Avnet (AVT) FY2015 results: revenue $17.7 billion, down 35.8% on the year
Avnet Inc. (AVT) reported revenue of $17.7 billion for fiscal 2015, the year ended 27 June 2015, down 35.8% on the year before. Net income was $572 million, up 4.8%, and diluted earnings per share $4.12. The figures are the company's own, from the 10-K it filed with the SEC on 7 August 2015.
Revenue
$17.7 billion
-35.8% on the year
FY2008FY2015
Operating margin
3.7%
2.9% a year earlier
FY2008FY2015
Net income
$572 million
+4.8% on the year
FY2008FY2015
Diluted EPS
$4.12
+5.9% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
17,655
27,500
25,459
-35.8%
Cost of revenue
15,445
24,274
22,479
-36.4%
Gross profit
2,210
3,226
2,980
-31.5%
Gross margin
12.5%
11.7%
11.7%
Selling, general and administrative
1,515
2,341
2,204
-35.3%
Operating income
653
790
626
-17.3%
Operating margin
3.7%
2.9%
2.5%
Interest expense
87.1
105
108
-16.9%
Pre-tax income
572
701
549
-18.5%
Income tax
86.1
156
99.2
-44.6%
Effective tax rate
15.1%
22.2%
18.1%
Net income
572
546
450
+4.8%
Net margin
3.2%
2.0%
1.8%
Diluted EPS
$4.12
$3.89
$3.21
+5.9%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
584
237
696
+145.9%
Capital expenditure
133
123
97.4
+8.2%
Free cash flow
451
114
599
+294.6%
Free cash flow margin
2.6%
0.4%
2.4%
Cash from investing
-186
-237
-353
Cash from financing
-341
-88.5
-344
Depreciation and amortisation
82.2
92.5
88.3
-11.1%
Share-based compensation
62.0
45.9
43.7
+35.0%
Buybacks
160
8.6
207
+1,756.8%
Dividends paid
87.3
82.8
0.0
+5.5%
Dividend per share
$0.64
$0.60
$0.00
+6.7%
Diluted shares, weighted
139m
140m
140m
-0.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
4,685
4,890
4,289
-4.2%
Short-term borrowings
n/a
865
838
Debt
1,980
2,079
2,045
-4.8%
Other liabilities
4,135
3,421
3,302
+20.9%
Total liabilities and equity
10,800
11,256
10,475
-4.0%
Fixed assets
390
535
493
-27.2%
Goodwill
1,279
1,348
1,261
-5.2%
Intangible assets
99.7
184
172
-45.9%
Cash and equivalents
933
929
1,009
+0.4%
Receivables
5,054
5,221
4,869
-3.2%
Inventory
2,482
2,613
2,264
-5.0%
Other assets
563
425
406
+32.5%
Total assets
10,800
11,256
10,475
-4.0%
10-K for the year ended 27 June 2015, filed 7 August 2015: the filing.