West Pharmaceutical Services (WST) FY2014 results: revenue $1.4 billion, up 3.9% on the year
West Pharmaceutical Services Inc. (WST) reported revenue of $1.4 billion for fiscal 2014, the year ended 31 December 2014, up 3.9% on the year before. Net income was $127 million, up 13.2%, and diluted earnings per share $1.75. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$1.4 billion
+3.9% on the year
FY2008FY2014
Operating margin
12.8%
11.9% a year earlier
FY2008FY2014
Net income
$127 million
+13.2% on the year
FY2008FY2014
Diluted EPS
$1.75
+11.5% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,421
1,368
1,266
+3.9%
Cost of revenue
974
934
879
+4.3%
Gross profit
448
435
388
+3.0%
Gross margin
31.5%
31.8%
30.6%
Research and development
37.3
37.9
33.2
-1.6%
Selling, general and administrative
229
235
218
-2.6%
Operating income
182
162
135
+12.1%
Operating margin
12.8%
11.9%
10.7%
Interest expense
16.5
17.0
16.7
-2.9%
Pre-tax income
169
147
109
+14.9%
Income tax
47.2
40.2
32.7
+17.4%
Effective tax rate
27.9%
27.3%
30.1%
Net income
127
112
80.7
+13.2%
Net margin
8.9%
8.2%
6.4%
Diluted EPS
$1.75
$1.57
$1.15
+11.5%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
183
220
187
-17.1%
Capital expenditure
112
152
131
-26.3%
Free cash flow
71.0
68.6
56.1
+3.5%
Free cash flow margin
5.0%
5.0%
4.4%
Cash from investing
-104
-150
-116
Cash from financing
-30.8
-5.1
-3.4
Depreciation and amortisation
90.0
85.2
76.9
+5.6%
Share-based compensation
18.6
21.2
15.5
-12.3%
Buybacks
0.0
n/a
4.7
Dividends paid
29.1
26.7
24.9
+9.0%
Dividend per share
$0.41
$0.39
$0.37
+5.1%
Diluted shares, weighted
73m
71m
72m
+2.0%
Shares outstanding at period end
71m
70m
69m
+1.6%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
957
906
729
+5.6%
Debt
336
374
412
-10.2%
Other liabilities
378
392
424
-3.4%
Total liabilities and equity
1,671
1,672
1,564
-0.0%
Fixed assets
706
712
669
-0.8%
Goodwill
109
114
112
-4.9%
Intangible assets
42.0
48.3
50.6
-13.0%
Investments
n/a
7.5
12.4
Cash and equivalents
255
230
162
+11.0%
Receivables
179
186
175
-3.6%
Inventory
182
177
162
+2.6%
Other assets
199
197
220
+0.7%
Total assets
1,671
1,672
1,564
-0.0%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.