Watts Water Technologies (WTS) FY2016 results: revenue $1.4 billion, down 4.7% on the year
Watts Water Technologies Inc. (WTS) reported revenue of $1.4 billion for fiscal 2016, the year ended 31 December 2016, down 4.7% on the year before. Net income was $84 million, and diluted earnings per share $2.44. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$1.4 billion
-4.7% on the year
FY2009FY2016
Operating margin
10.4%
-6.1% a year earlier
FY2009FY2016
Net income
$84 million
FY2009FY2016
Diluted EPS
$2.44
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
1,398
1,468
1,514
-4.7%
Cost of revenue
833
915
972
-8.9%
Gross profit
566
553
542
+2.3%
Gross margin
40.4%
37.7%
35.8%
Research and development
26.5
23.5
22.5
+12.8%
Selling, general and administrative
424
491
407
-13.7%
Operating income
145
-90.1
105
Operating margin
10.4%
-6.1%
7.0%
Interest expense
22.6
24.3
19.9
-7.0%
Pre-tax income
128
-111
83.1
Income tax
43.6
1.9
32.8
+2,194.7%
Effective tax rate
34.1%
n/a
39.5%
Net income
84.2
-113
50.3
Net margin
6.0%
-7.7%
3.3%
Diluted EPS
$2.44
-$3.24
$1.42
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
138
109
135
+26.2%
Capital expenditure
36.0
27.7
23.7
+30.0%
Free cash flow
102
81.7
112
+25.0%
Free cash flow margin
7.3%
5.6%
7.4%
Cash from investing
-114
-17.3
n/a
Cash from financing
27.7
-70.9
n/a
Depreciation and amortisation
51.2
52.5
48.1
-2.5%
Share-based compensation
13.4
10.9
8.6
+22.9%
Buybacks
26.8
44.6
39.6
-39.9%
Dividends paid
24.5
23.1
20.5
+6.1%
Dividend per share
$0.71
$0.66
$0.58
+7.6%
Diluted shares, weighted
34m
35m
35m
-1.1%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
736
705
912
+4.5%
Debt
654
577
580
+13.2%
Other liabilities
373
411
456
-9.1%
Total liabilities and equity
1,763
1,693
1,948
+4.2%
Fixed assets
190
184
203
+2.9%
Goodwill
533
489
639
+8.9%
Intangible assets
202
193
210
+5.0%
Cash and equivalents
338
296
301
+14.2%
Receivables
198
186
208
+6.2%
Inventory
239
240
292
-0.2%
Other assets
62.5
104
95.1
-39.9%
Total assets
1,763
1,693
1,948
+4.2%
10-K for the year ended 31 December 2016, filed 22 February 2019: the filing.