Waters (WAT) FY2012 results: revenue $1.8 billion, down 0.4% on the year
Waters Corp. (WAT) reported revenue of $1.8 billion for fiscal 2012, the year ended 31 December 2012, down 0.4% on the year before. Net income was $461 million. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2013.
Revenue
$1.8 billion
-0.4% on the year
FY2007FY2012
Operating margin
27.7%
28.6% a year earlier
FY2007FY2012
Net income
$461 million
FY2007FY2012
Diluted EPS
n/a
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
1,844
1,851
1,643
-0.4%
Cost of revenue
738
730
653
+1.0%
Gross profit
1,106
1,121
990
-1.3%
Gross margin
60.0%
60.5%
60.2%
Research and development
96.0
92.3
84.3
+4.0%
Selling, general and administrative
477
490
445
-2.6%
Operating income
511
529
450
-3.2%
Operating margin
27.7%
28.6%
27.4%
Interest expense
28.1
22.0
13.9
+27.8%
Pre-tax income
488
509
438
-4.2%
Income tax
26.2
76.3
56.1
-65.7%
Effective tax rate
5.4%
15.0%
12.8%
Net income
461
n/a
n/a
Net margin
25.0%
n/a
n/a
$ 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
449
497
458
-9.7%
Capital expenditure
105
85.4
62.7
+22.6%
Free cash flow
345
412
395
-16.4%
Free cash flow margin
18.7%
22.3%
24.0%
Cash from investing
-296
-356
-412
Cash from financing
-66.5
-60.4
-60.3
Depreciation and amortisation
68.8
66.4
62.6
+3.7%
Share-based compensation
29.2
27.6
24.9
+5.8%
Buybacks
296
371
296
-20.2%
Diluted shares, weighted
89m
92m
94m
-3.6%
Shares outstanding at period end
86m
89m
92m
-2.9%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,467
1,227
1,069
+19.6%
Debt
1,178
991
766
+18.9%
Other liabilities
523
506
493
+3.4%
Total liabilities and equity
3,168
2,723
2,328
+16.3%
Fixed assets
273
237
215
+15.3%
Goodwill
317
297
292
+6.7%
Intangible assets
220
192
181
+14.7%
Investments
1,061
901
642
+17.7%
Cash and equivalents
481
384
308
+25.3%
Receivables
405
367
358
+10.2%
Inventory
230
213
204
+7.8%
Other assets
182
132
127
+37.9%
Total assets
3,168
2,723
2,328
+16.3%
10-K for the year ended 31 December 2012, filed 26 February 2013: the filing.