Westlake (WLK) FY2015 results: revenue $4.5 billion, up 1.1% on the year
Westlake Corp. (WLK) reported revenue of $4.5 billion for fiscal 2015, the year ended 31 December 2015, up 1.1% on the year before. Net income was $646 million, down 4.8%, and diluted earnings per share $4.86. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2016.
Revenue
$4.5 billion
+1.1% on the year
FY2009FY2015
Operating margin
21.5%
25.5% a year earlier
FY2009FY2015
Net income
$646 million
-4.8% on the year
FY2009FY2015
Diluted EPS
$4.86
-4.1% on the year
FY2009FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
4,463
4,415
3,759
+1.1%
Cost of revenue
3,278
3,098
2,658
+5.8%
Gross profit
1,185
1,317
1,101
-10.0%
Gross margin
26.6%
29.8%
29.3%
Selling, general and administrative
218
184
148
+18.6%
Operating income
960
1,124
953
-14.6%
Operating margin
21.5%
25.5%
25.4%
Interest expense
35.0
37.4
18.1
-6.3%
Pre-tax income
963
1,084
942
-11.1%
Income tax
298
399
332
-25.2%
Effective tax rate
31.0%
36.8%
35.2%
Net income
646
679
610
-4.8%
Net margin
14.5%
15.4%
16.2%
Diluted EPS
$4.86
$5.07
$4.54
-4.1%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
1,079
1,032
753
+4.5%
Capital expenditure
491
431
679
+14.0%
Free cash flow
587
601
73.5
-2.3%
Free cash flow margin
13.2%
13.6%
2.0%
Cash from investing
-1,006
-773
-1,002
Cash from financing
-287
165
-79.3
Depreciation and amortisation
246
208
158
+17.9%
Share-based compensation
10.0
9.3
7.0
+8.0%
Buybacks
163
52.6
32.9
+209.7%
Dividends paid
92.0
77.7
55.2
+18.5%
Dividend per share
$0.69
$0.58
$0.41
+19.1%
Diluted shares, weighted
132m
134m
134m
-1.0%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
3,266
2,912
2,419
+12.2%
Non-controlling interest
296
290
0.0
+2.0%
Short-term borrowings
0.0
n/a
n/a
Debt
758
764
764
-0.8%
Other liabilities
1,255
1,248
878
+0.6%
Total liabilities and equity
5,575
5,214
4,061
+6.9%
Fixed assets
3,004
2,758
2,088
+8.9%
Goodwill
62.0
62.0
62.0
0.0%
Investments
568
15.4
239
+3,586.4%
Cash and equivalents
663
881
461
-24.8%
Receivables
424
561
428
-24.3%
Inventory
434
526
472
-17.4%
Other assets
420
412
310
+1.9%
Total assets
5,575
5,214
4,061
+6.9%
10-K for the year ended 31 December 2015, filed 24 February 2016: the filing.