Waters (WAT) FY2017 results: revenue $2.3 billion, up 6.5% on the year
Waters Corp. (WAT) reported revenue of $2.3 billion for fiscal 2017, the year ended 31 December 2017, up 6.5% on the year before. Net income was $20 million, down 96.1%, and diluted earnings per share $0.25. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$2.3 billion
+6.5% on the year
FY2010FY2017
Operating margin
28.7%
28.8% a year earlier
FY2010FY2017
Net income
$20 million
-96.1% on the year
FY2010FY2017
Diluted EPS
$0.25
-96.1% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
2,309
2,167
2,042
+6.5%
Cost of revenue
947
891
843
+6.2%
Gross profit
1,362
1,276
1,200
+6.7%
Gross margin
59.0%
58.9%
58.7%
Research and development
133
125
119
+5.9%
Selling, general and administrative
545
513
496
+6.2%
Operating income
662
624
567
+6.0%
Operating margin
28.7%
28.8%
27.8%
Interest expense
56.8
44.9
36.2
+26.6%
Pre-tax income
641
600
542
+6.8%
Income tax
621
78.6
72.9
+689.7%
Effective tax rate
96.8%
13.1%
13.4%
Net income
20.3
522
469
-96.1%
Net margin
0.9%
24.1%
23.0%
Diluted EPS
$0.25
$6.41
$5.65
-96.1%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
698
643
n/a
+8.5%
Capital expenditure
85.5
95.0
100
-10.0%
Free cash flow
612
548
n/a
+11.7%
Free cash flow margin
26.5%
25.3%
n/a
Cash from investing
-536
-488
n/a
Cash from financing
-63.9
-116
n/a
Share-based compensation
39.4
41.0
33.4
-3.8%
Buybacks
333
326
335
+2.1%
Diluted shares, weighted
81m
81m
83m
-1.0%
Shares outstanding at period end
79m
80m
81m
-0.9%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,234
2,302
2,059
-3.0%
Debt
2,000
1,830
1,668
+9.3%
Other liabilities
1,090
530
541
+105.8%
Total liabilities and equity
5,324
4,662
4,269
+14.2%
Fixed assets
349
337
333
+3.6%
Goodwill
360
352
357
+2.2%
Intangible assets
228
207
218
+10.3%
Investments
2,758
2,307
1,914
+19.5%
Cash and equivalents
642
506
488
+27.0%
Receivables
534
489
468
+9.1%
Inventory
270
263
263
+2.9%
Other assets
182
201
227
-9.3%
Total assets
5,324
4,662
4,269
+14.2%
10-K for the year ended 31 December 2017, filed 26 February 2019: the filing.