Westlake (WLK) FY2017 results: revenue $8.0 billion, up 58.4% on the year
Westlake Corp. (WLK) reported revenue of $8.0 billion for fiscal 2017, the year ended 31 December 2017, up 58.4% on the year before. Net income was $1.3 billion, up 226.9%, and diluted earnings per share $10.00. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2019.
Revenue
$8.0 billion
+58.4% on the year
FY2010FY2017
Operating margin
15.2%
11.5% a year earlier
FY2010FY2017
Net income
$1.3 billion
+226.9% on the year
FY2010FY2017
Diluted EPS
$10.00
+226.8% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
8,041
5,075
4,463
+58.4%
Cost of revenue
6,280
4,093
3,278
+53.4%
Gross profit
1,761
983
1,185
+79.1%
Gross margin
21.9%
19.4%
26.6%
Selling, general and administrative
399
258
218
+54.7%
Operating income
1,225
583
960
+110.1%
Operating margin
15.2%
11.5%
21.5%
Interest expense
159
79.0
35.0
+101.3%
Pre-tax income
1,081
558
963
+93.6%
Income tax
-258
138
298
Effective tax rate
-23.9%
24.7%
31.0%
Net income
1,304
399
646
+226.9%
Net margin
16.2%
7.9%
14.5%
Diluted EPS
$10.00
$3.06
$4.86
+226.8%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,528
867
1,079
+76.2%
Capital expenditure
577
628
491
-8.2%
Free cash flow
951
239
587
+298.7%
Free cash flow margin
11.8%
4.7%
13.2%
Cash from investing
-652
-2,563
-1,006
Cash from financing
6.0
1,687
-287
-99.6%
Depreciation and amortisation
601
378
246
+59.1%
Share-based compensation
23.0
14.0
10.0
+64.3%
Buybacks
0.0
67.0
163
Dividends paid
103
97.0
92.0
+6.2%
Dividend per share
$0.80
$0.74
$0.69
+7.7%
Diluted shares, weighted
130m
130m
132m
-0.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
4,874
3,524
3,266
+38.3%
Non-controlling interest
495
368
296
+34.4%
Short-term borrowings
0.0
n/a
0.0
Debt
3,837
3,828
758
+0.2%
Other liabilities
2,870
3,170
1,255
-9.5%
Total liabilities and equity
12,076
10,890
5,575
+10.9%
Fixed assets
6,412
6,420
3,004
-0.1%
Goodwill
1,012
947
62.0
+6.9%
Intangible assets
616
612
n/a
+0.7%
Investments
n/a
0.0
568
Securities held for sale or to maturity
644
n/a
n/a
Cash and equivalents
1,531
459
663
+233.2%
Receivables
961
810
424
+18.7%
Inventory
900
801
434
+12.3%
Other assets
0.0
842
420
Total assets
12,076
10,890
5,575
+10.9%
10-K for the year ended 31 December 2017, filed 20 February 2019: the filing.