West Pharmaceutical Services (WST) FY2011 results: revenue $1.2 billion, up 7.9% on the year
West Pharmaceutical Services Inc. (WST) reported revenue of $1.2 billion for fiscal 2011, the year ended 31 December 2011, up 7.9% on the year before. Net income was $76 million, up 15.6%, and diluted earnings per share $1.08. The figures are the company's own, from the 10-K/A it filed with the SEC on 1 March 2012.
Revenue
$1.2 billion
+7.9% on the year
FY2008FY2011
Operating margin
9.2%
8.2% a year earlier
FY2008FY2011
Net income
$76 million
+15.6% on the year
FY2008FY2011
Diluted EPS
$1.08
+14.3% on the year
FY2008FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
1,192
1,105
1,056
+7.9%
Cost of revenue
853
787
752
+8.4%
Gross profit
339
318
304
+6.7%
Gross margin
28.5%
28.8%
28.8%
Research and development
29.1
23.9
19.9
+21.8%
Selling, general and administrative
191
188
178
+1.8%
Operating income
110
90.7
97.5
+20.8%
Operating margin
9.2%
8.2%
9.2%
Interest expense
18.2
16.8
15.2
+8.3%
Pre-tax income
92.7
74.5
83.1
+24.4%
Income tax
23.5
13.6
13.5
+72.8%
Effective tax rate
25.4%
18.3%
16.2%
Net income
75.5
65.3
72.6
+15.6%
Net margin
6.3%
5.9%
6.9%
Diluted EPS
$1.08
$0.94
$1.06
+14.3%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
131
138
138
-5.5%
Capital expenditure
95.4
71.1
105
+34.2%
Free cash flow
35.3
67.2
32.8
-47.5%
Free cash flow margin
3.0%
6.1%
3.1%
Cash from investing
-120
-74.0
-122
Cash from financing
-24.7
-34.0
-22.6
Depreciation and amortisation
75.7
73.2
68.1
+3.4%
Share-based compensation
8.4
7.8
7.5
+7.7%
Buybacks
3.5
2.1
1.3
+66.7%
Dividends paid
23.2
21.7
20.1
+6.9%
Dividend per share
$0.35
$0.33
$0.31
+6.1%
Diluted shares, weighted
74m
73m
73m
+0.8%
Shares outstanding at period end
67m
67m
66m
+1.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
655
626
579
+4.7%
Debt
349
358
379
-2.4%
Other liabilities
395
310
313
+27.1%
Total liabilities and equity
1,399
1,294
1,271
+8.1%
Fixed assets
594
555
577
+7.0%
Goodwill
112
112
114
-0.9%
Intangible assets
52.0
55.1
55.6
-5.6%
Investments
26.5
0.6
n/a
+4,316.7%
Cash and equivalents
91.8
110
83.1
-16.7%
Receivables
147
126
139
+16.5%
Inventory
152
147
129
+3.3%
Other assets
225
188
173
+19.7%
Total assets
1,399
1,294
1,271
+8.1%
10-K/A for the year ended 31 December 2011, filed 1 March 2012: the filing.