Waste Management (WM) FY2012 results: revenue $13.6 billion, up 2.0% on the year
Waste Management Inc. (WM) reported revenue of $13.6 billion for fiscal 2012, the year ended 31 December 2012, up 2.0% on the year before. Net income was $817 million, down 15.0%, and diluted earnings per share $1.76. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2013.
Revenue
$13.6 billion
+2.0% on the year
FY2007FY2012
Operating margin
13.6%
15.2% a year earlier
FY2007FY2012
Net income
$817 million
-15.0% on the year
FY2007FY2012
Diluted EPS
$1.76
-13.7% on the year
FY2007FY2012
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
13,649
13,378
12,515
+2.0%
Cost of revenue
8,879
8,541
6,854
+4.0%
Gross profit
4,770
4,837
5,661
-1.4%
Gross margin
34.9%
36.2%
45.2%
Selling, general and administrative
1,472
1,551
1,461
-5.1%
Operating income
1,851
2,028
2,116
-8.7%
Operating margin
13.6%
15.2%
16.9%
Interest expense
509
503
490
+1.2%
Pre-tax income
1,303
1,520
1,631
-14.3%
Income tax
443
511
629
-13.3%
Effective tax rate
34.0%
33.6%
38.6%
Net income
817
961
953
-15.0%
Net margin
6.0%
7.2%
7.6%
Diluted EPS
$1.76
$2.04
$1.98
-13.7%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
2,295
2,469
2,275
-7.0%
Capital expenditure
1,510
1,324
1,104
+14.0%
Free cash flow
785
1,145
1,171
-31.4%
Free cash flow margin
5.8%
8.6%
9.4%
Cash from investing
-1,830
-2,185
-1,606
Cash from financing
-530
-566
-1,273
Depreciation and amortisation
1,297
1,229
1,194
+5.5%
Share-based compensation
29.0
45.0
36.0
-35.6%
Buybacks
n/a
575
501
Dividends paid
658
637
604
+3.3%
Dividend per share
$1.42
$1.36
$1.26
+4.4%
Diluted shares, weighted
464m
471m
482m
-1.5%
Shares outstanding at period end
464m
460m
475m
+0.8%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
6,354
6,070
6,260
+4.7%
Non-controlling interest
321
320
331
+0.3%
Debt
9,916
9,756
8,674
+1.6%
Other liabilities
6,506
6,423
6,211
+1.3%
Total liabilities and equity
23,097
22,569
21,476
+2.3%
Fixed assets
12,651
12,242
11,868
+3.3%
Goodwill
6,291
6,215
5,726
+1.2%
Intangible assets
397
457
295
-13.1%
Cash and equivalents
194
258
539
-24.8%
Receivables
1,737
1,631
1,510
+6.5%
Other assets
1,827
1,766
1,538
+3.5%
Total assets
23,097
22,569
21,476
+2.3%
10-K for the year ended 31 December 2012, filed 14 February 2013: the filing.