Watts Water Technologies (WTS) FY2013 results: revenue $1.5 billion, up 3.2% on the year
Watts Water Technologies Inc. (WTS) reported revenue of $1.5 billion for fiscal 2013, the year ended 31 December 2013, up 3.2% on the year before. Net income was $59 million, down 14.3%, and diluted earnings per share $1.65. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$1.5 billion
+3.2% on the year
FY2008FY2013
Operating margin
7.6%
8.6% a year earlier
FY2008FY2013
Net income
$59 million
-14.3% on the year
FY2008FY2013
Diluted EPS
$1.65
-13.2% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,474
1,427
1,407
+3.2%
Cost of revenue
947
914
899
+3.6%
Gross profit
526
514
508
+2.5%
Gross margin
35.7%
36.0%
36.1%
Research and development
21.5
20.4
20.5
+5.4%
Selling, general and administrative
406
383
372
+6.0%
Operating income
112
123
134
-9.6%
Operating margin
7.6%
8.6%
9.5%
Interest expense
21.5
24.6
25.8
-12.6%
Pre-tax income
87.8
100
108
-12.5%
Income tax
26.9
29.8
30.7
-9.7%
Effective tax rate
30.6%
29.7%
28.5%
Net income
58.6
68.4
66.4
-14.3%
Net margin
4.0%
4.8%
4.7%
Diluted EPS
$1.65
$1.90
$1.78
-13.2%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
118
134
126
-11.5%
Capital expenditure
27.7
30.5
22.5
-9.2%
Free cash flow
90.5
103
103
-12.1%
Free cash flow margin
6.1%
7.2%
7.3%
Depreciation and amortisation
48.9
48.5
47.9
+0.8%
Share-based compensation
9.6
6.6
8.3
+45.5%
Buybacks
23.0
65.8
27.2
-65.0%
Dividends paid
17.7
16.0
16.3
+10.6%
Dividend per share
$0.50
$0.44
$0.44
+13.6%
Diluted shares, weighted
36m
36m
38m
-1.4%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,002
940
920
+6.7%
Debt
308
385
399
-20.0%
Other liabilities
430
385
375
+11.8%
Total liabilities and equity
1,740
1,709
1,694
+1.8%
Fixed assets
220
222
220
-0.8%
Goodwill
515
504
489
+2.1%
Intangible assets
132
145
151
-8.9%
Cash and equivalents
268
272
251
-1.4%
Receivables
213
206
206
+3.2%
Inventory
310
288
281
+7.7%
Other assets
82.1
71.9
96.9
+14.2%
Total assets
1,740
1,709
1,694
+1.8%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.