Operating profit increased 2% to $942 million in fourth quarter 2012 compared to $923 million in fourth quarter 2011. Excluding the above noted items in both periods, Operating profit increased 6% to $1,035 million.
Net cash provided by operations for the full year 2012 increased 10% to $3,196 million compared to $2,896 million for the full year 2011. The increase was driven by strong operating earnings as well as a continued tight focus on working capital, especially accounts receivable and inventory management. Free cash flow before dividends exceeded 100% of Net income. Working capital as a percentage of Net sales was 0.7%, even with the year ago period.
For the full year 2012, worldwide Net sales were $17,085 million, up 2.0% versus full year 2011. Global unit volume grew 3.0%, pricing increased 3.0% and foreign exchange was negative 4.0%. Excluding divested businesses, global unit volume grew 3.5%. The Sanex acquisition contributed 0.5% to full year sales and volume growth. Organic sales grew 6.0%.
Net income and Diluted earnings per share for full year 2012 were $2,472 million and $5.15, respectively. Full year 2012 results include $102 million ($0.21 per diluted share) of aftertax charges resulting from the implementation of the 2012 Restructuring Program, the implementation of the previously disclosed business realignment and other cost-saving initiatives and costs associated with the sale of land in Mexico.Net income and Diluted earnings per share for full year 2011 were $2,431 million and $4.94, respectively. As previously disclosed, full year 2011 results included net aftertax charges of $42 million ($0.09 per diluted share) resulting from the items described in Table 9. Excluding the items noted above in both periods, Net income for full year 2012 increased 4% versus full year 2011 and Diluted earnings per share increased 7% versus full year 2011. Gross profit margin was 58.1% for full year 2012 versus 57.3% in full year 2011. Excluding the items noted above in both periods, gross profit margin was 58.3% in full year 2012, up 70 basis points versus full year 2011, as higher pricing and cost savings from the Company’s funding-the-growth initiatives more than offset the impact of increases in raw and packaging material costs and negative foreign exchange transaction costs.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV