West Pharmaceutical Services (WST) FY2012 results: revenue $1.3 billion, up 6.2% on the year
West Pharmaceutical Services Inc. (WST) reported revenue of $1.3 billion for fiscal 2012, the year ended 31 December 2012, up 6.2% on the year before. Net income was $81 million, up 6.9%, and diluted earnings per share $1.15. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2013.
Revenue
$1.3 billion
+6.2% on the year
FY2008FY2012
Operating margin
10.7%
9.2% a year earlier
FY2008FY2012
Net income
$81 million
+6.9% on the year
FY2008FY2012
Diluted EPS
$1.15
+6.5% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
1,266
1,192
1,105
+6.2%
Cost of revenue
879
853
787
+3.0%
Gross profit
388
339
318
+14.3%
Gross margin
30.6%
28.5%
28.8%
Research and development
33.2
29.1
23.9
+14.1%
Selling, general and administrative
218
191
188
+14.1%
Operating income
135
110
90.7
+23.3%
Operating margin
10.7%
9.2%
8.2%
Interest expense
16.7
18.2
16.8
-8.2%
Pre-tax income
109
92.7
74.5
+17.2%
Income tax
32.7
23.5
13.6
+39.1%
Effective tax rate
30.1%
25.4%
18.3%
Net income
80.7
75.5
65.3
+6.9%
Net margin
6.4%
6.3%
5.9%
Diluted EPS
$1.15
$1.08
$0.94
+6.5%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
187
131
138
+43.4%
Capital expenditure
131
95.4
71.1
+37.6%
Free cash flow
56.1
35.3
67.2
+58.9%
Free cash flow margin
4.4%
3.0%
6.1%
Cash from investing
-116
-120
-74.0
Cash from financing
-3.4
-24.7
-34.0
Depreciation and amortisation
76.9
75.7
73.2
+1.6%
Share-based compensation
15.5
8.4
7.8
+84.5%
Buybacks
4.7
3.5
2.1
+34.3%
Dividends paid
24.9
23.2
21.7
+7.3%
Dividend per share
$0.37
$0.35
$0.33
+5.7%
Diluted shares, weighted
72m
74m
73m
-3.0%
Shares outstanding at period end
69m
67m
67m
+1.8%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
729
655
626
+11.3%
Debt
412
349
358
+17.8%
Other liabilities
424
395
310
+7.3%
Total liabilities and equity
1,564
1,399
1,294
+11.8%
Fixed assets
669
594
555
+12.7%
Goodwill
112
112
112
+0.9%
Intangible assets
50.6
52.0
55.1
-2.7%
Investments
12.4
26.5
0.6
-53.2%
Cash and equivalents
162
91.8
110
+76.4%
Receivables
175
147
126
+18.9%
Inventory
162
152
147
+6.9%
Other assets
220
225
188
-1.9%
Total assets
1,564
1,399
1,294
+11.8%
10-K for the year ended 31 December 2012, filed 27 February 2013: the filing.