Avery Dennison (AVY) FY2016 results: revenue $6.1 billion, up 2.0% on the year
Avery Dennison Corp. (AVY) reported revenue of $6.1 billion for fiscal 2016, the year ended 31 December 2016, up 2.0% on the year before. Net income was $321 million, up 16.9%, and diluted earnings per share $3.54. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$6.1 billion
+2.0% on the year
FY2009FY2016
Operating margin
n/a
FY2009FY2016
Net income
$321 million
+16.9% on the year
FY2009FY2016
Diluted EPS
$3.54
+20.0% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
6,086
5,967
6,330
+2.0%
Cost of revenue
4,387
4,321
4,679
+1.5%
Gross profit
1,700
1,646
1,651
+3.3%
Gross margin
27.9%
27.6%
26.1%
Research and development
89.7
91.9
102
-2.4%
Selling, general and administrative
1,086
1,108
1,159
-2.0%
Interest expense
59.9
60.5
63.3
-1.0%
Pre-tax income
477
409
361
+16.7%
Income tax
156
134
113
+16.3%
Effective tax rate
32.8%
32.9%
31.4%
Net income
321
274
245
+16.9%
Net margin
5.3%
4.6%
3.9%
Diluted EPS
$3.54
$2.95
$2.56
+20.0%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
582
474
355
+22.9%
Capital expenditure
177
136
148
+30.3%
Free cash flow
405
338
207
+19.9%
Free cash flow margin
6.7%
5.7%
3.3%
Cash from investing
-432
-143
-170
Cash from financing
-106
-367
-324
Depreciation and amortisation
180
188
202
-4.4%
Share-based compensation
27.2
26.3
28.3
+3.4%
Buybacks
262
232
356
+13.0%
Dividends paid
142
133
125
+7.1%
Dividend per share
$1.60
$1.46
$1.34
+9.6%
Diluted shares, weighted
91m
93m
96m
-2.4%
Shares outstanding at period end
88m
90m
90m
-1.8%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
926
966
1,048
-4.2%
Debt
1,292
1,059
940
+22.1%
Other liabilities
2,178
2,109
2,372
+3.3%
Total liabilities and equity
4,396
4,134
4,360
+6.4%
Fixed assets
915
848
875
+7.9%
Goodwill
794
686
722
+15.7%
Intangible assets
66.7
45.8
67.4
+45.6%
Cash and equivalents
195
159
207
+22.9%
Receivables
1,001
965
958
+3.8%
Inventory
519
479
492
+8.4%
Other assets
906
952
1,039
-4.8%
Total assets
4,396
4,134
4,360
+6.4%
10-K for the year ended 31 December 2016, filed 27 February 2019: the filing.