPG Industries (PPG) FY2011 results: revenue $13.2 billion, up 9.7% on the year
PPG Industries Inc. (PPG) reported revenue of $13.2 billion for fiscal 2011, the year ended 31 December 2011, up 9.7% on the year before. Net income was $1.1 billion, up 42.4%, and diluted earnings per share $3.44. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2012.
Revenue
$13.2 billion
+9.7% on the year
FY2007FY2011
Operating margin
12.6%
12.8% a year earlier
FY2007FY2011
Net income
$1.1 billion
+42.4% on the year
FY2007FY2011
Diluted EPS
$3.44
+48.4% 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
13,153
11,989
12,239
+9.7%
Research and development
443
406
403
+9.1%
Selling, general and administrative
3,122
2,887
2,936
+8.1%
Operating income
1,657
1,533
1,186
+8.1%
Operating margin
12.6%
12.8%
9.7%
Interest expense
210
189
193
+11.1%
Pre-tax income
1,222
1,108
617
+10.3%
Income tax
260
347
191
-25.1%
Effective tax rate
21.3%
31.3%
31.0%
Net income
1,095
769
336
+42.4%
Net margin
8.3%
6.4%
2.7%
Diluted EPS
$3.44
$2.31
$1.01
+48.4%
$ 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
1,436
1,310
1,345
+9.6%
Capital expenditure
326
267
239
+22.1%
Free cash flow
1,110
1,043
1,106
+6.4%
Free cash flow margin
8.4%
8.7%
9.0%
Cash from investing
353
-949
-203
Cash from financing
-1,632
-104
-1,123
Depreciation and amortisation
425
430
480
-1.2%
Share-based compensation
34.0
51.0
34.0
-33.3%
Buybacks
858
586
59.0
+46.4%
Dividends paid
355
360
353
-1.4%
Dividend per share
$1.13
$1.09
$1.06
+3.7%
Diluted shares, weighted
319m
332m
331m
-4.0%
Shares outstanding at period end
304m
321m
331m
-5.3%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
3,249
3,638
3,753
-10.7%
Non-controlling interest
197
195
169
+1.0%
Short-term borrowings
n/a
n/a
268
Debt
3,682
4,071
4,299
-9.6%
Other liabilities
7,254
7,071
5,751
+2.6%
Total liabilities and equity
14,382
14,975
14,240
-4.0%
Fixed assets
2,721
2,686
2,754
+1.3%
Goodwill
2,660
2,719
2,784
-2.2%
Intangible assets
1,125
1,268
1,416
-11.3%
Investments
412
1,187
506
-65.3%
Cash and equivalents
1,306
1,341
1,057
-2.6%
Receivables
2,512
2,447
2,283
+2.7%
Inventory
1,607
1,573
1,548
+2.2%
Other assets
2,039
1,754
1,892
+16.2%
Total assets
14,382
14,975
14,240
-4.0%
10-K for the year ended 31 December 2011, filed 16 February 2012: the filing.