Avnet (AVT) FY2014 results: revenue $27.5 billion, up 8.0% on the year
Avnet Inc. (AVT) reported revenue of $27.5 billion for fiscal 2014, the year ended 28 June 2014, up 8.0% on the year before. Net income was $546 million, up 21.2%, and diluted earnings per share $3.89. The figures are the company's own, from the 10-K it filed with the SEC on 8 August 2014.
Revenue
$27.5 billion
+8.0% on the year
FY2008FY2014
Operating margin
2.9%
2.5% a year earlier
FY2008FY2014
Net income
$546 million
+21.2% on the year
FY2008FY2014
Diluted EPS
$3.89
+21.2% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
27,500
25,459
25,708
+8.0%
Cost of revenue
24,274
22,479
22,657
+8.0%
Gross profit
3,226
2,980
3,051
+8.3%
Gross margin
11.7%
11.7%
11.9%
Selling, general and administrative
2,341
2,204
2,093
+6.2%
Operating income
790
626
884
+26.2%
Operating margin
2.9%
2.5%
3.4%
Interest expense
105
108
90.9
-2.6%
Pre-tax income
701
549
791
+27.6%
Income tax
156
99.2
224
+56.8%
Effective tax rate
22.2%
18.1%
28.3%
Net income
546
450
567
+21.2%
Net margin
2.0%
1.8%
2.2%
Diluted EPS
$3.89
$3.21
$3.79
+21.2%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
237
696
529
-65.9%
Capital expenditure
123
97.4
129
+26.6%
Free cash flow
114
599
400
-80.9%
Free cash flow margin
0.4%
2.4%
1.6%
Cash from investing
-237
-353
-441
Cash from financing
-88.5
-344
283
Depreciation and amortisation
92.5
88.3
73.6
+4.7%
Share-based compensation
45.9
43.7
35.7
+5.1%
Buybacks
8.6
207
318
-95.8%
Dividends paid
82.8
0.0
0.0
Dividend per share
$0.60
$0.00
$0.00
Diluted shares, weighted
140m
140m
150m
+0.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
4,890
4,289
3,906
+14.0%
Short-term borrowings
865
838
n/a
+3.2%
Debt
2,079
2,045
2,144
+1.6%
Other liabilities
3,421
3,302
4,118
+3.6%
Total liabilities and equity
11,256
10,475
10,168
+7.5%
Fixed assets
535
493
461
+8.6%
Goodwill
1,348
1,261
1,101
+6.9%
Intangible assets
184
172
181
+7.0%
Cash and equivalents
929
1,009
1,007
-8.0%
Receivables
5,221
4,869
4,607
+7.2%
Inventory
2,613
2,264
2,389
+15.4%
Other assets
425
406
422
+4.7%
Total assets
11,256
10,475
10,168
+7.5%
10-K for the year ended 28 June 2014, filed 8 August 2014: the filing.