Westlake (WLK) FY2020 results: revenue $7.5 billion, down 7.6% on the year
Westlake Corp. (WLK) reported revenue of $7.5 billion for fiscal 2020, the year ended 31 December 2020, down 7.6% on the year before. Net income was $330 million, down 21.6%, and diluted earnings per share $2.56. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$7.5 billion
-7.6% on the year
FY2013FY2020
Operating margin
5.7%
8.1% a year earlier
FY2013FY2020
Net income
$330 million
-21.6% on the year
FY2013FY2020
Diluted EPS
$2.56
-21.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
7,504
8,118
8,635
-7.6%
Cost of revenue
6,481
6,858
6,648
-5.5%
Gross profit
1,023
1,260
1,987
-18.8%
Gross margin
13.6%
15.5%
23.0%
Selling, general and administrative
449
458
445
-2.0%
Operating income
429
656
1,408
-34.6%
Operating margin
5.7%
8.1%
16.3%
Interest expense
142
124
126
+14.5%
Pre-tax income
331
570
1,334
-41.9%
Income tax
-42.0
108
300
Effective tax rate
-12.7%
18.9%
22.5%
Net income
330
421
996
-21.6%
Net margin
4.4%
5.2%
11.5%
Diluted EPS
$2.56
$3.25
$7.62
-21.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,297
1,301
1,409
-0.3%
Capital expenditure
525
787
702
-33.3%
Free cash flow
772
514
707
+50.2%
Free cash flow margin
10.3%
6.3%
8.2%
Cash from investing
-509
-1,954
-754
Cash from financing
-216
630
-1,427
Depreciation and amortisation
773
713
641
+8.4%
Share-based compensation
29.0
25.0
22.0
+16.0%
Buybacks
54.0
30.0
106
+80.0%
Dividends paid
137
132
120
+3.8%
Dividend per share
$1.06
$1.02
$0.92
+3.9%
Diluted shares, weighted
128m
129m
130m
-0.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,043
5,860
5,590
+3.1%
Non-controlling interest
535
543
486
-1.5%
Debt
3,566
3,445
2,668
+3.5%
Operating lease liabilities
376
355
0.0
+5.9%
Other liabilities
3,315
3,058
2,858
+8.4%
Total liabilities and equity
13,835
13,261
11,602
+4.3%
Fixed assets
6,920
6,912
6,595
+0.1%
Goodwill
1,083
1,074
1,002
+0.8%
Intangible assets
444
523
525
-15.1%
Securities held for sale or to maturity
0.0
240
10.0
Cash and equivalents
1,313
728
753
+80.4%
Receivables
1,078
938
952
+14.9%
Inventory
918
936
1,014
-1.9%
Other assets
2,079
1,910
751
+8.8%
Total assets
13,835
13,261
11,602
+4.3%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.