A. O. Smith (AOS) FY2019 results: revenue $3.0 billion, down 6.1% on the year
A. O. Smith Corp. (AOS) reported revenue of $3.0 billion for fiscal 2019, the year ended 31 December 2019, down 6.1% on the year before. Net income was $370 million, down 16.7%, and diluted earnings per share $2.22. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$3.0 billion
-6.1% on the year
FY2012FY2019
Operating margin
17.7%
19.2% a year earlier
FY2012FY2019
Net income
$370 million
-16.7% on the year
FY2012FY2019
Diluted EPS
$2.22
-14.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,993
3,188
2,997
-6.1%
Cost of revenue
1,812
1,882
1,764
-3.7%
Gross profit
1,181
1,306
1,232
-9.6%
Gross margin
39.5%
41.0%
41.1%
Research and development
87.9
94.0
86.4
-6.5%
Selling, general and administrative
716
754
723
-5.1%
Operating income
529
613
578
-13.7%
Operating margin
17.7%
19.2%
19.3%
Interest expense
11.0
8.4
10.1
+31.0%
Pre-tax income
472
558
521
-15.4%
Income tax
102
114
224
-10.1%
Effective tax rate
21.6%
20.4%
43.1%
Net income
370
444
296
-16.7%
Net margin
12.4%
13.9%
9.9%
Diluted EPS
$2.22
$2.58
$1.70
-14.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
456
449
326
+1.6%
Capital expenditure
64.4
85.2
94.2
-24.4%
Free cash flow
392
364
232
+7.7%
Free cash flow margin
13.1%
11.4%
7.7%
Cash from investing
33.9
-12.7
-158
Cash from financing
-376
-523
-152
Depreciation and amortisation
78.3
71.9
70.1
+8.9%
Share-based compensation
13.3
10.1
9.9
+31.7%
Buybacks
288
203
139
+42.0%
Dividends paid
149
130
96.9
+14.7%
Dividend per share
$0.90
$0.76
$0.56
+18.4%
Diluted shares, weighted
167m
172m
175m
-3.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,667
1,717
1,645
-2.9%
Debt
284
221
410
+28.3%
Operating lease liabilities
38.7
0.0
n/a
Other liabilities
1,068
1,133
1,142
-5.7%
Total liabilities and equity
3,058
3,072
3,197
-0.4%
Fixed assets
545
540
529
+1.0%
Goodwill
546
513
517
+6.4%
Intangible assets
338
293
309
+15.5%
Investments
177
385
473
-54.0%
Cash and equivalents
374
260
347
+44.0%
Receivables
590
647
593
-8.9%
Inventory
303
305
297
-0.6%
Other assets
184
128
133
+43.5%
Total assets
3,058
3,072
3,197
-0.4%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.