Westlake (WLK) FY2016 results: revenue $5.1 billion, up 13.7% on the year
Westlake Corp. (WLK) reported revenue of $5.1 billion for fiscal 2016, the year ended 31 December 2016, up 13.7% on the year before. Net income was $399 million, down 38.3%, and diluted earnings per share $3.06. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2017.
Revenue
$5.1 billion
+13.7% on the year
FY2009FY2016
Operating margin
11.5%
21.5% a year earlier
FY2009FY2016
Net income
$399 million
-38.3% on the year
FY2009FY2016
Diluted EPS
$3.06
-37.0% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
5,075
4,463
4,415
+13.7%
Cost of revenue
4,093
3,278
3,098
+24.9%
Gross profit
983
1,185
1,317
-17.1%
Gross margin
19.4%
26.6%
29.8%
Selling, general and administrative
258
218
184
+18.3%
Operating income
583
960
1,124
-39.3%
Operating margin
11.5%
21.5%
25.5%
Interest expense
79.0
35.0
37.4
+125.7%
Pre-tax income
558
963
1,084
-42.0%
Income tax
138
298
399
-53.8%
Effective tax rate
24.7%
31.0%
36.8%
Net income
399
646
679
-38.3%
Net margin
7.9%
14.5%
15.4%
Diluted EPS
$3.06
$4.86
$5.07
-37.0%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
867
1,079
1,032
-19.6%
Capital expenditure
628
491
431
+27.9%
Free cash flow
239
587
601
-59.4%
Free cash flow margin
4.7%
13.2%
13.6%
Cash from investing
-2,563
-1,006
-773
Cash from financing
1,687
-287
165
Depreciation and amortisation
378
246
208
+53.7%
Share-based compensation
14.0
10.0
9.3
+40.0%
Buybacks
67.0
163
52.6
-58.9%
Dividends paid
97.0
92.0
77.7
+5.4%
Dividend per share
$0.74
$0.69
$0.58
+7.4%
Diluted shares, weighted
130m
132m
134m
-1.8%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
3,524
3,266
2,912
+7.9%
Non-controlling interest
368
296
290
+24.4%
Short-term borrowings
n/a
0.0
n/a
Debt
3,828
758
764
+404.9%
Other liabilities
3,170
1,255
1,248
+152.6%
Total liabilities and equity
10,890
5,575
5,214
+95.3%
Fixed assets
6,420
3,004
2,758
+113.7%
Goodwill
947
62.0
62.0
+1,426.3%
Intangible assets
612
n/a
n/a
Investments
0.0
568
15.4
Cash and equivalents
459
663
881
-30.7%
Receivables
810
424
561
+90.8%
Inventory
801
434
526
+84.6%
Other assets
842
420
412
+100.5%
Total assets
10,890
5,575
5,214
+95.3%
10-K for the year ended 31 December 2016, filed 22 February 2017: the filing.