Avient (AVNT) FY2016 results: revenue $2.3 billion, down 19.8% on the year
Avient Corp. (AVNT) reported revenue of $2.3 billion for fiscal 2016, the year ended 31 December 2016, down 19.8% on the year before. Net income was $165 million, up 14.2%, and diluted earnings per share $1.95. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2019.
Revenue
$2.3 billion
-19.8% on the year
FY2009FY2016
Operating margin
7.3%
8.8% a year earlier
FY2009FY2016
Net income
$165 million
+14.2% on the year
FY2009FY2016
Diluted EPS
$1.95
+19.6% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,349
2,929
3,836
-19.8%
Cost of revenue
1,793
2,277
3,128
-21.3%
Gross profit
556
652
708
-14.6%
Gross margin
23.7%
22.2%
18.5%
Research and development
44.3
48.9
53.4
-9.4%
Selling, general and administrative
386
394
553
-2.1%
Operating income
170
258
155
-33.9%
Operating margin
7.3%
8.8%
4.0%
Interest expense
59.8
64.1
62.2
-6.7%
Pre-tax income
130
174
88.4
-25.5%
Income tax
28.3
25.5
11.2
+11.0%
Effective tax rate
21.8%
14.7%
12.7%
Net income
165
145
79.2
+14.2%
Net margin
7.0%
4.9%
2.1%
Diluted EPS
$1.95
$1.63
$0.85
+19.6%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
228
240
208
-5.3%
Capital expenditure
84.2
91.2
92.8
-7.7%
Free cash flow
143
149
116
-3.8%
Free cash flow margin
6.1%
5.1%
3.0%
Cash from investing
-235
-106
-112
Cash from financing
-40.3
-83.5
-218
Depreciation and amortisation
100
104
124
-3.6%
Share-based compensation
8.4
9.1
14.2
-7.7%
Buybacks
86.2
156
233
-44.8%
Dividends paid
40.2
35.7
29.9
+12.6%
Dividend per share
$0.49
$0.42
$0.34
+17.9%
Diluted shares, weighted
85m
89m
94m
-4.6%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
725
704
776
+2.9%
Non-controlling interest
0.8
1.0
0.9
-20.0%
Debt
1,258
1,147
1,011
+9.7%
Other liabilities
752
768
878
-2.1%
Total liabilities and equity
2,736
2,620
2,666
+4.4%
Fixed assets
321
400
597
-19.6%
Goodwill
522
453
591
+15.1%
Intangible assets
343
345
363
-0.6%
Cash and equivalents
227
280
239
-19.0%
Receivables
326
347
397
-6.2%
Inventory
266
287
309
-7.2%
Other assets
732
509
172
+43.7%
Total assets
2,736
2,620
2,666
+4.4%
10-K for the year ended 31 December 2016, filed 19 February 2019: the filing.