Waste Management (WM) FY2011 results: revenue $13.4 billion, up 6.9% on the year
Waste Management Inc. (WM) reported revenue of $13.4 billion for fiscal 2011, the year ended 31 December 2011, up 6.9% on the year before. Net income was $961 million, up 0.8%, and diluted earnings per share $2.04. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2012.
Revenue
$13.4 billion
+6.9% on the year
FY2007FY2011
Operating margin
15.2%
16.9% a year earlier
FY2007FY2011
Net income
$961 million
+0.8% on the year
FY2007FY2011
Diluted EPS
$2.04
+3.0% 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
13,378
12,515
11,791
+6.9%
Cost of revenue
8,541
6,854
6,620
+24.6%
Gross profit
4,837
5,661
5,171
-14.6%
Gross margin
36.2%
45.2%
43.9%
Selling, general and administrative
1,551
1,461
1,364
+6.2%
Operating income
2,028
2,116
1,887
-4.2%
Operating margin
15.2%
16.9%
16.0%
Interest expense
503
490
443
+2.7%
Pre-tax income
1,520
1,631
1,473
-6.8%
Income tax
511
629
413
-18.8%
Effective tax rate
33.6%
38.6%
28.0%
Net income
961
953
994
+0.8%
Net margin
7.2%
7.6%
8.4%
Diluted EPS
$2.04
$1.98
$2.01
+3.0%
$ 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
2,469
2,275
2,362
+8.5%
Capital expenditure
1,324
1,104
1,179
+19.9%
Free cash flow
1,145
1,171
1,183
-2.2%
Free cash flow margin
8.6%
9.4%
10.0%
Cash from investing
-2,185
-1,606
-1,250
Cash from financing
-566
-1,273
-457
Depreciation and amortisation
1,229
1,194
1,166
+2.9%
Share-based compensation
45.0
36.0
30.0
+25.0%
Buybacks
575
501
226
+14.8%
Dividends paid
637
604
569
+5.5%
Dividend per share
$1.36
$1.26
$1.16
+7.9%
Diluted shares, weighted
471m
482m
494m
-2.2%
Shares outstanding at period end
460m
475m
486m
-3.1%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
6,070
6,260
6,285
-3.0%
Non-controlling interest
320
331
306
-3.3%
Debt
9,756
8,674
8,124
+12.5%
Other liabilities
6,423
6,211
6,439
+3.4%
Total liabilities and equity
22,569
21,476
21,154
+5.1%
Fixed assets
12,242
11,868
11,541
+3.2%
Goodwill
6,215
5,726
5,632
+8.5%
Intangible assets
457
295
238
+54.9%
Cash and equivalents
258
539
1,140
-52.1%
Receivables
1,631
1,510
1,408
+8.0%
Other assets
1,766
1,538
1,195
+14.8%
Total assets
22,569
21,476
21,154
+5.1%
10-K for the year ended 31 December 2011, filed 16 February 2012: the filing.