Avient (AVNT) FY2019 results: revenue $2.9 billion, down 0.6% on the year
Avient Corp. (AVNT) reported revenue of $2.9 billion for fiscal 2019, the year ended 31 December 2019, down 0.6% on the year before. Net income was $589 million, up 268.3%, and diluted earnings per share $7.58. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2020.
Revenue
$2.9 billion
-0.6% on the year
FY2012FY2019
Operating margin
5.5%
6.2% a year earlier
FY2012FY2019
Net income
$589 million
+268.3% on the year
FY2012FY2019
Diluted EPS
$7.58
+280.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,863
2,881
2,590
-0.6%
Cost of revenue
2,206
2,256
1,994
-2.2%
Gross profit
657
625
596
+5.2%
Gross margin
23.0%
21.7%
23.0%
Research and development
50.6
49.6
45.3
+2.0%
Selling, general and administrative
500
446
423
+12.1%
Operating income
157
179
173
-12.2%
Operating margin
5.5%
6.2%
6.7%
Interest expense
n/a
n/a
60.8
Pre-tax income
109
102
112
+7.5%
Income tax
33.7
14.4
0.8
+134.0%
Effective tax rate
30.8%
14.1%
0.7%
Net income
589
160
-57.7
+268.3%
Net margin
20.6%
5.5%
-2.2%
Diluted EPS
$7.58
$1.99
-$0.70
+280.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
301
254
202
+18.6%
Capital expenditure
81.7
76.0
79.6
+7.5%
Free cash flow
219
178
123
+23.3%
Free cash flow margin
7.7%
6.2%
4.7%
Cash from investing
612
-170
-119
Cash from financing
-218
-148
-72.7
Depreciation and amortisation
87.5
88.5
97.4
-1.1%
Share-based compensation
11.6
10.9
10.2
+6.4%
Buybacks
26.9
123
70.7
-78.1%
Dividends paid
60.3
56.1
44.1
+7.5%
Dividend per share
$0.79
$0.72
$0.58
+9.4%
Diluted shares, weighted
78m
80m
82m
-3.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,052
540
598
+94.8%
Non-controlling interest
0.8
0.6
0.9
+33.3%
Debt
1,229
1,356
1,309
-9.3%
Operating lease liabilities
42.8
0.0
n/a
Other liabilities
948
827
797
+14.7%
Total liabilities and equity
3,273
2,723
2,705
+20.2%
Fixed assets
407
384
354
+6.0%
Goodwill
686
639
599
+7.3%
Intangible assets
469
422
399
+11.1%
Cash and equivalents
865
171
244
+406.0%
Receivables
330
347
326
-5.0%
Inventory
261
285
264
-8.3%
Other assets
255
475
519
-46.2%
Total assets
3,273
2,723
2,705
+20.2%
10-K for the year ended 31 December 2019, filed 19 February 2020: the filing.