West Pharmaceutical Services (WST) FY2018 results: revenue $1.7 billion, up 7.4% on the year
West Pharmaceutical Services Inc. (WST) reported revenue of $1.7 billion for fiscal 2018, the year ended 31 December 2018, up 7.4% on the year before. Net income was $207 million, up 37.3%, and diluted earnings per share $2.74. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$1.7 billion
+7.4% on the year
FY2011FY2018
Operating margin
14.0%
14.1% a year earlier
FY2011FY2018
Net income
$207 million
+37.3% on the year
FY2011FY2018
Diluted EPS
$2.74
+37.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,717
1,599
1,509
+7.4%
Cost of revenue
1,172
1,086
1,008
+7.9%
Gross profit
545
513
501
+6.4%
Gross margin
31.8%
32.1%
33.2%
Research and development
40.3
39.1
36.8
+3.1%
Selling, general and administrative
263
246
240
+6.9%
Operating income
240
226
195
+6.4%
Operating margin
14.0%
14.1%
12.9%
Interest expense
8.4
7.8
8.1
+7.7%
Pre-tax income
241
222
190
+8.2%
Income tax
41.4
80.9
54.4
-48.8%
Effective tax rate
17.2%
36.4%
28.7%
Net income
207
151
144
+37.3%
Net margin
12.0%
9.4%
9.5%
Diluted EPS
$2.74
$1.99
$1.91
+37.7%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
289
263
219
+9.6%
Capital expenditure
105
131
170
-20.0%
Free cash flow
184
132
49.2
+38.8%
Free cash flow margin
10.7%
8.3%
3.3%
Cash from investing
-101
-134
-176
Cash from financing
-80.7
-109
-114
Depreciation and amortisation
104
96.7
90.7
+8.0%
Share-based compensation
15.1
16.1
19.5
-6.2%
Buybacks
70.8
74.4
52.2
-4.8%
Dividends paid
42.1
39.1
35.8
+7.7%
Dividend per share
$0.58
$0.54
$0.50
+7.4%
Diluted shares, weighted
75m
76m
75m
-0.5%
Shares outstanding at period end
74m
74m
73m
+0.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,396
1,280
1,118
+9.1%
Debt
196
197
229
-0.5%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
386
386
371
+0.2%
Total liabilities and equity
1,979
1,863
1,717
+6.2%
Fixed assets
822
855
778
-3.9%
Goodwill
106
108
103
-1.8%
Intangible assets
20.3
21.7
23.3
-6.5%
Cash and equivalents
337
236
203
+43.0%
Receivables
288
253
200
+13.8%
Inventory
214
215
199
-0.3%
Other assets
191
174
209
+9.5%
Total assets
1,979
1,863
1,717
+6.2%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.