Watts Water Technologies (WTS) FY2012 results: revenue $1.4 billion, up 1.4% on the year
Watts Water Technologies Inc. (WTS) reported revenue of $1.4 billion for fiscal 2012, the year ended 31 December 2012, up 1.4% on the year before. Net income was $68 million, up 3.0%, and diluted earnings per share $1.90. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2013.
Revenue
$1.4 billion
+1.4% on the year
FY2008FY2012
Operating margin
8.6%
9.5% a year earlier
FY2008FY2012
Net income
$68 million
+3.0% on the year
FY2008FY2012
Diluted EPS
$1.90
+6.7% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
1,427
1,407
1,275
+1.4%
Cost of revenue
914
899
810
+1.7%
Gross profit
514
508
465
+1.0%
Gross margin
36.0%
36.1%
36.5%
Research and development
20.4
20.5
18.6
-0.5%
Selling, general and administrative
383
372
337
+3.0%
Operating income
123
134
114
-7.6%
Operating margin
8.6%
9.5%
9.0%
Interest expense
24.6
25.8
22.8
-4.7%
Pre-tax income
100
108
94.5
-7.0%
Income tax
29.8
30.7
31.4
-2.9%
Effective tax rate
29.7%
28.5%
33.2%
Net income
68.4
66.4
58.8
+3.0%
Net margin
4.8%
4.7%
4.6%
Diluted EPS
$1.90
$1.78
$1.57
+6.7%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
134
126
119
+6.0%
Capital expenditure
30.5
22.5
24.6
+35.6%
Free cash flow
103
103
94.3
-0.4%
Free cash flow margin
7.2%
7.3%
7.4%
Depreciation and amortisation
48.5
47.9
44.8
+1.3%
Share-based compensation
6.6
8.3
4.7
-20.5%
Buybacks
65.8
27.2
n/a
+141.9%
Dividends paid
16.0
16.3
16.4
-1.8%
Dividend per share
$0.44
$0.44
$0.44
0.0%
Diluted shares, weighted
36m
38m
37m
-3.7%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
940
920
902
+2.1%
Debt
385
399
379
-3.7%
Other liabilities
385
375
366
+2.7%
Total liabilities and equity
1,709
1,694
1,646
+0.9%
Fixed assets
222
220
198
+0.6%
Goodwill
504
489
428
+3.2%
Intangible assets
145
151
153
-3.7%
Cash and equivalents
272
251
329
+8.5%
Receivables
206
206
187
+0.1%
Inventory
288
281
266
+2.6%
Other assets
71.9
96.9
86.3
-25.8%
Total assets
1,709
1,694
1,646
+0.9%
10-K for the year ended 31 December 2012, filed 27 February 2013: the filing.