Watts Water Technologies (WTS) FY2015 results: revenue $1.5 billion, down 3.0% on the year
Watts Water Technologies Inc. (WTS) reported revenue of $1.5 billion for fiscal 2015, the year ended 31 December 2015, down 3.0% on the year before. Net income was -$113 million, and diluted earnings per share $-3.24. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2016.
Revenue
$1.5 billion
-3.0% on the year
FY2008FY2015
Operating margin
-6.1%
7.0% a year earlier
FY2008FY2015
Net income
-$113 million
FY2008FY2015
Diluted EPS
-$3.24
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
1,468
1,514
1,474
-3.0%
Cost of revenue
915
972
947
-5.9%
Gross profit
553
542
526
+2.1%
Gross margin
37.7%
35.8%
35.7%
Research and development
23.5
22.5
21.5
+4.4%
Selling, general and administrative
491
407
406
+20.7%
Operating income
-90.1
105
112
Operating margin
-6.1%
7.0%
7.6%
Interest expense
24.3
19.9
21.5
+22.1%
Pre-tax income
-111
83.1
87.8
Income tax
1.9
32.8
26.9
-94.2%
Effective tax rate
n/a
39.5%
30.6%
Net income
-113
50.3
58.6
Net margin
-7.7%
3.3%
4.0%
Diluted EPS
-$3.24
$1.42
$1.65
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
109
135
118
-19.1%
Capital expenditure
27.7
23.7
27.7
+16.9%
Free cash flow
81.7
112
90.5
-26.7%
Free cash flow margin
5.6%
7.4%
6.1%
Cash from investing
-17.3
n/a
n/a
Cash from financing
-70.9
n/a
n/a
Depreciation and amortisation
52.5
48.1
48.9
+9.1%
Share-based compensation
10.9
8.6
9.6
+26.7%
Buybacks
44.6
39.6
23.0
+12.6%
Dividends paid
23.1
20.5
17.7
+12.7%
Dividend per share
$0.66
$0.58
$0.50
+13.8%
Diluted shares, weighted
35m
35m
36m
-1.4%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
705
912
1,002
-22.7%
Debt
577
580
308
-0.4%
Other liabilities
411
456
430
-9.9%
Total liabilities and equity
1,693
1,948
1,740
-13.1%
Fixed assets
184
203
220
-9.3%
Goodwill
489
639
515
-23.5%
Intangible assets
193
210
132
-8.2%
Cash and equivalents
296
301
268
-1.6%
Receivables
186
208
213
-10.3%
Inventory
240
292
310
-17.7%
Other assets
104
95.1
82.1
+9.4%
Total assets
1,693
1,948
1,740
-13.1%
10-K for the year ended 31 December 2015, filed 29 February 2016: the filing.