A. O. Smith (AOS) FY2017 results: revenue $3.0 billion, up 11.6% on the year
A. O. Smith Corp. (AOS) reported revenue of $3.0 billion for fiscal 2017, the year ended 31 December 2017, up 11.6% on the year before. Net income was $296 million, down 9.2%, and diluted earnings per share $1.70. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$3.0 billion
+11.6% on the year
FY2010FY2017
Operating margin
19.3%
19.2% a year earlier
FY2010FY2017
Net income
$296 million
-9.2% on the year
FY2010FY2017
Diluted EPS
$1.70
-8.1% 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
2,997
2,686
2,536
+11.6%
Cost of revenue
1,764
1,572
1,527
+12.3%
Gross profit
1,232
1,114
1,010
+10.6%
Gross margin
41.1%
41.5%
39.8%
Research and development
86.4
80.1
73.7
+7.9%
Selling, general and administrative
723
662
611
+9.1%
Operating income
578
515
453
+12.2%
Operating margin
19.3%
19.2%
17.9%
Interest expense
10.1
7.3
7.4
+38.4%
Pre-tax income
521
462
402
+12.6%
Income tax
224
136
120
+64.9%
Effective tax rate
43.1%
29.4%
29.7%
Net income
296
326
283
-9.2%
Net margin
9.9%
12.2%
11.2%
Diluted EPS
$1.70
$1.85
$1.58
-8.1%
$ 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
326
447
352
-26.9%
Capital expenditure
94.2
80.7
72.7
+16.7%
Free cash flow
232
366
279
-36.5%
Free cash flow margin
7.7%
13.6%
11.0%
Cash from investing
-158
-300
n/a
Cash from financing
-152
-140
n/a
Depreciation and amortisation
70.1
65.1
63.0
+7.7%
Share-based compensation
9.9
9.4
8.8
+5.3%
Buybacks
139
135
128
+2.9%
Dividends paid
96.9
84.2
67.8
+15.1%
Dividend per share
$0.56
$0.48
$0.38
+16.7%
Diluted shares, weighted
175m
177m
179m
-1.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
1,645
1,511
1,442
+8.8%
Debt
410
324
249
+26.8%
Other liabilities
1,142
1,056
938
+8.1%
Total liabilities and equity
3,197
2,891
2,629
+10.6%
Fixed assets
529
462
443
+14.5%
Goodwill
517
492
421
+5.1%
Intangible assets
309
308
291
+0.1%
Investments
473
424
322
+11.6%
Cash and equivalents
347
330
324
+4.9%
Receivables
593
519
501
+14.3%
Inventory
297
251
223
+18.3%
Other assets
133
105
105
+27.1%
Total assets
3,197
2,891
2,629
+10.6%
10-K for the year ended 31 December 2017, filed 15 February 2019: the filing.