Waters (WAT) FY2019 results: revenue $2.4 billion, down 0.6% on the year
Waters Corp. (WAT) reported revenue of $2.4 billion for fiscal 2019, the year ended 31 December 2019, down 0.6% on the year before. Net income was $592 million, down 0.3%, and diluted earnings per share $8.69. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$2.4 billion
-0.6% on the year
FY2012FY2019
Operating margin
29.4%
30.6% a year earlier
FY2012FY2019
Net income
$592 million
-0.3% on the year
FY2012FY2019
Diluted EPS
$8.69
+13.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,407
2,420
2,309
-0.6%
Cost of revenue
1,011
993
947
+1.8%
Gross profit
1,396
1,427
1,362
-2.2%
Gross margin
58.0%
59.0%
59.0%
Research and development
143
143
133
-0.3%
Selling, general and administrative
535
537
545
-0.4%
Operating income
708
740
662
-4.2%
Operating margin
29.4%
30.6%
28.7%
Interest expense
48.7
48.6
56.8
+0.1%
Pre-tax income
678
682
641
-0.6%
Income tax
86.0
88.4
621
-2.6%
Effective tax rate
12.7%
13.0%
96.8%
Net income
592
594
20.3
-0.3%
Net margin
24.6%
24.5%
0.9%
Diluted EPS
$8.69
$7.65
$0.25
+13.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
643
604
698
+6.4%
Capital expenditure
164
96.1
85.5
+70.5%
Free cash flow
479
508
612
-5.7%
Free cash flow margin
19.9%
21.0%
26.5%
Cash from investing
769
1,683
-536
-54.3%
Cash from financing
-1,873
-2,120
-63.9
Share-based compensation
38.6
37.5
39.4
+2.8%
Buybacks
2,469
1,315
333
+87.8%
Diluted shares, weighted
68m
78m
81m
-12.2%
Shares outstanding at period end
63m
73m
79m
-14.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-216
1,567
2,234
Debt
1,685
1,150
2,000
+46.5%
Operating lease liabilities
66.9
n/a
n/a
Other liabilities
1,021
1,010
1,090
+1.1%
Total liabilities and equity
2,557
3,727
5,324
-31.4%
Fixed assets
417
343
349
+21.6%
Goodwill
356
356
360
+0.1%
Intangible assets
240
247
228
-2.7%
Investments
1.4
939
2,758
-99.8%
Cash and equivalents
336
796
642
-57.8%
Receivables
588
568
534
+3.4%
Inventory
321
292
270
+9.9%
Other assets
298
187
182
+59.6%
Total assets
2,557
3,727
5,324
-31.4%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.