Avnet (AVT) FY2012 results: revenue $25.7 billion, down 3.1% on the year
Avnet Inc. (AVT) reported revenue of $25.7 billion for fiscal 2012, the year ended 30 June 2012, down 3.1% on the year before. Net income was $567 million, down 15.3%, and diluted earnings per share $3.79. The figures are the company's own, from the 10-K it filed with the SEC on 10 August 2012.
Revenue
$25.7 billion
-3.1% on the year
FY2008FY2012
Operating margin
3.4%
3.5% a year earlier
FY2008FY2012
Net income
$567 million
-15.3% on the year
FY2008FY2012
Diluted EPS
$3.79
-12.7% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
25,708
26,534
19,160
-3.1%
Cost of revenue
22,657
23,427
16,880
-3.3%
Gross profit
3,051
3,108
2,280
-1.8%
Gross margin
11.9%
11.7%
11.9%
Selling, general and administrative
2,093
2,101
1,619
-0.4%
Operating income
884
930
636
-4.9%
Operating margin
3.4%
3.5%
3.3%
Interest expense
90.9
92.5
61.7
-1.7%
Pre-tax income
791
871
585
-9.2%
Income tax
224
202
175
+10.8%
Effective tax rate
28.3%
23.2%
29.9%
Net income
567
669
410
-15.3%
Net margin
2.2%
2.5%
2.1%
Diluted EPS
$3.79
$4.34
$2.68
-12.7%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
529
278
-30.4
+90.1%
Capital expenditure
129
149
66.9
-13.5%
Free cash flow
400
129
-97.3
+209.2%
Free cash flow margin
1.6%
0.5%
-0.5%
Cash from investing
-441
-810
-112
Cash from financing
283
63.2
297
+347.8%
Depreciation and amortisation
73.6
81.4
60.6
-9.6%
Share-based compensation
35.7
28.9
28.4
+23.5%
Buybacks
318
0.0
0.0
Dividends paid
0.0
n/a
n/a
Dividend per share
$0.00
n/a
n/a
Diluted shares, weighted
150m
154m
153m
-3.1%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
3,906
4,056
3,009
-3.7%
Short-term borrowings
n/a
243
36.5
Debt
2,144
1,274
1,244
+68.4%
Other liabilities
4,118
4,333
3,493
-5.0%
Total liabilities and equity
10,168
9,906
7,782
+2.6%
Fixed assets
461
419
303
+10.0%
Goodwill
1,101
885
566
+24.4%
Intangible assets
181
125
n/a
+45.5%
Cash and equivalents
1,007
675
1,092
+49.1%
Receivables
4,607
4,764
3,575
-3.3%
Inventory
2,389
2,596
1,813
-8.0%
Other assets
422
441
434
-4.2%
Total assets
10,168
9,906
7,782
+2.6%
10-K for the year ended 30 June 2012, filed 10 August 2012: the filing.