Thermo Fisher Scientific (TMO) FY2011 results: revenue $11.6 billion, up 11.2% on the year
Thermo Fisher Scientific Inc. (TMO) reported revenue of $11.6 billion for fiscal 2011, the year ended 31 December 2011, up 11.2% on the year before. Net income was $1.3 billion, up 28.4%, and diluted earnings per share $3.46. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2012.
Revenue
$11.6 billion
+11.2% on the year
FY2007FY2011
Operating margin
10.8%
11.4% a year earlier
FY2007FY2011
Net income
$1.3 billion
+28.4% on the year
FY2007FY2011
Diluted EPS
$3.46
+36.8% 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
11,559
10,393
9,741
+11.2%
Cost of revenue
6,765
6,132
5,886
+10.3%
Gross profit
4,794
4,262
3,854
+12.5%
Gross margin
41.5%
41.0%
39.6%
Research and development
340
284
n/a
+19.6%
Selling, general and administrative
3,106
2,729
2,576
+13.8%
Operating income
1,251
1,188
976
+5.3%
Operating margin
10.8%
11.4%
10.0%
Interest expense
175
84.7
118
+107.0%
Pre-tax income
1,133
1,088
854
+4.1%
Income tax
109
102
46.7
+7.7%
Effective tax rate
9.7%
9.3%
5.5%
Net income
1,330
1,036
850
+28.4%
Net margin
11.5%
10.0%
8.7%
Diluted EPS
$3.46
$2.53
$2.01
+36.8%
$ 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
1,691
1,498
1,659
+12.9%
Capital expenditure
261
245
198
+6.3%
Free cash flow
1,430
1,252
1,462
+14.2%
Free cash flow margin
12.4%
12.1%
15.0%
Cash from investing
-5,142
-859
-830
Cash from financing
n/a
-1,295
-558
Depreciation and amortisation
860
740
759
+16.2%
Share-based compensation
80.0
81.6
66.7
-2.0%
Buybacks
1,338
1,012
415
+32.1%
Dividends paid
0.0
n/a
n/a
Dividend per share
$0.00
$0.00
n/a
Diluted shares, weighted
385m
409m
423m
-6.0%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
15,038
15,361
15,431
-2.1%
Debt
7,028
2,137
2,064
+228.9%
Other liabilities
4,768
3,851
4,130
+23.8%
Total liabilities and equity
26,834
21,349
21,625
+25.7%
Fixed assets
1,611
1,320
1,286
+22.1%
Goodwill
11,988
8,981
8,692
+33.5%
Intangible assets
7,816
5,914
6,192
+32.2%
Investments
4.3
8.9
7.1
-51.7%
Cash and equivalents
1,016
917
1,564
+10.8%
Receivables
1,764
1,440
1,376
+22.5%
Inventory
1,330
1,153
1,131
+15.4%
Other assets
1,304
1,616
1,376
-19.3%
Total assets
26,834
21,349
21,625
+25.7%
10-K for the year ended 31 December 2011, filed 29 February 2012: the filing.