Arrow Electronics (ARW) FY2013 results: revenue $21.4 billion, up 4.7% on the year
Arrow Electronics, Inc. (ARW) reported revenue of $21.4 billion for fiscal 2013, the year ended 31 December 2013, up 4.7% on the year before. Net income was $399 million, down 21.1%, and diluted earnings per share $3.85. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2014.
Revenue
$21.4 billion
+4.7% on the year
FY2008FY2013
Operating margin
3.2%
3.9% a year earlier
FY2008FY2013
Net income
$399 million
-21.1% on the year
FY2008FY2013
Diluted EPS
$3.85
-15.6% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
21,357
20,405
21,390
+4.7%
Cost of revenue
18,566
17,668
18,442
+5.1%
Gross profit
2,791
2,737
2,949
+2.0%
Gross margin
13.1%
13.4%
13.8%
Selling, general and administrative
1,874
1,850
1,893
+1.3%
Operating income
694
804
909
-13.8%
Operating margin
3.2%
3.9%
4.2%
Income tax
182
204
210
-10.5%
Net income
399
506
599
-21.1%
Net margin
1.9%
2.5%
2.8%
Diluted EPS
$3.85
$4.56
$5.17
-15.6%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
451
675
121
-33.2%
Capital expenditure
116
112
114
+3.5%
Free cash flow
335
563
6.9
-40.6%
Free cash flow margin
1.6%
2.8%
0.0%
Cash from investing
-487
-409
-647
Cash from financing
-26.6
-258
-13.9
Depreciation and amortisation
131
115
103
+13.7%
Share-based compensation
36.9
34.5
39.2
+6.9%
Buybacks
363
261
197
+39.1%
Diluted shares, weighted
104m
111m
116m
-6.6%
Shares outstanding at period end
n/a
n/a
112m
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
4,180
3,983
3,669
+4.9%
Non-controlling interest
4.6
4.1
6.4
+11.0%
Debt
2,250
1,952
1,962
+15.3%
Other liabilities
5,626
4,846
4,192
+16.1%
Total liabilities and equity
12,061
10,786
9,829
+11.8%
Fixed assets
632
600
556
+5.5%
Goodwill
2,039
1,712
1,473
+19.1%
Intangible assets
426
414
393
+2.9%
Cash and equivalents
391
410
397
-4.7%
Receivables
5,770
4,924
4,482
+17.2%
Inventory
2,167
2,053
1,964
+5.6%
Other assets
635
674
564
-5.7%
Total assets
12,061
10,786
9,829
+11.8%
10-K for the year ended 31 December 2013, filed 5 February 2014: the filing.