Waters (WAT) FY2020 results: revenue $2.4 billion, down 1.7% on the year
Waters Corp. (WAT) reported revenue of $2.4 billion for fiscal 2020, the year ended 31 December 2020, down 1.7% on the year before. Net income was $522 million, down 11.9%, and diluted earnings per share $8.36. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$2.4 billion
-1.7% on the year
FY2013FY2020
Operating margin
27.3%
29.4% a year earlier
FY2013FY2020
Net income
$522 million
-11.9% on the year
FY2013FY2020
Diluted EPS
$8.36
-3.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,365
2,407
2,420
-1.7%
Cost of revenue
1,007
1,011
993
-0.4%
Gross profit
1,359
1,396
1,427
-2.7%
Gross margin
57.4%
58.0%
59.0%
Research and development
141
143
143
-1.5%
Selling, general and administrative
554
535
537
+3.5%
Operating income
645
708
740
-8.9%
Operating margin
27.3%
29.4%
30.6%
Interest expense
49.1
48.7
48.6
+0.8%
Pre-tax income
611
678
682
-9.9%
Income tax
89.3
86.0
88.4
+3.8%
Effective tax rate
14.6%
12.7%
13.0%
Net income
522
592
594
-11.9%
Net margin
22.1%
24.6%
24.5%
Diluted EPS
$8.36
$8.69
$7.65
-3.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
791
643
604
+22.9%
Capital expenditure
172
164
96.1
+5.2%
Free cash flow
618
479
508
+29.0%
Free cash flow margin
26.1%
19.9%
21.0%
Cash from investing
-264
769
1,683
Cash from financing
-441
-1,873
-2,120
Depreciation and amortisation
126
n/a
n/a
Share-based compensation
36.9
38.6
37.5
-4.4%
Buybacks
196
2,469
1,315
-92.0%
Diluted shares, weighted
62m
68m
78m
-8.4%
Shares outstanding at period end
62m
63m
73m
-0.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
232
-216
1,567
Debt
1,360
1,685
1,150
-19.3%
Operating lease liabilities
68.2
66.9
n/a
+2.0%
Other liabilities
1,180
1,021
1,010
+15.5%
Total liabilities and equity
2,840
2,557
3,727
+11.1%
Fixed assets
494
417
343
+18.4%
Goodwill
444
356
356
+24.8%
Intangible assets
259
240
247
+7.7%
Investments
6.5
1.4
939
+351.4%
Cash and equivalents
437
336
796
+30.1%
Receivables
573
588
568
-2.5%
Inventory
304
321
292
-5.1%
Other assets
322
298
187
+8.1%
Total assets
2,840
2,557
3,727
+11.1%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.