Avient (AVNT) FY2015 results: revenue $2.9 billion, down 23.6% on the year
Avient Corp. (AVNT) reported revenue of $2.9 billion for fiscal 2015, the year ended 31 December 2015, down 23.6% on the year before. Net income was $145 million, up 82.6%, and diluted earnings per share $1.63. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2016.
Revenue
$2.9 billion
-23.6% on the year
FY2009FY2015
Operating margin
8.8%
4.0% a year earlier
FY2009FY2015
Net income
$145 million
+82.6% on the year
FY2009FY2015
Diluted EPS
$1.63
+91.8% on the year
FY2009FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
2,929
3,836
3,771
-23.6%
Cost of revenue
2,277
3,128
3,109
-27.2%
Gross profit
652
708
662
-8.0%
Gross margin
22.2%
18.5%
17.6%
Research and development
48.9
53.4
52.6
-8.4%
Selling, general and administrative
394
553
458
-28.7%
Operating income
258
155
232
+66.1%
Operating margin
8.8%
4.0%
6.1%
Interest expense
64.1
62.2
63.5
+3.1%
Pre-tax income
174
88.4
151
+96.8%
Income tax
25.5
11.2
58.1
+127.7%
Effective tax rate
14.7%
12.7%
38.5%
Net income
145
79.2
244
+82.6%
Net margin
4.9%
2.1%
6.5%
Diluted EPS
$1.63
$0.85
$2.53
+91.8%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
240
208
109
+15.3%
Capital expenditure
91.2
92.8
76.4
-1.7%
Free cash flow
149
116
32.6
+29.0%
Free cash flow margin
5.1%
3.0%
0.9%
Cash from investing
-106
-112
-60.1
Cash from financing
-83.5
-218
105
Depreciation and amortisation
104
124
110
-15.8%
Share-based compensation
9.1
14.2
16.5
-35.9%
Buybacks
156
233
132
-33.1%
Dividends paid
35.7
29.9
21.5
+19.4%
Dividend per share
$0.42
$0.34
$0.26
+23.5%
Diluted shares, weighted
89m
94m
96m
-5.1%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
704
776
977
-9.3%
Non-controlling interest
1.0
0.9
1.7
+11.1%
Debt
1,147
1,011
989
+13.5%
Other liabilities
768
878
929
-12.5%
Total liabilities and equity
2,620
2,666
2,897
-1.7%
Fixed assets
400
597
646
-33.0%
Goodwill
453
591
559
-23.3%
Intangible assets
345
363
366
-5.0%
Cash and equivalents
280
239
365
+17.3%
Receivables
347
397
428
-12.6%
Inventory
287
309
342
-7.1%
Other assets
509
172
190
+196.1%
Total assets
2,620
2,666
2,897
-1.7%
10-K for the year ended 31 December 2015, filed 12 February 2016: the filing.