West Pharmaceutical Services (WST) FY2016 results: revenue $1.5 billion, up 7.8% on the year
West Pharmaceutical Services Inc. (WST) reported revenue of $1.5 billion for fiscal 2016, the year ended 31 December 2016, up 7.8% on the year before. Net income was $144 million, up 50.2%, and diluted earnings per share $1.91. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$1.5 billion
+7.8% on the year
FY2009FY2016
Operating margin
12.9%
9.2% a year earlier
FY2009FY2016
Net income
$144 million
+50.2% on the year
FY2009FY2016
Diluted EPS
$1.91
+46.9% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
1,509
1,400
1,421
+7.8%
Cost of revenue
1,008
944
974
+6.8%
Gross profit
501
456
448
+9.9%
Gross margin
33.2%
32.6%
31.5%
Research and development
36.8
34.1
37.3
+7.9%
Selling, general and administrative
240
233
229
+2.9%
Operating income
195
129
182
+51.8%
Operating margin
12.9%
9.2%
12.8%
Interest expense
8.1
14.1
16.5
-42.6%
Pre-tax income
190
116
169
+63.5%
Income tax
54.4
26.3
47.2
+106.8%
Effective tax rate
28.7%
22.7%
27.9%
Net income
144
95.6
127
+50.2%
Net margin
9.5%
6.8%
8.9%
Diluted EPS
$1.91
$1.30
$1.75
+46.9%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
219
212
183
+3.3%
Capital expenditure
170
132
112
+29.3%
Free cash flow
49.2
80.8
71.0
-39.1%
Free cash flow margin
3.3%
5.8%
5.0%
Cash from investing
-176
-130
-104
Cash from financing
-114
-41.5
-30.8
Depreciation and amortisation
90.7
89.9
90.0
+0.9%
Share-based compensation
19.5
29.6
18.6
-34.1%
Buybacks
52.2
0.0
0.0
Dividends paid
35.8
32.4
29.1
+10.5%
Dividend per share
$0.50
$0.46
$0.41
+8.7%
Diluted shares, weighted
75m
74m
73m
+1.6%
Shares outstanding at period end
73m
72m
71m
+1.1%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,118
1,024
957
+9.1%
Debt
229
298
336
-23.3%
Other liabilities
371
373
378
-0.6%
Total liabilities and equity
1,717
1,695
1,671
+1.3%
Fixed assets
778
721
706
+7.9%
Goodwill
103
105
109
-1.5%
Intangible assets
23.3
37.6
42.0
-38.0%
Cash and equivalents
203
275
255
-26.1%
Receivables
200
181
179
+10.5%
Inventory
199
181
182
+10.0%
Other assets
209
195
199
+7.4%
Total assets
1,717
1,695
1,671
+1.3%
10-K for the year ended 31 December 2016, filed 28 February 2019: the filing.