Avient (AVNT) FY2018 results: revenue $2.9 billion, up 11.2% on the year
Avient Corp. (AVNT) reported revenue of $2.9 billion for fiscal 2018, the year ended 31 December 2018, up 11.2% on the year before. Net income was $160 million, and diluted earnings per share $1.99. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2019.
Revenue
$2.9 billion
+11.2% on the year
FY2011FY2018
Operating margin
6.2%
6.7% a year earlier
FY2011FY2018
Net income
$160 million
FY2011FY2018
Diluted EPS
$1.99
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,881
2,590
2,349
+11.2%
Cost of revenue
2,256
1,994
1,793
+13.2%
Gross profit
625
596
556
+4.8%
Gross margin
21.7%
23.0%
23.7%
Research and development
49.6
45.3
44.3
+9.5%
Selling, general and administrative
446
423
386
+5.4%
Operating income
179
173
170
+3.2%
Operating margin
6.2%
6.7%
7.3%
Interest expense
n/a
60.8
59.8
Pre-tax income
102
112
130
-9.0%
Income tax
14.4
0.8
28.3
+1,700.0%
Effective tax rate
14.1%
0.7%
21.8%
Net income
160
-57.7
165
Net margin
5.5%
-2.2%
7.0%
Diluted EPS
$1.99
-$0.70
$1.95
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
254
202
228
+25.3%
Capital expenditure
76.0
79.6
84.2
-4.5%
Free cash flow
178
123
143
+44.7%
Free cash flow margin
6.2%
4.7%
6.1%
Cash from investing
-170
-119
-235
Cash from financing
-148
-72.7
-40.3
Depreciation and amortisation
88.5
97.4
100
-9.1%
Share-based compensation
10.9
10.2
8.4
+6.9%
Buybacks
123
70.7
86.2
+74.0%
Dividends paid
56.1
44.1
40.2
+27.2%
Dividend per share
$0.72
$0.58
$0.49
+24.1%
Diluted shares, weighted
80m
82m
85m
-2.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
540
598
725
-9.8%
Non-controlling interest
0.6
0.9
0.8
-33.3%
Debt
1,356
1,309
1,258
+3.6%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
827
797
752
+3.8%
Total liabilities and equity
2,723
2,705
2,736
+0.7%
Fixed assets
384
354
321
+8.6%
Goodwill
639
599
522
+6.6%
Intangible assets
422
399
343
+6.0%
Cash and equivalents
171
244
227
-29.8%
Receivables
347
326
326
+6.4%
Inventory
285
264
266
+7.7%
Other assets
475
519
732
-8.6%
Total assets
2,723
2,705
2,736
+0.7%
10-K for the year ended 31 December 2018, filed 19 February 2019: the filing.