Westlake (WLK) FY2018 results: revenue $8.6 billion, up 7.4% on the year
Westlake Corp. (WLK) reported revenue of $8.6 billion for fiscal 2018, the year ended 31 December 2018, up 7.4% on the year before. Net income was $996 million, down 23.6%, and diluted earnings per share $7.62. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2019.
Revenue
$8.6 billion
+7.4% on the year
FY2011FY2018
Operating margin
16.3%
15.2% a year earlier
FY2011FY2018
Net income
$996 million
-23.6% on the year
FY2011FY2018
Diluted EPS
$7.62
-23.8% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
8,635
8,041
5,075
+7.4%
Cost of revenue
6,648
6,280
4,093
+5.9%
Gross profit
1,987
1,761
983
+12.8%
Gross margin
23.0%
21.9%
19.4%
Selling, general and administrative
445
399
258
+11.5%
Operating income
1,408
1,225
583
+14.9%
Operating margin
16.3%
15.2%
11.5%
Interest expense
126
159
79.0
-20.8%
Pre-tax income
1,334
1,081
558
+23.4%
Income tax
300
-258
138
Effective tax rate
22.5%
-23.9%
24.7%
Net income
996
1,304
399
-23.6%
Net margin
11.5%
16.2%
7.9%
Diluted EPS
$7.62
$10.00
$3.06
-23.8%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,409
1,528
867
-7.8%
Capital expenditure
702
577
628
+21.7%
Free cash flow
707
951
239
-25.7%
Free cash flow margin
8.2%
11.8%
4.7%
Cash from investing
-754
-652
-2,563
Cash from financing
-1,427
6.0
1,687
Depreciation and amortisation
641
601
378
+6.7%
Share-based compensation
22.0
23.0
14.0
-4.3%
Buybacks
106
0.0
67.0
Dividends paid
120
103
97.0
+16.5%
Dividend per share
$0.92
$0.80
$0.74
+14.8%
Diluted shares, weighted
130m
130m
130m
+0.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
5,590
4,874
3,524
+14.7%
Non-controlling interest
486
495
368
-1.8%
Short-term borrowings
n/a
0.0
n/a
Debt
2,668
3,837
3,828
-30.5%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
2,858
2,870
3,170
-0.4%
Total liabilities and equity
11,602
12,076
10,890
-3.9%
Fixed assets
6,595
6,412
6,420
+2.9%
Goodwill
1,002
1,012
947
-1.0%
Intangible assets
525
616
612
-14.8%
Investments
n/a
n/a
0.0
Securities held for sale or to maturity
10.0
644
n/a
-98.4%
Cash and equivalents
753
1,531
459
-50.8%
Receivables
952
961
810
-0.9%
Inventory
1,014
900
801
+12.7%
Other assets
751
0.0
842
Total assets
11,602
12,076
10,890
-3.9%
10-K for the year ended 31 December 2018, filed 20 February 2019: the filing.