Waters (WAT) FY2014 results: revenue $2.0 billion, up 4.5% on the year
Waters Corp. (WAT) reported revenue of $2.0 billion for fiscal 2014, the year ended 31 December 2014, up 4.5% on the year before. Net income was $432 million, down 4.1%, and diluted earnings per share $5.07. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$2.0 billion
+4.5% on the year
FY2007FY2014
Operating margin
26.0%
27.2% a year earlier
FY2007FY2014
Net income
$432 million
-4.1% on the year
FY2007FY2014
Diluted EPS
$5.07
-2.5% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,989
1,904
1,844
+4.5%
Cost of revenue
825
783
738
+5.3%
Gross profit
1,164
1,121
1,106
+3.9%
Gross margin
58.5%
58.9%
60.0%
Research and development
108
101
96.0
+7.2%
Selling, general and administrative
513
493
477
+4.0%
Operating income
518
517
511
+0.1%
Operating margin
26.0%
27.2%
27.7%
Interest expense
34.2
30.1
28.1
+13.8%
Pre-tax income
491
490
488
+0.1%
Income tax
59.1
40.1
26.2
+47.4%
Effective tax rate
12.0%
8.2%
5.4%
Net income
432
450
461
-4.1%
Net margin
21.7%
23.6%
25.0%
Diluted EPS
$5.07
$5.20
n/a
-2.5%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
512
485
449
+5.5%
Capital expenditure
91.1
118
105
-23.1%
Free cash flow
421
366
345
+14.8%
Free cash flow margin
21.1%
19.2%
18.7%
Cash from investing
n/a
-465
-296
Cash from financing
n/a
-64.6
-66.5
Depreciation and amortisation
94.2
79.7
68.8
+18.2%
Share-based compensation
33.0
31.7
29.2
+4.1%
Buybacks
337
302
296
+11.9%
Diluted shares, weighted
85m
87m
89m
-1.6%
Shares outstanding at period end
83m
85m
86m
-2.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,895
1,763
1,467
+7.5%
Debt
1,463
1,323
1,178
+10.5%
Other liabilities
521
496
523
+4.9%
Total liabilities and equity
3,878
3,583
3,168
+8.2%
Fixed assets
322
325
273
-1.0%
Goodwill
355
350
317
+1.3%
Intangible assets
230
239
220
-3.9%
Investments
1,635
1,366
1,061
+19.7%
Cash and equivalents
422
441
481
-4.2%
Receivables
434
431
405
+0.6%
Inventory
246
243
230
+1.5%
Other assets
234
188
182
+24.8%
Total assets
3,878
3,583
3,168
+8.2%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.