A. O. Smith (AOS) FY2018 results: revenue $3.2 billion, up 6.4% on the year
A. O. Smith Corp. (AOS) reported revenue of $3.2 billion for fiscal 2018, the year ended 31 December 2018, up 6.4% on the year before. Net income was $444 million, up 49.8%, and diluted earnings per share $2.58. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$3.2 billion
+6.4% on the year
FY2011FY2018
Operating margin
19.2%
19.3% a year earlier
FY2011FY2018
Net income
$444 million
+49.8% on the year
FY2011FY2018
Diluted EPS
$2.58
+51.8% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
3,188
2,997
2,686
+6.4%
Cost of revenue
1,882
1,764
1,572
+6.7%
Gross profit
1,306
1,232
1,114
+5.9%
Gross margin
41.0%
41.1%
41.5%
Research and development
94.0
86.4
80.1
+8.8%
Selling, general and administrative
754
723
662
+4.3%
Operating income
613
578
515
+6.1%
Operating margin
19.2%
19.3%
19.2%
Interest expense
8.4
10.1
7.3
-16.8%
Pre-tax income
558
521
462
+7.1%
Income tax
114
224
136
-49.4%
Effective tax rate
20.4%
43.1%
29.4%
Net income
444
296
326
+49.8%
Net margin
13.9%
9.9%
12.2%
Diluted EPS
$2.58
$1.70
$1.85
+51.8%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
449
326
447
+37.5%
Capital expenditure
85.2
94.2
80.7
-9.6%
Free cash flow
364
232
366
+56.6%
Free cash flow margin
11.4%
7.7%
13.6%
Cash from investing
-12.7
-158
-300
Cash from financing
-523
-152
-140
Depreciation and amortisation
71.9
70.1
65.1
+2.6%
Share-based compensation
10.1
9.9
9.4
+2.0%
Buybacks
203
139
135
+45.7%
Dividends paid
130
96.9
84.2
+34.3%
Dividend per share
$0.76
$0.56
$0.48
+35.7%
Diluted shares, weighted
172m
175m
177m
-1.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,717
1,645
1,511
+4.4%
Debt
221
410
324
-46.1%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
1,133
1,142
1,056
-0.8%
Total liabilities and equity
3,072
3,197
2,891
-3.9%
Fixed assets
540
529
462
+2.1%
Goodwill
513
517
492
-0.7%
Intangible assets
293
309
308
-5.1%
Investments
385
473
424
-18.6%
Cash and equivalents
260
347
330
-25.1%
Receivables
647
593
519
+9.2%
Inventory
305
297
251
+2.6%
Other assets
128
133
105
-3.7%
Total assets
3,072
3,197
2,891
-3.9%
10-K for the year ended 31 December 2018, filed 15 February 2019: the filing.