Waters (WAT) FY2013 results: revenue $1.9 billion, up 3.3% on the year
Waters Corp. (WAT) reported revenue of $1.9 billion for fiscal 2013, the year ended 31 December 2013, up 3.3% on the year before. Net income was $450 million, down 2.5%, and diluted earnings per share $5.20. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$1.9 billion
+3.3% on the year
FY2007FY2013
Operating margin
27.2%
27.7% a year earlier
FY2007FY2013
Net income
$450 million
-2.5% on the year
FY2007FY2013
Diluted EPS
$5.20
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,904
1,844
1,851
+3.3%
Cost of revenue
783
738
730
+6.2%
Gross profit
1,121
1,106
1,121
+1.3%
Gross margin
58.9%
60.0%
60.5%
Research and development
101
96.0
92.3
+4.7%
Selling, general and administrative
493
477
490
+3.3%
Operating income
517
511
529
+1.1%
Operating margin
27.2%
27.7%
28.6%
Interest expense
30.1
28.1
22.0
+7.0%
Pre-tax income
490
488
509
+0.5%
Income tax
40.1
26.2
76.3
+53.2%
Effective tax rate
8.2%
5.4%
15.0%
Net income
450
461
n/a
-2.5%
Net margin
23.6%
25.0%
n/a
Diluted EPS
$5.20
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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
485
449
497
+7.9%
Capital expenditure
118
105
85.4
+13.1%
Free cash flow
366
345
412
+6.4%
Free cash flow margin
19.2%
18.7%
22.3%
Cash from investing
-465
-296
-356
Cash from financing
-64.6
-66.5
-60.4
Depreciation and amortisation
79.7
68.8
66.4
+15.8%
Share-based compensation
31.7
29.2
27.6
+8.7%
Buybacks
302
296
371
+1.9%
Diluted shares, weighted
87m
89m
92m
-2.7%
Shares outstanding at period end
85m
86m
89m
-1.8%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,763
1,467
1,227
+20.2%
Debt
1,323
1,178
991
+12.4%
Other liabilities
496
523
506
-5.1%
Total liabilities and equity
3,583
3,168
2,723
+13.1%
Fixed assets
325
273
237
+18.9%
Goodwill
350
317
297
+10.6%
Intangible assets
239
220
192
+8.6%
Investments
1,366
1,061
901
+28.7%
Cash and equivalents
441
481
384
-8.4%
Receivables
431
405
367
+6.5%
Inventory
243
230
213
+5.8%
Other assets
188
182
132
+3.3%
Total assets
3,583
3,168
2,723
+13.1%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.