Avery Dennison (AVY) FY2014 results: revenue $6.3 billion, up 3.1% on the year
Avery Dennison Corp. (AVY) reported revenue of $6.3 billion for fiscal 2014, the year ended 3 January 2015, up 3.1% on the year before. Net income was $245 million, up 15.0%, and diluted earnings per share $2.56. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$6.3 billion
+3.1% on the year
FY2008FY2014
Operating margin
n/a
FY2008FY2014
Net income
$245 million
+15.0% on the year
FY2008FY2014
Diluted EPS
$2.56
+20.2% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
6,330
6,140
5,864
+3.1%
Cost of revenue
4,679
4,502
4,335
+3.9%
Gross profit
1,651
1,638
1,528
+0.8%
Gross margin
26.1%
26.7%
26.1%
Research and development
102
96.0
98.6
+6.8%
Selling, general and administrative
1,159
1,174
1,149
-1.3%
Interest expense
63.3
60.9
72.8
+3.9%
Pre-tax income
361
366
238
-1.4%
Income tax
113
124
80.0
-8.8%
Effective tax rate
31.4%
34.0%
33.7%
Net income
245
213
215
+15.0%
Net margin
3.9%
3.5%
3.7%
Diluted EPS
$2.56
$2.13
$2.08
+20.2%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
355
320
513
+10.9%
Capital expenditure
148
129
99.2
+14.5%
Free cash flow
207
191
414
+8.4%
Free cash flow margin
3.3%
3.1%
7.1%
Cash from investing
-170
339
-160
Cash from financing
-324
-546
-298
Depreciation and amortisation
202
204
211
-1.3%
Share-based compensation
28.3
34.0
38.9
-16.8%
Buybacks
356
284
235
+25.4%
Dividends paid
125
112
110
+11.7%
Dividend per share
$1.34
$1.14
$1.08
+17.5%
Diluted shares, weighted
96m
100m
104m
-4.4%
Shares outstanding at period end
90m
96m
100m
-5.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,048
1,468
1,537
-28.6%
Debt
940
1,028
1,222
-8.5%
Other liabilities
2,372
2,115
2,346
+12.2%
Total liabilities and equity
4,360
4,611
5,105
-5.4%
Fixed assets
875
922
1,016
-5.1%
Goodwill
722
758
764
-4.9%
Intangible assets
67.4
96.0
125
-29.8%
Cash and equivalents
207
352
235
-41.1%
Receivables
958
1,016
973
-5.7%
Inventory
492
494
473
-0.5%
Other assets
1,039
971
1,519
+6.9%
Total assets
4,360
4,611
5,105
-5.4%
10-K for the year ended 3 January 2015, filed 25 February 2015: the filing.