A. O. Smith (AOS) FY2020 results: revenue $2.9 billion, down 3.3% on the year
A. O. Smith Corp. (AOS) reported revenue of $2.9 billion for fiscal 2020, the year ended 31 December 2020, down 3.3% on the year before. Net income was $345 million, down 6.8%, and diluted earnings per share $2.12. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2021.
Revenue
$2.9 billion
-3.3% on the year
FY2013FY2020
Operating margin
17.4%
17.7% a year earlier
FY2013FY2020
Net income
$345 million
-6.8% on the year
FY2013FY2020
Diluted EPS
$2.12
-4.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,895
2,993
3,188
-3.3%
Cost of revenue
1,787
1,812
1,882
-1.4%
Gross profit
1,108
1,181
1,306
-6.1%
Gross margin
38.3%
39.5%
41.0%
Research and development
80.7
87.9
94.0
-8.2%
Selling, general and administrative
660
716
754
-7.7%
Operating income
503
529
613
-4.9%
Operating margin
17.4%
17.7%
19.2%
Interest expense
7.3
11.0
8.4
-33.6%
Pre-tax income
444
472
558
-6.0%
Income tax
99.0
102
114
-3.0%
Effective tax rate
22.3%
21.6%
20.4%
Net income
345
370
444
-6.8%
Net margin
11.9%
12.4%
13.9%
Diluted EPS
$2.12
$2.22
$2.58
-4.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
562
456
449
+23.2%
Capital expenditure
56.8
64.4
85.2
-11.8%
Free cash flow
505
392
364
+29.0%
Free cash flow margin
17.5%
13.1%
11.4%
Cash from investing
11.8
33.9
-12.7
-65.2%
Cash from financing
-375
-376
-523
Depreciation and amortisation
80.0
78.3
71.9
+2.2%
Share-based compensation
12.7
13.3
10.1
-4.5%
Buybacks
56.7
288
203
-80.3%
Dividends paid
159
149
130
+6.4%
Dividend per share
$0.98
$0.90
$0.76
+8.9%
Diluted shares, weighted
163m
167m
172m
-2.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,848
1,667
1,717
+10.9%
Debt
113
284
221
-60.1%
Operating lease liabilities
34.4
38.7
0.0
-11.1%
Other liabilities
1,165
1,068
1,133
+9.0%
Total liabilities and equity
3,161
3,058
3,072
+3.4%
Fixed assets
541
545
540
-0.8%
Goodwill
547
546
513
+0.1%
Intangible assets
324
338
293
-4.3%
Investments
116
177
385
-34.3%
Cash and equivalents
573
374
260
+53.2%
Receivables
585
590
647
-0.8%
Inventory
300
303
305
-1.0%
Other assets
174
184
128
-5.6%
Total assets
3,161
3,058
3,072
+3.4%
10-K for the year ended 31 December 2020, filed 12 February 2021: the filing.