Avnet (AVT) FY2021 results: revenue $19.5 billion, up 10.8% on the year
Avnet Inc. (AVT) reported revenue of $19.5 billion for fiscal 2021, the year ended 3 July 2021, up 10.8% on the year before. Net income was $193 million, and diluted earnings per share $1.93. The figures are the company's own, from the 10-K it filed with the SEC on 13 August 2021.
Revenue
$19.5 billion
+10.8% on the year
FY2014FY2021
Operating margin
1.4%
-0.0% a year earlier
FY2014FY2021
Net income
$193 million
FY2014FY2021
Diluted EPS
$1.93
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
19,535
17,634
19,519
+10.8%
Cost of revenue
17,294
15,571
17,032
+11.1%
Gross profit
2,241
2,063
2,486
+8.6%
Gross margin
11.5%
11.7%
12.7%
Selling, general and administrative
1,875
1,842
1,875
+1.8%
Operating income
281
-4.6
366
Operating margin
1.4%
-0.0%
1.9%
Interest expense
89.5
123
135
-27.1%
Pre-tax income
173
-130
237
Income tax
-20.2
-98.6
60.3
Effective tax rate
-11.7%
n/a
25.5%
Net income
193
-31.1
176
Net margin
1.0%
-0.2%
0.9%
Diluted EPS
$1.93
-$0.31
$1.59
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
90.9
730
535
-87.5%
Capital expenditure
50.4
73.5
123
-31.5%
Free cash flow
40.6
657
412
-93.8%
Free cash flow margin
0.2%
3.7%
2.1%
Cash from investing
-61.2
-135
-25.2
Cash from financing
-314
-645
-583
Depreciation and amortisation
132
182
181
-27.6%
Share-based compensation
29.3
26.8
30.1
+9.3%
Buybacks
n/a
238
569
Dividends paid
84.3
84.0
87.2
+0.4%
Dividend per share
$0.85
$0.84
$0.80
+1.2%
Diluted shares, weighted
100m
100m
111m
-0.3%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
4,084
3,726
4,140
+9.6%
Debt
1,210
1,420
1,720
-14.8%
Operating lease liabilities
240
254
n/a
-5.5%
Other liabilities
3,391
2,705
2,704
+25.4%
Total liabilities and equity
8,925
8,105
8,565
+10.1%
Fixed assets
368
405
452
-8.9%
Goodwill
838
774
877
+8.3%
Intangible assets
28.5
65.4
144
-56.4%
Cash and equivalents
200
477
546
-58.1%
Receivables
3,576
2,928
3,168
+22.1%
Inventory
3,237
2,732
3,008
+18.5%
Other assets
678
724
369
-6.4%
Total assets
8,925
8,105
8,565
+10.1%
10-K for the year ended 3 July 2021, filed 13 August 2021: the filing.