Avnet (AVT) FY2013 results: revenue $25.5 billion, down 1.0% on the year
Avnet Inc. (AVT) reported revenue of $25.5 billion for fiscal 2013, the year ended 29 June 2013, down 1.0% on the year before. Net income was $450 million, down 20.6%, and diluted earnings per share $3.21. The figures are the company's own, from the 10-K it filed with the SEC on 9 August 2013.
Revenue
$25.5 billion
-1.0% on the year
FY2008FY2013
Operating margin
2.5%
3.4% a year earlier
FY2008FY2013
Net income
$450 million
-20.6% on the year
FY2008FY2013
Diluted EPS
$3.21
-15.3% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
25,459
25,708
26,534
-1.0%
Cost of revenue
22,479
22,657
23,427
-0.8%
Gross profit
2,980
3,051
3,108
-2.3%
Gross margin
11.7%
11.9%
11.7%
Selling, general and administrative
2,204
2,093
2,101
+5.3%
Operating income
626
884
930
-29.2%
Operating margin
2.5%
3.4%
3.5%
Interest expense
108
90.9
92.5
+18.5%
Pre-tax income
549
791
871
-30.5%
Income tax
99.2
224
202
-55.7%
Effective tax rate
18.1%
28.3%
23.2%
Net income
450
567
669
-20.6%
Net margin
1.8%
2.2%
2.5%
Diluted EPS
$3.21
$3.79
$4.34
-15.3%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
696
529
278
+31.7%
Capital expenditure
97.4
129
149
-24.3%
Free cash flow
599
400
129
+49.7%
Free cash flow margin
2.4%
1.6%
0.5%
Cash from investing
-353
-441
-810
Cash from financing
-344
283
63.2
Depreciation and amortisation
88.3
73.6
81.4
+20.1%
Share-based compensation
43.7
35.7
28.9
+22.2%
Buybacks
207
318
0.0
-34.9%
Dividends paid
0.0
0.0
n/a
Dividend per share
$0.00
$0.00
n/a
Diluted shares, weighted
140m
150m
154m
-6.4%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
4,289
3,906
4,056
+9.8%
Short-term borrowings
838
n/a
243
Debt
2,045
2,144
1,274
-4.6%
Other liabilities
3,302
4,118
4,333
-19.8%
Total liabilities and equity
10,475
10,168
9,906
+3.0%
Fixed assets
493
461
419
+6.8%
Goodwill
1,261
1,101
885
+14.6%
Intangible assets
172
181
125
-5.0%
Cash and equivalents
1,009
1,007
675
+0.2%
Receivables
4,869
4,607
4,764
+5.7%
Inventory
2,264
2,389
2,596
-5.2%
Other assets
406
422
441
-3.8%
Total assets
10,475
10,168
9,906
+3.0%
10-K for the year ended 29 June 2013, filed 9 August 2013: the filing.