Avery Dennison (AVY) FY2018 results: revenue $7.2 billion, up 8.2% on the year
Avery Dennison Corp. (AVY) reported revenue of $7.2 billion for fiscal 2018, the year ended 29 December 2018, up 8.2% on the year before. Net income was $467 million, up 65.9%, and diluted earnings per share $5.28. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$7.2 billion
+8.2% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$467 million
+65.9% on the year
FY2011FY2018
Diluted EPS
$5.28
+68.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
7,159
6,614
6,086
+8.2%
Cost of revenue
5,244
4,802
4,387
+9.2%
Gross profit
1,916
1,812
1,700
+5.7%
Gross margin
26.8%
27.4%
27.9%
Research and development
98.2
93.4
89.7
+5.1%
Selling, general and administrative
1,128
1,105
1,086
+2.0%
Interest expense
58.5
63.0
59.9
-7.1%
Pre-tax income
555
590
477
-5.9%
Income tax
85.4
308
156
-72.2%
Effective tax rate
15.4%
52.2%
32.8%
Net income
467
282
321
+65.9%
Net margin
6.5%
4.3%
5.3%
Diluted EPS
$5.28
$3.13
$3.54
+68.7%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
458
646
582
-29.1%
Capital expenditure
227
190
177
+19.0%
Free cash flow
231
455
405
-49.2%
Free cash flow margin
3.2%
6.9%
6.7%
Cash from investing
-232
-543
-432
Cash from financing
-208
-83.9
-106
Depreciation and amortisation
181
179
180
+1.3%
Share-based compensation
34.3
30.2
27.2
+13.6%
Buybacks
393
130
262
+202.9%
Dividends paid
175
156
142
+12.5%
Dividend per share
$2.01
$1.76
$1.60
+14.2%
Diluted shares, weighted
89m
90m
91m
-1.7%
Shares outstanding at period end
85m
88m
88m
-3.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
955
1,032
926
-7.5%
Debt
1,966
1,582
1,292
+24.3%
Other liabilities
2,256
2,523
2,178
-10.6%
Total liabilities and equity
5,178
5,137
4,396
+0.8%
Fixed assets
1,137
1,098
915
+3.6%
Goodwill
942
985
794
-4.4%
Intangible assets
144
166
66.7
-13.4%
Cash and equivalents
232
224
195
+3.4%
Receivables
1,190
1,180
1,001
+0.8%
Inventory
651
610
519
+6.9%
Other assets
881
873
906
+0.9%
Total assets
5,178
5,137
4,396
+0.8%
10-K for the year ended 29 December 2018, filed 27 February 2019: the filing.