Avient (AVNT) FY2017 results: revenue $2.6 billion, up 10.3% on the year
Avient Corp. (AVNT) reported revenue of $2.6 billion for fiscal 2017, the year ended 31 December 2017, up 10.3% on the year before. Net income was -$58 million, and diluted earnings per share $-0.70. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2019.
Revenue
$2.6 billion
+10.3% on the year
FY2010FY2017
Operating margin
6.7%
7.3% a year earlier
FY2010FY2017
Net income
-$58 million
FY2010FY2017
Diluted EPS
-$0.70
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
2,590
2,349
2,929
+10.3%
Cost of revenue
1,994
1,793
2,277
+11.2%
Gross profit
596
556
652
+7.2%
Gross margin
23.0%
23.7%
22.2%
Research and development
45.3
44.3
48.9
+2.3%
Selling, general and administrative
423
386
394
+9.7%
Operating income
173
170
258
+1.6%
Operating margin
6.7%
7.3%
8.8%
Interest expense
60.8
59.8
64.1
+1.7%
Pre-tax income
112
130
174
-13.7%
Income tax
0.8
28.3
25.5
-97.2%
Effective tax rate
0.7%
21.8%
14.7%
Net income
-57.7
165
145
Net margin
-2.2%
7.0%
4.9%
Diluted EPS
-$0.70
$1.95
$1.63
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
202
228
240
-11.1%
Capital expenditure
79.6
84.2
91.2
-5.5%
Free cash flow
123
143
149
-14.4%
Free cash flow margin
4.7%
6.1%
5.1%
Cash from investing
-119
-235
-106
Cash from financing
-72.7
-40.3
-83.5
Depreciation and amortisation
97.4
100
104
-3.1%
Share-based compensation
10.2
8.4
9.1
+21.4%
Buybacks
70.7
86.2
156
-18.0%
Dividends paid
44.1
40.2
35.7
+9.7%
Dividend per share
$0.58
$0.49
$0.42
+17.2%
Diluted shares, weighted
82m
85m
89m
-3.0%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
598
725
704
-17.4%
Non-controlling interest
0.9
0.8
1.0
+12.5%
Debt
1,309
1,258
1,147
+4.0%
Other liabilities
797
752
768
+6.0%
Total liabilities and equity
2,705
2,736
2,620
-1.1%
Fixed assets
354
321
400
+10.2%
Goodwill
599
522
453
+14.9%
Intangible assets
399
343
345
+16.3%
Cash and equivalents
244
227
280
+7.5%
Receivables
326
326
347
+0.2%
Inventory
264
266
287
-0.8%
Other assets
519
732
509
-29.0%
Total assets
2,705
2,736
2,620
-1.1%
10-K for the year ended 31 December 2017, filed 19 February 2019: the filing.