Westlake (WLK) FY2014 results: revenue $4.4 billion, up 17.4% on the year
Westlake Corp. (WLK) reported revenue of $4.4 billion for fiscal 2014, the year ended 31 December 2014, up 17.4% on the year before. Net income was $679 million, up 11.2%, and diluted earnings per share $5.07. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$4.4 billion
+17.4% on the year
FY2009FY2014
Operating margin
25.5%
25.4% a year earlier
FY2009FY2014
Net income
$679 million
+11.2% on the year
FY2009FY2014
Diluted EPS
$5.07
+11.6% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
4,415
3,759
3,571
+17.4%
Cost of revenue
3,098
2,658
2,834
+16.6%
Gross profit
1,317
1,101
737
+19.6%
Gross margin
29.8%
29.3%
20.6%
Selling, general and administrative
184
148
122
+24.2%
Operating income
1,124
953
615
+17.9%
Operating margin
25.5%
25.4%
17.2%
Interest expense
37.4
18.1
43.0
+106.6%
Pre-tax income
1,084
942
n/a
+15.0%
Income tax
399
332
200
+20.2%
Effective tax rate
36.8%
35.2%
n/a
Net income
679
610
386
+11.2%
Net margin
15.4%
16.2%
10.8%
Diluted EPS
$5.07
$4.54
$2.88
+11.6%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,032
753
612
+37.2%
Capital expenditure
431
679
387
-36.5%
Free cash flow
601
73.5
225
+718.0%
Free cash flow margin
13.6%
2.0%
6.3%
Cash from investing
-773
-1,002
-467
Cash from financing
165
-79.3
-181
Depreciation and amortisation
208
158
145
+32.1%
Share-based compensation
9.3
7.0
6.1
+32.9%
Buybacks
52.6
32.9
10.8
+59.9%
Dividends paid
77.7
55.2
286
+40.6%
Dividend per share
$0.58
$0.41
$2.14
+41.1%
Diluted shares, weighted
134m
134m
133m
-0.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,912
2,419
1,872
+20.4%
Non-controlling interest
290
0.0
n/a
Debt
764
764
764
+0.0%
Other liabilities
1,248
878
776
+42.1%
Total liabilities and equity
5,214
4,061
3,412
+28.4%
Fixed assets
2,758
2,088
1,510
+32.1%
Goodwill
62.0
62.0
30.0
0.0%
Investments
15.4
239
125
-93.6%
Cash and equivalents
881
461
790
+90.9%
Receivables
561
428
400
+30.9%
Inventory
526
472
399
+11.4%
Other assets
412
310
158
+33.0%
Total assets
5,214
4,061
3,412
+28.4%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.