Watts Water Technologies (WTS) FY2017 results: revenue $1.5 billion, up 4.2% on the year
Watts Water Technologies Inc. (WTS) reported revenue of $1.5 billion for fiscal 2017, the year ended 31 December 2017, up 4.2% on the year before. Net income was $73 million, down 13.2%, and diluted earnings per share $2.12. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$1.5 billion
+4.2% on the year
FY2010FY2017
Operating margin
11.1%
10.4% a year earlier
FY2010FY2017
Net income
$73 million
-13.2% on the year
FY2010FY2017
Diluted EPS
$2.12
-13.1% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,457
1,398
1,468
+4.2%
Cost of revenue
854
833
915
+2.6%
Gross profit
602
566
553
+6.5%
Gross margin
41.4%
40.4%
37.7%
Research and development
29.0
26.5
23.5
+9.4%
Selling, general and administrative
432
424
491
+1.9%
Operating income
162
145
-90.1
+11.9%
Operating margin
11.1%
10.4%
-6.1%
Interest expense
19.1
22.6
24.3
-15.5%
Pre-tax income
143
128
-111
+12.0%
Income tax
70.0
43.6
1.9
+60.6%
Effective tax rate
48.9%
34.1%
n/a
Net income
73.1
84.2
-113
-13.2%
Net margin
5.0%
6.0%
-7.7%
Diluted EPS
$2.12
$2.44
-$3.24
-13.1%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
156
138
109
+12.9%
Capital expenditure
29.4
36.0
27.7
-18.3%
Free cash flow
126
102
81.7
+23.9%
Free cash flow margin
8.7%
7.3%
5.6%
Cash from investing
-27.3
-114
-17.3
Cash from financing
-205
27.7
-70.9
Depreciation and amortisation
52.2
51.2
52.5
+2.0%
Share-based compensation
13.9
13.4
10.9
+3.7%
Buybacks
18.2
26.8
44.6
-32.1%
Dividends paid
25.9
24.5
23.1
+5.7%
Dividend per share
$0.75
$0.71
$0.66
+5.6%
Diluted shares, weighted
34m
34m
35m
-0.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
829
736
705
+12.6%
Debt
500
654
577
-23.6%
Other liabilities
408
373
411
+9.3%
Total liabilities and equity
1,736
1,763
1,693
-1.5%
Fixed assets
198
190
184
+4.6%
Goodwill
550
533
489
+3.3%
Intangible assets
185
202
193
-8.5%
Cash and equivalents
280
338
296
-17.2%
Receivables
216
198
186
+9.1%
Inventory
259
239
240
+8.2%
Other assets
46.9
62.5
104
-25.0%
Total assets
1,736
1,763
1,693
-1.5%
10-K for the year ended 31 December 2017, filed 22 February 2019: the filing.