Avient (AVNT) FY2013 results: revenue $3.8 billion, up 31.8% on the year
Avient Corp. (AVNT) reported revenue of $3.8 billion for fiscal 2013, the year ended 31 December 2013, up 31.8% on the year before. Net income was $244 million, up 239.1%, and diluted earnings per share $2.53. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2014.
Revenue
$3.8 billion
+31.8% on the year
FY2009FY2013
Operating margin
6.1%
4.8% a year earlier
FY2009FY2013
Net income
$244 million
+239.1% on the year
FY2009FY2013
Diluted EPS
$2.53
+216.2% on the year
FY2009FY2013
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
3,771
2,861
2,709
+31.8%
Cost of revenue
3,109
2,330
2,280
+33.5%
Gross profit
662
531
429
+24.7%
Gross margin
17.6%
18.6%
15.8%
Research and development
52.6
41.3
36.4
+27.4%
Selling, general and administrative
458
417
378
+9.7%
Operating income
232
138
203
+68.4%
Operating margin
6.1%
4.8%
7.5%
Interest expense
63.5
50.8
33.7
+25.0%
Pre-tax income
151
83.3
169
+81.3%
Income tax
58.1
30.1
15.5
+93.0%
Effective tax rate
38.5%
36.1%
9.2%
Net income
244
71.9
173
+239.1%
Net margin
6.5%
2.5%
6.4%
Diluted EPS
$2.53
$0.80
$1.83
+216.2%
$ 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
109
107
72.5
+2.0%
Capital expenditure
76.4
57.4
54.1
+33.1%
Free cash flow
32.6
49.5
18.4
-34.1%
Free cash flow margin
0.9%
1.7%
0.7%
Cash from investing
-60.1
-72.3
-422
Cash from financing
105
-17.5
164
Depreciation and amortisation
110
69.8
57.5
+57.3%
Share-based compensation
16.5
10.4
5.4
+58.7%
Buybacks
132
15.9
73.6
+727.7%
Dividends paid
21.5
16.9
-11.1
+27.2%
Dividend per share
$0.26
$0.20
$0.16
+30.0%
Diluted shares, weighted
96m
90m
94m
+7.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
977
629
588
+55.3%
Non-controlling interest
1.7
2.3
0.0
-26.1%
Debt
989
707
707
+39.9%
Other liabilities
929
790
785
+17.7%
Total liabilities and equity
2,897
2,128
2,080
+36.1%
Fixed assets
646
386
375
+67.5%
Goodwill
559
406
396
+37.9%
Intangible assets
366
340
342
+7.6%
Cash and equivalents
365
210
192
+73.9%
Receivables
428
314
310
+36.3%
Inventory
342
244
235
+40.1%
Other assets
190
228
231
-16.9%
Total assets
2,897
2,128
2,080
+36.1%
10-K for the year ended 31 December 2013, filed 13 February 2014: the filing.