Avery Dennison (AVY) FY2017 results: revenue $6.6 billion, up 8.7% on the year
Avery Dennison Corp. (AVY) reported revenue of $6.6 billion for fiscal 2017, the year ended 30 December 2017, up 8.7% on the year before. Net income was $282 million, down 12.1%, and diluted earnings per share $3.13. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$6.6 billion
+8.7% on the year
FY2010FY2017
Operating margin
n/a
FY2010FY2017
Net income
$282 million
-12.1% on the year
FY2010FY2017
Diluted EPS
$3.13
-11.6% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
6,614
6,086
5,967
+8.7%
Cost of revenue
4,802
4,387
4,321
+9.5%
Gross profit
1,812
1,700
1,646
+6.6%
Gross margin
27.4%
27.9%
27.6%
Research and development
93.4
89.7
91.9
+4.1%
Selling, general and administrative
1,105
1,086
1,108
+1.8%
Interest expense
63.0
59.9
60.5
+5.2%
Pre-tax income
590
477
409
+23.6%
Income tax
308
156
134
+96.7%
Effective tax rate
52.2%
32.8%
32.9%
Net income
282
321
274
-12.1%
Net margin
4.3%
5.3%
4.6%
Diluted EPS
$3.13
$3.54
$2.95
-11.6%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
646
582
474
+10.9%
Capital expenditure
190
177
136
+7.7%
Free cash flow
455
405
338
+12.3%
Free cash flow margin
6.9%
6.7%
5.7%
Cash from investing
-543
-432
-143
Cash from financing
-83.9
-106
-367
Depreciation and amortisation
179
180
188
-0.8%
Share-based compensation
30.2
27.2
26.3
+11.0%
Buybacks
130
262
232
-50.6%
Dividends paid
156
142
133
+9.1%
Dividend per share
$1.76
$1.60
$1.46
+10.0%
Diluted shares, weighted
90m
91m
93m
-0.7%
Shares outstanding at period end
88m
88m
90m
-0.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
1,032
926
966
+11.6%
Debt
1,582
1,292
1,059
+22.4%
Other liabilities
2,523
2,178
2,109
+15.8%
Total liabilities and equity
5,137
4,396
4,134
+16.8%
Fixed assets
1,098
915
848
+20.0%
Goodwill
985
794
686
+24.1%
Intangible assets
166
66.7
45.8
+149.3%
Cash and equivalents
224
195
159
+15.0%
Receivables
1,180
1,001
965
+17.9%
Inventory
610
519
479
+17.4%
Other assets
873
906
952
-3.6%
Total assets
5,137
4,396
4,134
+16.8%
10-K for the year ended 30 December 2017, filed 27 February 2019: the filing.