Westlake (WLK) FY2013 results: revenue $3.8 billion, up 5.3% on the year
Westlake Corp. (WLK) reported revenue of $3.8 billion for fiscal 2013, the year ended 31 December 2013, up 5.3% on the year before. Net income was $610 million, up 58.3%, and diluted earnings per share $4.54. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2014.
Revenue
$3.8 billion
+5.3% on the year
FY2009FY2013
Operating margin
25.4%
17.2% a year earlier
FY2009FY2013
Net income
$610 million
+58.3% on the year
FY2009FY2013
Diluted EPS
$4.54
+58.1% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
3,759
3,571
3,620
+5.3%
Cost of revenue
2,658
2,834
3,061
-6.2%
Gross profit
1,101
737
559
+49.5%
Gross margin
29.3%
20.6%
15.4%
Selling, general and administrative
148
122
112
+21.7%
Operating income
953
615
447
+54.9%
Operating margin
25.4%
17.2%
12.3%
Interest expense
18.1
43.0
51.0
-58.0%
Pre-tax income
942
n/a
n/a
Income tax
332
200
142
+66.2%
Effective tax rate
35.2%
n/a
n/a
Net income
610
386
259
+58.3%
Net margin
16.2%
10.8%
7.2%
Diluted EPS
$4.54
$2.88
$1.94
+58.1%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
753
612
359
+23.0%
Capital expenditure
679
387
177
+75.6%
Free cash flow
73.5
225
182
-67.4%
Free cash flow margin
2.0%
6.3%
5.0%
Cash from investing
-1,002
-467
-203
Cash from financing
-79.3
-181
39.5
Depreciation and amortisation
158
145
131
+9.2%
Share-based compensation
7.0
6.1
6.4
+13.7%
Buybacks
32.9
10.8
2.5
+205.2%
Dividends paid
55.2
286
18.3
-80.7%
Dividend per share
$0.41
$2.14
$0.14
-80.7%
Diluted shares, weighted
134m
133m
133m
+0.4%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
2,419
1,872
1,756
+29.2%
Non-controlling interest
0.0
n/a
n/a
Debt
764
764
765
+0.0%
Other liabilities
878
776
746
+13.2%
Total liabilities and equity
4,061
3,412
3,267
+19.0%
Fixed assets
2,088
1,510
1,232
+38.3%
Goodwill
62.0
30.0
30.0
+106.8%
Investments
239
125
n/a
+91.7%
Cash and equivalents
461
790
826
-41.6%
Receivables
428
400
407
+7.1%
Inventory
472
399
491
+18.2%
Other assets
310
158
281
+96.4%
Total assets
4,061
3,412
3,267
+19.0%
10-K for the year ended 31 December 2013, filed 21 February 2014: the filing.