West Pharmaceutical Services Inc. Q4 FY2023 results: revenue $732 million, up 3.3% on the year

West Pharmaceutical Services Inc. (WST) reported revenue of $732 million for Q4 FY2023, the quarter ended 31 December 2023, up 3.3% on the same quarter a year earlier. Net income was $137 million, up 33.0% on the year, and diluted earnings per share $1.83. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue$732 millionup 3.3%

Net income$137 millionup 33.0%

Diluted EPS$1.83

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	732	747	n/a	n/a
Cost of revenue	454	459	n/a	n/a
Gross profit	278	288	n/a	n/a
Gross margin	38.0%	38.6%	n/a
Research and development	18.4	16.4	n/a	n/a
Selling, general and administrative	90.0	89.0	n/a	n/a
Operating income	161	177	n/a	n/a
Operating margin	22.0%	23.7%	n/a
Interest expense	1.2	2.9	n/a	n/a
Pre-tax income	168	187	n/a	n/a
Income tax	34.5	29.4	n/a	n/a
Effective tax rate	20.5%	15.7%	n/a
Net income	137	161	n/a	n/a
Net margin	18.7%	21.6%	n/a
Diluted EPS	$1.83	$2.14	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	239	230	n/a	n/a
Capital expenditure	109	95.8	n/a	n/a
Free cash flow	130	134	n/a	n/a
Free cash flow margin	17.8%	18.0%	n/a
Share-based compensation	1.4	5.9	n/a	n/a
Buybacks	177	27.8	n/a	n/a
Dividends paid	14.8	14.0	n/a	n/a
Diluted shares, weighted	75m	75m	n/a	n/a
Shares outstanding at period end	74m	74m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	3,830	3,755	n/a	n/a
Cash and equivalents	854	899	n/a	n/a
Receivables	512	519	n/a	n/a
Inventory	435	432	n/a	n/a
Goodwill	108	107	n/a	n/a
Long-term debt	207	207	n/a	n/a
Borrowings, as the company tags them	207	208	n/a	n/a
Operating lease liabilities	84.5	83.0	n/a	n/a
Shareholders' equity	2,881	2,868	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	747	732	695	702	747	749	698	766	805	805	845	872
Cost of revenue	459	454	465	472	482	475	466	493	510	501	548	543
Gross profit	288	278	230	230	265	274	232	274	294	304	296	329
Gross margin	39%	38%	33%	33%	35%	37%	33%	36%	37%	38%	35%	38%
R&D	16.4	18.4	17.6	17.5	15.5	18.5	16.3	19.1	17.1	21.8	15.8	19.7
SG&A	89.0	90.0	86.7	83.0	83.5	85.3	88.0	95.9	103	107	99.5	118
Operating income	177	161	123	126	161	160	107	154	168	157	177	179
Operating margin	24%	22%	18%	18%	22%	21%	15%	20%	21%	19%	21%	21%
Interest expense	2.9	1.2	1.6	1.5	0.7	-0.8	0.4	0.1	0.2	-0.2	1.9	2.6
Pre-tax income	187	168	127	129	164	165	110	157	172	162	180	180
Tax rate	16%	21%	13%	17%	20%	22%	22%	19%	20%	21%	25%	18%
Net income	161	137	115	111	136	130	89.8	132	140	132	139	154
Net margin	22%	19%	17%	16%	18%	17%	13%	17%	17%	16%	16%	18%
Diluted EPS	$2.14	$1.83	$1.55	$1.51	$1.85	$1.78	$1.23	$1.82	$1.92	$1.82	$1.92	$2.15
Operating cash flow	230	239	118	165	180	190	129	177	197	251	89.9	124
Capital expenditure	95.8	109	90.6	100	81.3	105	71.3	75.2	63.3	76.1	42.7	43.2
Free cash flow	134	130	27.6	64.8	98.8	85.2	58.1	102	134	175	47.2	80.8
Buybacks	27.8	177	267	187	52.4	54.4	134	0.5	0.0	0.0	298	157
Dividends paid	14.0	14.8	14.7	14.6	14.5	15.3	15.2	15.1	15.1	15.8	15.8	15.7
Shares outstanding	74m	74m	73m	73m	72m	72m	72m	72m	72m	72m	71m	70m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 20 February 2024, accession 0000105770-24-000015: the filing on EDGAR. All of West Pharmaceutical Services Inc.'s filings: EDGAR company page.

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