Avnet (AVT) FY2019 results: revenue $19.5 billion, up 2.5% on the year
Avnet Inc. (AVT) reported revenue of $19.5 billion for fiscal 2019, the year ended 29 June 2019, up 2.5% on the year before. Net income was $176 million, and diluted earnings per share $1.59. The figures are the company's own, from the 10-K it filed with the SEC on 15 August 2019.
Revenue
$19.5 billion
+2.5% on the year
FY2012FY2019
Operating margin
1.9%
1.1% a year earlier
FY2012FY2019
Net income
$176 million
FY2012FY2019
Diluted EPS
$1.59
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
19,519
19,037
17,440
+2.5%
Cost of revenue
17,032
16,510
15,071
+3.2%
Gross profit
2,486
2,527
2,369
-1.6%
Gross margin
12.7%
13.3%
13.6%
Selling, general and administrative
1,875
1,991
1,788
-5.9%
Operating income
366
209
444
+74.9%
Operating margin
1.9%
1.1%
2.5%
Interest expense
135
92.7
99.6
+45.4%
Pre-tax income
237
145
310
+63.1%
Income tax
60.3
288
47.1
-79.1%
Effective tax rate
25.5%
198.5%
15.2%
Net income
176
-156
525
Net margin
0.9%
-0.8%
3.0%
Diluted EPS
$1.59
-$1.30
$4.08
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
535
253
-369
+111.0%
Capital expenditure
123
156
120
-21.3%
Free cash flow
412
97.6
-489
+322.2%
Free cash flow margin
2.1%
0.5%
-2.8%
Cash from investing
-25.2
71.7
1,338
Cash from financing
-583
-542
-1,188
Depreciation and amortisation
181
235
155
-23.0%
Share-based compensation
30.1
24.0
47.7
+25.5%
Buybacks
569
324
276
+75.8%
Dividends paid
87.2
88.3
88.7
-1.2%
Dividend per share
$0.80
$0.74
$0.70
+8.1%
Diluted shares, weighted
111m
120m
129m
-7.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
4,140
4,685
5,182
-11.6%
Debt
1,720
1,650
1,779
+4.3%
Other liabilities
2,704
3,262
2,738
-17.1%
Total liabilities and equity
8,565
9,597
9,700
-10.8%
Fixed assets
452
523
520
-13.5%
Goodwill
877
981
1,148
-10.6%
Intangible assets
144
220
277
-34.7%
Cash and equivalents
546
621
836
-12.1%
Receivables
3,168
3,641
3,338
-13.0%
Inventory
3,008
3,142
2,825
-4.2%
Other assets
369
469
756
-21.3%
Total assets
8,565
9,597
9,700
-10.8%
10-K for the year ended 29 June 2019, filed 15 August 2019: the filing.