Westlake (WLK) FY2019 results: revenue $8.1 billion, down 6.0% on the year
Westlake Corp. (WLK) reported revenue of $8.1 billion for fiscal 2019, the year ended 31 December 2019, down 6.0% on the year before. Net income was $421 million, down 57.7%, and diluted earnings per share $3.25. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2020.
Revenue
$8.1 billion
-6.0% on the year
FY2012FY2019
Operating margin
8.1%
16.3% a year earlier
FY2012FY2019
Net income
$421 million
-57.7% on the year
FY2012FY2019
Diluted EPS
$3.25
-57.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
8,118
8,635
8,041
-6.0%
Cost of revenue
6,858
6,648
6,280
+3.2%
Gross profit
1,260
1,987
1,761
-36.6%
Gross margin
15.5%
23.0%
21.9%
Selling, general and administrative
458
445
399
+2.9%
Operating income
656
1,408
1,225
-53.4%
Operating margin
8.1%
16.3%
15.2%
Interest expense
124
126
159
-1.6%
Pre-tax income
570
1,334
1,081
-57.3%
Income tax
108
300
-258
-64.0%
Effective tax rate
18.9%
22.5%
-23.9%
Net income
421
996
1,304
-57.7%
Net margin
5.2%
11.5%
16.2%
Diluted EPS
$3.25
$7.62
$10.00
-57.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,301
1,409
1,528
-7.7%
Capital expenditure
787
702
577
+12.1%
Free cash flow
514
707
951
-27.3%
Free cash flow margin
6.3%
8.2%
11.8%
Cash from investing
-1,954
-754
-652
Cash from financing
630
-1,427
6.0
Depreciation and amortisation
713
641
601
+11.2%
Share-based compensation
25.0
22.0
23.0
+13.6%
Buybacks
30.0
106
0.0
-71.7%
Dividends paid
132
120
103
+10.0%
Dividend per share
$1.02
$0.92
$0.80
+11.4%
Diluted shares, weighted
129m
130m
130m
-0.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,860
5,590
4,874
+4.8%
Non-controlling interest
543
486
495
+11.7%
Short-term borrowings
n/a
n/a
0.0
Debt
3,445
2,668
3,837
+29.1%
Operating lease liabilities
355
0.0
n/a
Other liabilities
3,058
2,858
2,870
+7.0%
Total liabilities and equity
13,261
11,602
12,076
+14.3%
Fixed assets
6,912
6,595
6,412
+4.8%
Goodwill
1,074
1,002
1,012
+7.2%
Intangible assets
523
525
616
-0.4%
Securities held for sale or to maturity
240
10.0
644
+2,300.0%
Cash and equivalents
728
753
1,531
-3.3%
Receivables
938
952
961
-1.5%
Inventory
936
1,014
900
-7.7%
Other assets
1,910
751
0.0
+154.3%
Total assets
13,261
11,602
12,076
+14.3%
10-K for the year ended 31 December 2019, filed 19 February 2020: the filing.