Avnet (AVT) FY2016 results: revenue $16.7 billion, down 5.2% on the year
Avnet Inc. (AVT) reported revenue of $16.7 billion for fiscal 2016, the year ended 2 July 2016, down 5.2% on the year before. Net income was $507 million, down 11.4%, and diluted earnings per share $3.80. The figures are the company's own, from the 10-K it filed with the SEC on 12 August 2016.
Revenue
$16.7 billion
-5.2% on the year
FY2009FY2016
Operating margin
3.4%
3.7% a year earlier
FY2009FY2016
Net income
$507 million
-11.4% on the year
FY2009FY2016
Diluted EPS
$3.80
-7.8% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
16,741
17,655
27,500
-5.2%
Cost of revenue
14,663
15,445
24,274
-5.1%
Gross profit
2,078
2,210
3,226
-6.0%
Gross margin
12.4%
12.5%
11.7%
Selling, general and administrative
1,460
1,515
2,341
-3.6%
Operating income
573
653
790
-12.3%
Operating margin
3.4%
3.7%
2.9%
Interest expense
91.9
87.1
105
+5.6%
Pre-tax income
478
572
701
-16.4%
Income tax
87.1
86.1
156
+1.1%
Effective tax rate
18.2%
15.1%
22.2%
Net income
507
572
546
-11.4%
Net margin
3.0%
3.2%
2.0%
Diluted EPS
$3.80
$4.12
$3.89
-7.8%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
224
584
237
-61.6%
Capital expenditure
137
133
123
+3.0%
Free cash flow
86.9
451
114
-80.7%
Free cash flow margin
0.5%
2.6%
0.4%
Cash from investing
-153
-186
-237
Cash from financing
33.4
-341
-88.5
Depreciation and amortisation
79.6
82.2
92.5
-3.2%
Share-based compensation
56.9
62.0
45.9
-8.2%
Buybacks
381
160
8.6
+138.1%
Dividends paid
88.6
87.3
82.8
+1.4%
Dividend per share
$0.68
$0.64
$0.60
+6.3%
Diluted shares, weighted
133m
139m
140m
-4.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
4,691
4,685
4,890
+0.1%
Short-term borrowings
n/a
n/a
865
Debt
2,492
1,980
2,079
+25.8%
Other liabilities
4,057
4,135
3,421
-1.9%
Total liabilities and equity
11,240
10,800
11,256
+4.1%
Fixed assets
453
390
535
+16.3%
Goodwill
622
1,279
1,348
-51.4%
Intangible assets
22.6
99.7
184
-77.4%
Cash and equivalents
1,031
933
929
+10.6%
Receivables
2,770
5,054
5,221
-45.2%
Inventory
2,560
2,482
2,613
+3.1%
Other assets
3,781
563
425
+571.8%
Total assets
11,240
10,800
11,256
+4.1%
10-K for the year ended 2 July 2016, filed 12 August 2016: the filing.