Waters (WAT) FY2016 results: revenue $2.2 billion, up 6.1% on the year
Waters Corp. (WAT) reported revenue of $2.2 billion for fiscal 2016, the year ended 31 December 2016, up 6.1% on the year before. Net income was $522 million, up 11.2%, and diluted earnings per share $6.41. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$2.2 billion
+6.1% on the year
FY2009FY2016
Operating margin
28.8%
27.8% a year earlier
FY2009FY2016
Net income
$522 million
+11.2% on the year
FY2009FY2016
Diluted EPS
$6.41
+13.5% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,167
2,042
1,989
+6.1%
Cost of revenue
891
843
825
+5.8%
Gross profit
1,276
1,200
1,164
+6.4%
Gross margin
58.9%
58.7%
58.5%
Research and development
125
119
108
+5.6%
Selling, general and administrative
513
496
513
+3.5%
Operating income
624
567
518
+10.0%
Operating margin
28.8%
27.8%
26.0%
Interest expense
44.9
36.2
34.2
+23.9%
Pre-tax income
600
542
491
+10.7%
Income tax
78.6
72.9
59.1
+7.9%
Effective tax rate
13.1%
13.4%
12.0%
Net income
522
469
432
+11.2%
Net margin
24.1%
23.0%
21.7%
Diluted EPS
$6.41
$5.65
$5.07
+13.5%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
643
n/a
512
Capital expenditure
95.0
100
91.1
-5.0%
Free cash flow
548
n/a
421
Free cash flow margin
25.3%
n/a
21.1%
Cash from investing
-488
n/a
n/a
Cash from financing
-116
n/a
n/a
Depreciation and amortisation
n/a
n/a
94.2
Share-based compensation
41.0
33.4
33.0
+22.9%
Buybacks
326
335
337
-2.7%
Diluted shares, weighted
81m
83m
85m
-2.0%
Shares outstanding at period end
80m
81m
83m
-1.8%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
2,302
2,059
1,895
+11.8%
Debt
1,830
1,668
1,463
+9.7%
Other liabilities
530
541
521
-2.2%
Total liabilities and equity
4,662
4,269
3,878
+9.2%
Fixed assets
337
333
322
+1.1%
Goodwill
352
357
355
-1.3%
Intangible assets
207
218
230
-5.0%
Investments
2,307
1,914
1,635
+20.6%
Cash and equivalents
506
488
422
+3.7%
Receivables
489
468
434
+4.5%
Inventory
263
263
246
-0.3%
Other assets
201
227
234
-11.7%
Total assets
4,662
4,269
3,878
+9.2%
10-K for the year ended 31 December 2016, filed 26 February 2019: the filing.