Westlake (WLK) FY2023 results: revenue $12.5 billion, down 20.6% on the year
Westlake Corp. (WLK) reported revenue of $12.5 billion for fiscal 2023, the year ended 31 December 2023, down 20.6% on the year before. Net income was $479 million, down 78.7%, and diluted earnings per share $3.70. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$12.5 billion
-20.6% on the year
FY2016FY2023
Operating margin
5.8%
19.3% a year earlier
FY2016FY2023
Net income
$479 million
-78.7% on the year
FY2016FY2023
Diluted EPS
$3.70
-78.7% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,336
3,395
2,394
-31.2%
Capital expenditure
1,034
1,108
658
-6.7%
Free cash flow
1,302
2,287
1,736
-43.1%
Free cash flow margin
10.4%
14.5%
14.7%
Cash from investing
-1,037
-2,479
-3,213
Cash from financing
-245
-587
1,437
Depreciation and amortisation
1,097
1,056
840
+3.9%
Share-based compensation
43.0
36.0
31.0
+19.4%
Buybacks
23.0
101
30.0
-77.2%
Dividends paid
221
169
145
+30.8%
Dividend per share
$1.71
$1.31
$1.14
+30.9%
Diluted shares, weighted
129m
129m
129m
-0.2%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
10,241
9,931
7,955
+3.1%
Non-controlling interest
523
534
573
-2.1%
Debt
4,906
4,879
5,180
+0.6%
Operating lease liabilities
611
504
461
+21.2%
Other liabilities
4,754
4,702
4,290
+1.1%
Total liabilities and equity
21,035
20,550
18,459
+2.4%
Fixed assets
8,519
8,477
7,606
+0.5%
Goodwill
2,041
2,161
2,024
-5.6%
Intangible assets
910
993
1,083
-8.4%
Cash and equivalents
3,304
2,228
1,908
+48.3%
Receivables
1,393
1,651
1,741
-15.6%
Inventory
1,622
1,866
1,407
-13.1%
Other assets
3,246
3,174
2,690
+2.3%
Total assets
21,035
20,550
18,459
+2.4%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.