Waters (WAT) FY2011 results: revenue $1.9 billion, up 12.6% on the year
Waters Corp. (WAT) reported revenue of $1.9 billion for fiscal 2011, the year ended 31 December 2011, up 12.6% on the year before. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2012.
Revenue
$1.9 billion
+12.6% on the year
FY2007FY2011
Operating margin
28.6%
27.4% a year earlier
FY2007FY2011
Net income
n/a
FY2007FY2011
Diluted EPS
n/a
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
1,851
1,643
1,499
+12.6%
Cost of revenue
730
653
595
+11.8%
Gross profit
1,121
990
904
+13.2%
Gross margin
60.5%
60.2%
60.3%
Research and development
92.3
84.3
77.2
+9.6%
Selling, general and administrative
490
445
421
+10.0%
Operating income
529
450
395
+17.5%
Operating margin
28.6%
27.4%
26.3%
Interest expense
22.0
13.9
11.0
+57.8%
Pre-tax income
509
438
387
+16.3%
Income tax
76.3
56.1
63.3
+36.0%
Effective tax rate
15.0%
12.8%
16.4%
Net income
n/a
n/a
323
Net margin
n/a
n/a
21.6%
Diluted EPS
n/a
n/a
$3.34
$ 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
497
458
418
+8.6%
Capital expenditure
85.4
62.7
93.8
+36.2%
Free cash flow
412
395
324
+4.3%
Free cash flow margin
22.3%
24.0%
21.6%
Cash from investing
-356
-412
-419
Cash from financing
-60.4
-60.3
-90.3
Depreciation and amortisation
66.4
62.6
57.3
+6.1%
Share-based compensation
27.6
24.9
28.3
+11.0%
Buybacks
371
296
211
+25.2%
Diluted shares, weighted
92m
94m
97m
-1.8%
Shares outstanding at period end
89m
92m
94m
-3.1%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
1,227
1,069
849
+14.8%
Debt
991
766
500
+29.3%
Other liabilities
506
493
559
+2.6%
Total liabilities and equity
2,723
2,328
1,908
+17.0%
Fixed assets
237
215
211
+10.2%
Goodwill
297
292
293
+1.9%
Intangible assets
192
181
182
+5.9%
Investments
901
642
293
+40.4%
Cash and equivalents
384
308
341
+24.5%
Receivables
367
358
314
+2.5%
Inventory
213
204
179
+4.2%
Other assets
132
127
94.6
+4.0%
Total assets
2,723
2,328
1,908
+17.0%
10-K for the year ended 31 December 2011, filed 24 February 2012: the filing.