West Pharmaceutical Services (WST) FY2015 results: revenue $1.4 billion, down 1.5% on the year
West Pharmaceutical Services Inc. (WST) reported revenue of $1.4 billion for fiscal 2015, the year ended 31 December 2015, down 1.5% on the year before. Net income was $96 million, down 24.8%, and diluted earnings per share $1.30. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2016.
Revenue
$1.4 billion
-1.5% on the year
FY2008FY2015
Operating margin
9.2%
12.8% a year earlier
FY2008FY2015
Net income
$96 million
-24.8% on the year
FY2008FY2015
Diluted EPS
$1.30
-25.7% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
1,400
1,421
1,368
-1.5%
Cost of revenue
944
974
934
-3.0%
Gross profit
456
448
435
+1.8%
Gross margin
32.6%
31.5%
31.8%
Research and development
34.1
37.3
37.9
-8.6%
Selling, general and administrative
233
229
235
+1.9%
Operating income
129
182
162
-29.3%
Operating margin
9.2%
12.8%
11.9%
Interest expense
14.1
16.5
17.0
-14.5%
Pre-tax income
116
169
147
-31.3%
Income tax
26.3
47.2
40.2
-44.3%
Effective tax rate
22.7%
27.9%
27.3%
Net income
95.6
127
112
-24.8%
Net margin
6.8%
8.9%
8.2%
Diluted EPS
$1.30
$1.75
$1.57
-25.7%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
212
183
220
+16.1%
Capital expenditure
132
112
152
+17.6%
Free cash flow
80.8
71.0
68.6
+13.8%
Free cash flow margin
5.8%
5.0%
5.0%
Cash from investing
-130
-104
-150
Cash from financing
-41.5
-30.8
-5.1
Depreciation and amortisation
89.9
90.0
85.2
-0.1%
Share-based compensation
29.6
18.6
21.2
+59.1%
Buybacks
0.0
0.0
n/a
Dividends paid
32.4
29.1
26.7
+11.3%
Dividend per share
$0.46
$0.41
$0.39
+12.2%
Diluted shares, weighted
74m
73m
71m
+1.4%
Shares outstanding at period end
72m
71m
70m
+1.4%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
1,024
957
906
+7.0%
Debt
298
336
374
-11.1%
Other liabilities
373
378
392
-1.5%
Total liabilities and equity
1,695
1,671
1,672
+1.4%
Fixed assets
721
706
712
+2.2%
Goodwill
105
109
114
-3.7%
Intangible assets
37.6
42.0
48.3
-10.5%
Investments
n/a
n/a
7.5
Cash and equivalents
275
255
230
+7.6%
Receivables
181
179
186
+1.3%
Inventory
181
182
177
-0.2%
Other assets
195
199
197
-2.0%
Total assets
1,695
1,671
1,672
+1.4%
10-K for the year ended 31 December 2015, filed 26 February 2016: the filing.