Waters (WAT) FY2018 results: revenue $2.4 billion, up 4.8% on the year
Waters Corp. (WAT) reported revenue of $2.4 billion for fiscal 2018, the year ended 31 December 2018, up 4.8% on the year before. Net income was $594 million, up 2823.5%, and diluted earnings per share $7.65. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$2.4 billion
+4.8% on the year
FY2011FY2018
Operating margin
30.6%
28.7% a year earlier
FY2011FY2018
Net income
$594 million
+2,823.5% on the year
FY2011FY2018
Diluted EPS
$7.65
+2,960.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,420
2,309
2,167
+4.8%
Cost of revenue
993
947
891
+4.8%
Gross profit
1,427
1,362
1,276
+4.8%
Gross margin
59.0%
59.0%
58.9%
Research and development
143
133
125
+8.2%
Selling, general and administrative
537
545
513
-1.4%
Operating income
740
662
624
+11.8%
Operating margin
30.6%
28.7%
28.8%
Interest expense
48.6
56.8
44.9
-14.4%
Pre-tax income
682
641
600
+6.4%
Income tax
88.4
621
78.6
-85.8%
Effective tax rate
13.0%
96.8%
13.1%
Net income
594
20.3
522
+2,823.5%
Net margin
24.5%
0.9%
24.1%
Diluted EPS
$7.65
$0.25
$6.41
+2,960.0%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
604
698
643
-13.4%
Capital expenditure
96.1
85.5
95.0
+12.4%
Free cash flow
508
612
548
-17.0%
Free cash flow margin
21.0%
26.5%
25.3%
Cash from investing
1,683
-536
-488
Cash from financing
-2,120
-63.9
-116
Share-based compensation
37.5
39.4
41.0
-4.8%
Buybacks
1,315
333
326
+295.5%
Diluted shares, weighted
78m
81m
81m
-3.7%
Shares outstanding at period end
73m
79m
80m
-7.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,567
2,234
2,302
-29.8%
Debt
1,150
2,000
1,830
-42.5%
Other liabilities
1,010
1,090
530
-7.4%
Total liabilities and equity
3,727
5,324
4,662
-30.0%
Fixed assets
343
349
337
-1.8%
Goodwill
356
360
352
-1.2%
Intangible assets
247
228
207
+8.1%
Investments
939
2,758
2,307
-66.0%
Cash and equivalents
796
642
506
+24.0%
Receivables
568
534
489
+6.5%
Inventory
292
270
263
+7.9%
Other assets
187
182
201
+2.6%
Total assets
3,727
5,324
4,662
-30.0%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.