Avnet (AVT) FY2020 results: revenue $17.6 billion, down 9.7% on the year
Avnet Inc. (AVT) reported revenue of $17.6 billion for fiscal 2020, the year ended 27 June 2020, down 9.7% on the year before. Net income was -$31 million, and diluted earnings per share $-0.31. The figures are the company's own, from the 10-K it filed with the SEC on 14 August 2020.
Revenue
$17.6 billion
-9.7% on the year
FY2013FY2020
Operating margin
-0.0%
1.9% a year earlier
FY2013FY2020
Net income
-$31 million
FY2013FY2020
Diluted EPS
-$0.31
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
17,634
19,519
19,037
-9.7%
Cost of revenue
15,571
17,032
16,510
-8.6%
Gross profit
2,063
2,486
2,527
-17.0%
Gross margin
11.7%
12.7%
13.3%
Selling, general and administrative
1,842
1,875
1,991
-1.7%
Operating income
-4.6
366
209
Operating margin
-0.0%
1.9%
1.1%
Interest expense
123
135
92.7
-9.0%
Pre-tax income
-130
237
145
Income tax
-98.6
60.3
288
Effective tax rate
n/a
25.5%
198.5%
Net income
-31.1
176
-156
Net margin
-0.2%
0.9%
-0.8%
Diluted EPS
-$0.31
$1.59
-$1.30
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
730
535
253
+36.5%
Capital expenditure
73.5
123
156
-40.1%
Free cash flow
657
412
97.6
+59.4%
Free cash flow margin
3.7%
2.1%
0.5%
Cash from investing
-135
-25.2
71.7
Cash from financing
-645
-583
-542
Depreciation and amortisation
182
181
235
+0.8%
Share-based compensation
26.8
30.1
24.0
-10.9%
Buybacks
238
569
324
-58.2%
Dividends paid
84.0
87.2
88.3
-3.7%
Dividend per share
$0.84
$0.80
$0.74
+5.0%
Diluted shares, weighted
100m
111m
120m
-9.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,726
4,140
4,685
-10.0%
Debt
1,420
1,720
1,650
-17.5%
Operating lease liabilities
254
n/a
n/a
Other liabilities
2,705
2,704
3,262
+0.1%
Total liabilities and equity
8,105
8,565
9,597
-5.4%
Fixed assets
405
452
523
-10.5%
Goodwill
774
877
981
-11.7%
Intangible assets
65.4
144
220
-54.4%
Cash and equivalents
477
546
621
-12.6%
Receivables
2,928
3,168
3,641
-7.6%
Inventory
2,732
3,008
3,142
-9.2%
Other assets
724
369
469
+96.1%
Total assets
8,105
8,565
9,597
-5.4%
10-K for the year ended 27 June 2020, filed 14 August 2020: the filing.