Avnet (AVT) FY2017 results: revenue $17.4 billion, up 4.2% on the year
Avnet Inc. (AVT) reported revenue of $17.4 billion for fiscal 2017, the year ended 1 July 2017, up 4.2% on the year before. Net income was $525 million, up 3.7%, and diluted earnings per share $4.08. The figures are the company's own, from the 10-K it filed with the SEC on 15 August 2019.
Revenue
$17.4 billion
+4.2% on the year
FY2010FY2017
Operating margin
2.5%
3.4% a year earlier
FY2010FY2017
Net income
$525 million
+3.7% on the year
FY2010FY2017
Diluted EPS
$4.08
+7.4% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
17,440
16,741
17,655
+4.2%
Cost of revenue
15,071
14,663
15,445
+2.8%
Gross profit
2,369
2,078
2,210
+14.0%
Gross margin
13.6%
12.4%
12.5%
Selling, general and administrative
1,788
1,460
1,515
+22.5%
Operating income
444
573
653
-22.6%
Operating margin
2.5%
3.4%
3.7%
Interest expense
99.6
91.9
87.1
+8.3%
Pre-tax income
310
478
572
-35.1%
Income tax
47.1
87.1
86.1
-46.0%
Effective tax rate
15.2%
18.2%
15.1%
Net income
525
507
572
+3.7%
Net margin
3.0%
3.0%
3.2%
Diluted EPS
$4.08
$3.80
$4.12
+7.4%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
-369
224
584
Capital expenditure
120
137
133
-12.4%
Free cash flow
-489
86.9
451
Free cash flow margin
-2.8%
0.5%
2.6%
Cash from investing
1,338
-153
-186
Cash from financing
-1,188
33.4
-341
Depreciation and amortisation
155
79.6
82.2
+95.2%
Share-based compensation
47.7
56.9
62.0
-16.2%
Buybacks
276
381
160
-27.6%
Dividends paid
88.7
88.6
87.3
+0.1%
Dividend per share
$0.70
$0.68
$0.64
+2.9%
Diluted shares, weighted
129m
133m
139m
-3.4%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
5,182
4,691
4,685
+10.5%
Debt
1,779
2,492
1,980
-28.6%
Other liabilities
2,738
4,057
4,135
-32.5%
Total liabilities and equity
9,700
11,240
10,800
-13.7%
Fixed assets
520
453
390
+14.6%
Goodwill
1,148
622
1,279
+84.7%
Intangible assets
277
22.6
99.7
+1,128.5%
Cash and equivalents
836
1,031
933
-18.9%
Receivables
3,338
2,770
5,054
+20.5%
Inventory
2,825
2,560
2,482
+10.3%
Other assets
756
3,781
563
-80.0%
Total assets
9,700
11,240
10,800
-13.7%
10-K for the year ended 1 July 2017, filed 15 August 2019: the filing.