A. O. Smith (AOS) FY2016 results: revenue $2.7 billion, up 5.9% on the year
A. O. Smith Corp. (AOS) reported revenue of $2.7 billion for fiscal 2016, the year ended 31 December 2016, up 5.9% on the year before. Net income was $326 million, up 15.4%, and diluted earnings per share $1.85. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$2.7 billion
+5.9% on the year
FY2009FY2016
Operating margin
19.2%
17.9% a year earlier
FY2009FY2016
Net income
$326 million
+15.4% on the year
FY2009FY2016
Diluted EPS
$1.85
+17.1% on the year
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
2,686
2,536
2,356
+5.9%
Cost of revenue
1,572
1,527
1,497
+2.9%
Gross profit
1,114
1,010
859
+10.3%
Gross margin
41.5%
39.8%
36.5%
Research and development
80.1
73.7
67.9
+8.7%
Selling, general and administrative
662
611
572
+8.5%
Operating income
515
453
345
+13.7%
Operating margin
19.2%
17.9%
14.7%
Interest expense
7.3
7.4
5.7
-1.4%
Pre-tax income
462
402
287
+14.9%
Income tax
136
120
78.9
+13.7%
Effective tax rate
29.4%
29.7%
27.5%
Net income
326
283
208
+15.4%
Net margin
12.2%
11.2%
8.8%
Diluted EPS
$1.85
$1.58
$1.14
+17.1%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
447
352
264
+27.0%
Capital expenditure
80.7
72.7
86.1
+11.0%
Free cash flow
366
279
178
+31.1%
Free cash flow margin
13.6%
11.0%
7.5%
Cash from investing
-300
n/a
n/a
Cash from financing
-140
n/a
n/a
Depreciation and amortisation
65.1
63.0
59.8
+3.3%
Share-based compensation
9.4
8.8
10.8
+6.8%
Buybacks
135
128
104
+5.5%
Dividends paid
84.2
67.8
54.4
+24.2%
Dividend per share
$0.48
$0.38
$0.30
+26.3%
Diluted shares, weighted
177m
179m
182m
-1.2%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,511
1,442
1,381
+4.8%
Debt
324
249
224
+30.0%
Other liabilities
1,056
938
893
+12.6%
Total liabilities and equity
2,891
2,629
2,498
+10.0%
Fixed assets
462
443
428
+4.3%
Goodwill
492
421
429
+16.8%
Intangible assets
308
291
308
+5.9%
Investments
424
322
222
+31.9%
Cash and equivalents
330
324
319
+2.1%
Receivables
519
501
475
+3.5%
Inventory
251
223
208
+12.7%
Other assets
105
105
108
-0.2%
Total assets
2,891
2,629
2,498
+10.0%
10-K for the year ended 31 December 2016, filed 15 February 2019: the filing.