West Pharmaceutical Services (WST) FY2017 results: revenue $1.6 billion, up 6.0% on the year
West Pharmaceutical Services Inc. (WST) reported revenue of $1.6 billion for fiscal 2017, the year ended 31 December 2017, up 6.0% on the year before. Net income was $151 million, up 4.9%, and diluted earnings per share $1.99. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$1.6 billion
+6.0% on the year
FY2010FY2017
Operating margin
14.1%
12.9% a year earlier
FY2010FY2017
Net income
$151 million
+4.9% on the year
FY2010FY2017
Diluted EPS
$1.99
+4.2% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,599
1,509
1,400
+6.0%
Cost of revenue
1,086
1,008
944
+7.8%
Gross profit
513
501
456
+2.3%
Gross margin
32.1%
33.2%
32.6%
Research and development
39.1
36.8
34.1
+6.2%
Selling, general and administrative
246
240
233
+2.6%
Operating income
226
195
129
+15.7%
Operating margin
14.1%
12.9%
9.2%
Interest expense
7.8
8.1
14.1
-3.7%
Pre-tax income
222
190
116
+17.2%
Income tax
80.9
54.4
26.3
+48.7%
Effective tax rate
36.4%
28.7%
22.7%
Net income
151
144
95.6
+4.9%
Net margin
9.4%
9.5%
6.8%
Diluted EPS
$1.99
$1.91
$1.30
+4.2%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
263
219
212
+20.0%
Capital expenditure
131
170
132
-23.1%
Free cash flow
132
49.2
80.8
+169.3%
Free cash flow margin
8.3%
3.3%
5.8%
Cash from investing
-134
-176
-130
Cash from financing
-109
-114
-41.5
Depreciation and amortisation
96.7
90.7
89.9
+6.6%
Share-based compensation
16.1
19.5
29.6
-17.4%
Buybacks
74.4
52.2
0.0
+42.5%
Dividends paid
39.1
35.8
32.4
+9.2%
Dividend per share
$0.54
$0.50
$0.46
+8.0%
Diluted shares, weighted
76m
75m
74m
+1.1%
Shares outstanding at period end
74m
73m
72m
+1.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
1,280
1,118
1,024
+14.5%
Debt
197
229
298
-13.8%
Other liabilities
386
371
373
+4.1%
Total liabilities and equity
1,863
1,717
1,695
+8.5%
Fixed assets
855
778
721
+9.9%
Goodwill
108
103
105
+4.6%
Intangible assets
21.7
23.3
37.6
-6.9%
Cash and equivalents
236
203
275
+16.2%
Receivables
253
200
181
+26.3%
Inventory
215
199
181
+8.0%
Other assets
174
209
195
-16.8%
Total assets
1,863
1,717
1,695
+8.5%
10-K for the year ended 31 December 2017, filed 28 February 2019: the filing.