Waters (WAT) FY2010 results: revenue $1.6 billion, up 9.7% on the year
Waters Corp. (WAT) reported revenue of $1.6 billion for fiscal 2010, the year ended 31 December 2010, up 9.7% on the year before. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2011.
Revenue
$1.6 billion
+9.7% on the year
FY2007FY2010
Operating margin
27.4%
26.3% a year earlier
FY2007FY2010
Net income
n/a
FY2007FY2010
Diluted EPS
n/a
FY2007FY2010
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Revenue
1,643
1,499
1,575
+9.7%
Cost of revenue
653
595
661
+9.8%
Gross profit
990
904
914
+9.5%
Gross margin
60.2%
60.3%
58.0%
Research and development
84.3
77.2
81.6
+9.2%
Selling, general and administrative
445
421
427
+5.7%
Operating income
450
395
390
+14.0%
Operating margin
27.4%
26.3%
24.7%
Interest expense
13.9
11.0
38.5
+26.7%
Pre-tax income
438
387
372
+13.2%
Income tax
56.1
63.3
49.7
-11.4%
Effective tax rate
12.8%
16.4%
13.4%
Net income
n/a
323
322
Net margin
n/a
21.6%
20.5%
Diluted EPS
n/a
$3.34
$3.21
$ 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
FY2010
FY2009
FY2008
On the year
Last 8 years
Operating cash flow
458
418
418
+9.5%
Capital expenditure
62.7
93.8
69.1
-33.1%
Free cash flow
395
324
349
+21.8%
Free cash flow margin
24.0%
21.6%
22.2%
Cash from investing
-412
-419
18.8
Cash from financing
-60.3
-90.3
-573
Depreciation and amortisation
62.6
57.3
65.3
+9.2%
Share-based compensation
24.9
28.3
30.8
-12.0%
Buybacks
296
211
238
+40.2%
Diluted shares, weighted
94m
97m
101m
-2.9%
Shares outstanding at period end
92m
94m
98m
-2.4%
Balance sheet
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Shareholders' equity
1,069
849
661
+25.9%
Debt
766
500
500
+53.2%
Other liabilities
493
559
462
-11.8%
Total liabilities and equity
2,328
1,908
1,623
+22.0%
Fixed assets
215
211
172
+2.0%
Goodwill
292
293
268
-0.5%
Intangible assets
181
182
150
-0.5%
Investments
642
293
0.0
+119.0%
Cash and equivalents
308
341
429
-9.6%
Receivables
358
314
292
+14.0%
Inventory
204
179
173
+14.3%
Other assets
127
94.6
140
+33.9%
Total assets
2,328
1,908
1,623
+22.0%
10-K for the year ended 31 December 2010, filed 25 February 2011: the filing.