Avnet (AVT) FY2018 results: revenue $19.0 billion, up 9.2% on the year
Avnet Inc. (AVT) reported revenue of $19.0 billion for fiscal 2018, the year ended 30 June 2018, up 9.2% on the year before. Net income was -$156 million, and diluted earnings per share $-1.30. The figures are the company's own, from the 10-K it filed with the SEC on 15 August 2019.
Revenue
$19.0 billion
+9.2% on the year
FY2011FY2018
Operating margin
1.1%
2.5% a year earlier
FY2011FY2018
Net income
-$156 million
FY2011FY2018
Diluted EPS
-$1.30
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
19,037
17,440
16,741
+9.2%
Cost of revenue
16,510
15,071
14,663
+9.5%
Gross profit
2,527
2,369
2,078
+6.7%
Gross margin
13.3%
13.6%
12.4%
Selling, general and administrative
1,991
1,788
1,460
+11.4%
Operating income
209
444
573
-52.8%
Operating margin
1.1%
2.5%
3.4%
Interest expense
92.7
99.6
91.9
-6.9%
Pre-tax income
145
310
478
-53.3%
Income tax
288
47.1
87.1
+512.0%
Effective tax rate
198.5%
15.2%
18.2%
Net income
-156
525
507
Net margin
-0.8%
3.0%
3.0%
Diluted EPS
-$1.30
$4.08
$3.80
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
253
-369
224
Capital expenditure
156
120
137
+29.5%
Free cash flow
97.6
-489
86.9
Free cash flow margin
0.5%
-2.8%
0.5%
Cash from investing
71.7
1,338
-153
-94.6%
Cash from financing
-542
-1,188
33.4
Depreciation and amortisation
235
155
79.6
+51.2%
Share-based compensation
24.0
47.7
56.9
-49.7%
Buybacks
324
276
381
+17.3%
Dividends paid
88.3
88.7
88.6
-0.5%
Dividend per share
$0.74
$0.70
$0.68
+5.7%
Diluted shares, weighted
120m
129m
133m
-6.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
4,685
5,182
4,691
-9.6%
Debt
1,650
1,779
2,492
-7.3%
Other liabilities
3,262
2,738
4,057
+19.1%
Total liabilities and equity
9,597
9,700
11,240
-1.1%
Fixed assets
523
520
453
+0.6%
Goodwill
981
1,148
622
-14.6%
Intangible assets
220
277
22.6
-20.7%
Cash and equivalents
621
836
1,031
-25.7%
Receivables
3,641
3,338
2,770
+9.1%
Inventory
3,142
2,825
2,560
+11.2%
Other assets
469
756
3,781
-37.9%
Total assets
9,597
9,700
11,240
-1.1%
10-K for the year ended 30 June 2018, filed 15 August 2019: the filing.