Tractor Supply (TSCO) FY2012 results: revenue $4.7 billion, up 10.2% on the year
Tractor Supply Co. (TSCO) reported revenue of $4.7 billion for fiscal 2012, the year ended 29 December 2012, up 10.2% on the year before. Net income was $276 million, up 24.1%, and diluted earnings per share $0.38. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2013.
Revenue
$4.7 billion
+10.2% on the year
FY2008FY2012
Operating margin
9.4%
8.3% a year earlier
FY2008FY2012
Net income
$276 million
+24.1% on the year
FY2008FY2012
Diluted EPS
$0.38
+26.2% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
4,664
4,233
3,638
+10.2%
Cost of revenue
3,098
2,826
2,435
+9.6%
Gross profit
1,566
1,407
1,204
+11.3%
Gross margin
33.6%
33.2%
33.1%
Selling, general and administrative
1,040
974
868
+6.8%
Operating income
437
353
266
+23.8%
Operating margin
9.4%
8.3%
7.3%
Interest expense
1.1
2.1
1.3
-49.4%
Pre-tax income
436
351
265
+24.3%
Income tax
159
128
97.0
+24.6%
Effective tax rate
36.6%
36.5%
36.6%
Net income
276
223
168
+24.1%
Net margin
5.9%
5.3%
4.6%
Diluted EPS
$0.38
$0.30
$0.23
+26.2%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
378
254
223
+48.9%
Capital expenditure
153
166
96.5
-8.0%
Free cash flow
225
88.0
126
+156.1%
Free cash flow margin
4.8%
2.1%
3.5%
Cash from investing
-139
-171
-112
Cash from financing
-278
-163
-26.0
Depreciation and amortisation
89.0
80.3
69.8
+10.7%
Share-based compensation
17.6
15.0
11.8
+17.3%
Buybacks
272
180
38.2
+51.0%
Dividends paid
51.3
30.9
20.4
+66.3%
Dividend per share
$0.07
$0.04
$0.03
+67.4%
Diluted shares, weighted
728m
739m
747m
-1.6%
Shares outstanding at period end
695m
713m
728m
-2.5%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,025
1,008
933
+1.7%
Debt
0.0
0.0
0.0
Other liabilities
682
587
530
+16.2%
Total liabilities and equity
1,707
1,595
1,463
+7.0%
Fixed assets
550
481
396
+14.4%
Goodwill
10.3
10.3
10.3
0.0%
Investments
n/a
n/a
15.9
Cash and equivalents
139
177
257
-21.7%
Inventory
908
831
737
+9.3%
Other assets
99.8
95.9
47.7
+4.0%
Total assets
1,707
1,595
1,463
+7.0%
10-K for the year ended 29 December 2012, filed 20 February 2013: the filing.