Avient (AVNT) FY2020 results: revenue $2.2 billion, down 22.6% on the year
Avient Corp. (AVNT) reported revenue of $2.2 billion for fiscal 2020, the year ended 31 December 2020, down 22.6% on the year before. Net income was $132 million, down 77.6%, and diluted earnings per share $1.45. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$2.2 billion
-22.6% on the year
FY2013FY2020
Operating margin
5.0%
5.5% a year earlier
FY2013FY2020
Net income
$132 million
-77.6% on the year
FY2013FY2020
Diluted EPS
$1.45
-80.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,215
2,863
2,881
-22.6%
Cost of revenue
1,555
2,206
2,256
-29.5%
Gross profit
660
657
625
+0.4%
Gross margin
29.8%
23.0%
21.7%
Research and development
59.8
50.6
49.6
+18.2%
Selling, general and administrative
548
500
446
+9.6%
Operating income
112
157
179
-28.8%
Operating margin
5.0%
5.5%
6.2%
Pre-tax income
61.1
109
102
-44.1%
Income tax
-11.7
33.7
14.4
Effective tax rate
-19.1%
30.8%
14.1%
Net income
132
589
160
-77.6%
Net margin
5.9%
20.6%
5.5%
Diluted EPS
$1.45
$7.58
$1.99
-80.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
222
301
254
-26.3%
Capital expenditure
63.7
81.7
76.0
-22.0%
Free cash flow
158
219
178
-27.9%
Free cash flow margin
7.1%
7.7%
6.2%
Cash from investing
-1,432
612
-170
Cash from financing
982
-218
-148
Depreciation and amortisation
112
87.5
88.5
+27.8%
Share-based compensation
11.3
11.6
10.9
-2.6%
Buybacks
22.4
26.9
123
-16.7%
Dividends paid
71.3
60.3
56.1
+18.2%
Dividend per share
$0.82
$0.79
$0.72
+4.1%
Diluted shares, weighted
91m
78m
80m
+16.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,697
1,052
540
+61.3%
Non-controlling interest
14.6
0.8
0.6
+1,725.0%
Debt
1,873
1,229
1,356
+52.3%
Operating lease liabilities
56.0
42.8
0.0
+30.8%
Other liabilities
1,230
948
827
+29.7%
Total liabilities and equity
4,870
3,273
2,723
+48.8%
Fixed assets
695
407
384
+70.6%
Goodwill
1,308
686
639
+90.8%
Intangible assets
1,008
469
422
+114.9%
Cash and equivalents
650
865
171
-24.9%
Receivables
517
330
347
+56.5%
Inventory
328
261
285
+25.5%
Other assets
365
255
475
+43.1%
Total assets
4,870
3,273
2,723
+48.8%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.