West Pharmaceutical Services (WST) FY2013 results: revenue $1.4 billion, up 8.1% on the year
West Pharmaceutical Services Inc. (WST) reported revenue of $1.4 billion for fiscal 2013, the year ended 31 December 2013, up 8.1% on the year before. Net income was $112 million, up 39.2%, and diluted earnings per share $1.57. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$1.4 billion
+8.1% on the year
FY2008FY2013
Operating margin
11.9%
10.7% a year earlier
FY2008FY2013
Net income
$112 million
+39.2% on the year
FY2008FY2013
Diluted EPS
$1.57
+36.5% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,368
1,266
1,192
+8.1%
Cost of revenue
934
879
853
+6.3%
Gross profit
435
388
339
+12.1%
Gross margin
31.8%
30.6%
28.5%
Research and development
37.9
33.2
29.1
+14.2%
Selling, general and administrative
235
218
191
+7.7%
Operating income
162
135
110
+20.2%
Operating margin
11.9%
10.7%
9.2%
Interest expense
17.0
16.7
18.2
+1.8%
Pre-tax income
147
109
92.7
+35.5%
Income tax
40.2
32.7
23.5
+22.9%
Effective tax rate
27.3%
30.1%
25.4%
Net income
112
80.7
75.5
+39.2%
Net margin
8.2%
6.4%
6.3%
Diluted EPS
$1.57
$1.15
$1.08
+36.5%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
220
187
131
+17.7%
Capital expenditure
152
131
95.4
+15.7%
Free cash flow
68.6
56.1
35.3
+22.3%
Free cash flow margin
5.0%
4.4%
3.0%
Cash from investing
-150
-116
-120
Cash from financing
-5.1
-3.4
-24.7
Depreciation and amortisation
85.2
76.9
75.7
+10.8%
Share-based compensation
21.2
15.5
8.4
+36.8%
Buybacks
n/a
4.7
3.5
Dividends paid
26.7
24.9
23.2
+7.2%
Dividend per share
$0.39
$0.37
$0.35
+5.4%
Diluted shares, weighted
71m
72m
74m
-0.6%
Shares outstanding at period end
70m
69m
67m
+2.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
906
729
655
+24.4%
Debt
374
412
349
-9.2%
Other liabilities
392
424
395
-7.5%
Total liabilities and equity
1,672
1,564
1,399
+6.9%
Fixed assets
712
669
594
+6.4%
Goodwill
114
112
112
+1.5%
Intangible assets
48.3
50.6
52.0
-4.5%
Investments
7.5
12.4
26.5
-39.5%
Cash and equivalents
230
162
91.8
+42.1%
Receivables
186
175
147
+6.1%
Inventory
177
162
152
+9.1%
Other assets
197
220
225
-10.5%
Total assets
1,672
1,564
1,399
+6.9%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.