Watts Water Technologies (WTS) FY2014 results: revenue $1.5 billion, up 2.7% on the year
Watts Water Technologies Inc. (WTS) reported revenue of $1.5 billion for fiscal 2014, the year ended 31 December 2014, up 2.7% on the year before. Net income was $50 million, down 14.2%, and diluted earnings per share $1.42. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$1.5 billion
+2.7% on the year
FY2008FY2014
Operating margin
7.0%
7.6% a year earlier
FY2008FY2014
Net income
$50 million
-14.2% on the year
FY2008FY2014
Diluted EPS
$1.42
-13.9% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,514
1,474
1,427
+2.7%
Cost of revenue
972
947
914
+2.6%
Gross profit
542
526
514
+2.9%
Gross margin
35.8%
35.7%
36.0%
Research and development
22.5
21.5
20.4
+4.7%
Selling, general and administrative
407
406
383
+0.3%
Operating income
105
112
123
-5.5%
Operating margin
7.0%
7.6%
8.6%
Interest expense
19.9
21.5
24.6
-7.4%
Pre-tax income
83.1
87.8
100
-5.4%
Income tax
32.8
26.9
29.8
+21.9%
Effective tax rate
39.5%
30.6%
29.7%
Net income
50.3
58.6
68.4
-14.2%
Net margin
3.3%
4.0%
4.8%
Diluted EPS
$1.42
$1.65
$1.90
-13.9%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
135
118
134
+14.4%
Capital expenditure
23.7
27.7
30.5
-14.4%
Free cash flow
112
90.5
103
+23.2%
Free cash flow margin
7.4%
6.1%
7.2%
Depreciation and amortisation
48.1
48.9
48.5
-1.6%
Share-based compensation
8.6
9.6
6.6
-10.4%
Buybacks
39.6
23.0
65.8
+72.2%
Dividends paid
20.5
17.7
16.0
+15.8%
Dividend per share
$0.58
$0.50
$0.44
+16.0%
Diluted shares, weighted
35m
36m
36m
-0.6%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
912
1,002
940
-9.0%
Debt
580
308
385
+88.4%
Other liabilities
456
430
385
+5.9%
Total liabilities and equity
1,948
1,740
1,709
+11.9%
Fixed assets
203
220
222
-7.5%
Goodwill
639
515
504
+24.1%
Intangible assets
210
132
145
+58.7%
Cash and equivalents
301
268
272
+12.4%
Receivables
208
213
206
-2.4%
Inventory
292
310
288
-6.0%
Other assets
95.1
82.1
71.9
+15.8%
Total assets
1,948
1,740
1,709
+11.9%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.