Avery Dennison (AVY) FY2015 results: revenue $6.0 billion, down 5.7% on the year
Avery Dennison Corp. (AVY) reported revenue of $6.0 billion for fiscal 2015, the year ended 2 January 2016, down 5.7% on the year before. Net income was $274 million, up 11.9%, and diluted earnings per share $2.95. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2016.
Revenue
$6.0 billion
-5.7% on the year
FY2008FY2015
Operating margin
n/a
FY2008FY2015
Net income
$274 million
+11.9% on the year
FY2008FY2015
Diluted EPS
$2.95
+15.2% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
5,967
6,330
6,140
-5.7%
Cost of revenue
4,321
4,679
4,502
-7.7%
Gross profit
1,646
1,651
1,638
-0.3%
Gross margin
27.6%
26.1%
26.7%
Research and development
91.9
102
96.0
-10.3%
Selling, general and administrative
1,108
1,159
1,174
-4.4%
Interest expense
60.5
63.3
60.9
-4.4%
Pre-tax income
409
361
366
+13.3%
Income tax
134
113
124
+18.7%
Effective tax rate
32.9%
31.4%
34.0%
Net income
274
245
213
+11.9%
Net margin
4.6%
3.9%
3.5%
Diluted EPS
$2.95
$2.56
$2.13
+15.2%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
474
355
320
+33.5%
Capital expenditure
136
148
129
-8.2%
Free cash flow
338
207
191
+63.2%
Free cash flow margin
5.7%
3.3%
3.1%
Cash from investing
-143
-170
339
Cash from financing
-367
-324
-546
Depreciation and amortisation
188
202
204
-6.6%
Share-based compensation
26.3
28.3
34.0
-7.1%
Buybacks
232
356
284
-34.7%
Dividends paid
133
125
112
+6.4%
Dividend per share
$1.46
$1.34
$1.14
+9.0%
Diluted shares, weighted
93m
96m
100m
-2.9%
Shares outstanding at period end
90m
90m
96m
-0.5%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
966
1,048
1,468
-7.8%
Debt
1,059
940
1,028
+12.6%
Other liabilities
2,109
2,372
2,115
-11.1%
Total liabilities and equity
4,134
4,360
4,611
-5.2%
Fixed assets
848
875
922
-3.1%
Goodwill
686
722
758
-4.9%
Intangible assets
45.8
67.4
96.0
-32.0%
Cash and equivalents
159
207
352
-23.4%
Receivables
965
958
1,016
+0.7%
Inventory
479
492
494
-2.7%
Other assets
952
1,039
971
-8.4%
Total assets
4,134
4,360
4,611
-5.2%
10-K for the year ended 2 January 2016, filed 24 February 2016: the filing.