Avery Dennison (AVY) FY2013 results: revenue $6.1 billion, up 4.7% on the year
Avery Dennison Corp. (AVY) reported revenue of $6.1 billion for fiscal 2013, the year ended 28 December 2013, up 4.7% on the year before. Net income was $213 million, down 1.0%, and diluted earnings per share $2.13. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2014.
Revenue
$6.1 billion
+4.7% on the year
FY2008FY2013
Operating margin
n/a
FY2008FY2013
Net income
$213 million
-1.0% on the year
FY2008FY2013
Diluted EPS
$2.13
+2.4% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
6,140
5,864
5,845
+4.7%
Cost of revenue
4,502
4,335
4,370
+3.9%
Gross profit
1,638
1,528
1,475
+7.2%
Gross margin
26.7%
26.1%
25.2%
Research and development
96.0
98.6
93.8
-2.6%
Selling, general and administrative
1,174
1,149
1,139
+2.2%
Interest expense
60.9
72.8
71.0
-16.3%
Pre-tax income
366
238
213
+54.0%
Income tax
124
80.0
71.5
+55.4%
Effective tax rate
34.0%
33.7%
33.5%
Net income
213
215
190
-1.0%
Net margin
3.5%
3.7%
3.3%
Diluted EPS
$2.13
$2.08
$1.78
+2.4%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
320
513
423
-37.7%
Capital expenditure
129
99.2
110
+30.2%
Free cash flow
191
414
313
-53.9%
Free cash flow margin
3.1%
7.1%
5.4%
Cash from investing
339
-160
-104
Cash from financing
-546
-298
-272
Depreciation and amortisation
204
211
220
-3.2%
Share-based compensation
34.0
38.9
39.6
-12.6%
Buybacks
284
235
13.5
+20.5%
Dividends paid
112
110
106
+1.4%
Dividend per share
$1.14
$1.08
$1.00
+5.6%
Diluted shares, weighted
100m
104m
107m
-3.3%
Shares outstanding at period end
96m
100m
106m
-3.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,468
1,537
1,658
-4.5%
Debt
1,028
1,222
1,181
-15.9%
Other liabilities
2,115
2,346
2,133
-9.9%
Total liabilities and equity
4,611
5,105
4,973
-9.7%
Fixed assets
922
1,016
1,079
-9.2%
Goodwill
758
764
759
-0.8%
Intangible assets
96.0
125
161
-23.2%
Cash and equivalents
352
235
178
+49.4%
Receivables
1,016
973
877
+4.5%
Inventory
494
473
475
+4.4%
Other assets
971
1,519
1,443
-36.0%
Total assets
4,611
5,105
4,973
-9.7%
10-K for the year ended 28 December 2013, filed 26 February 2014: the filing.