Avery Dennison (AVY) FY2019 results: revenue $7.1 billion, down 1.2% on the year
Avery Dennison Corp. (AVY) reported revenue of $7.1 billion for fiscal 2019, the year ended 28 December 2019, down 1.2% on the year before. Net income was $304 million, down 35.0%, and diluted earnings per share $3.57. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$7.1 billion
-1.2% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$304 million
-35.0% on the year
FY2012FY2019
Diluted EPS
$3.57
-32.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
7,070
7,159
6,614
-1.2%
Cost of revenue
5,166
5,244
4,802
-1.5%
Gross profit
1,904
1,916
1,812
-0.6%
Gross margin
26.9%
26.8%
27.4%
Research and development
92.6
98.2
93.4
-5.7%
Selling, general and administrative
1,080
1,128
1,105
-4.2%
Interest expense
75.8
58.5
63.0
+29.6%
Pre-tax income
250
555
590
-55.0%
Income tax
-56.7
85.4
308
Effective tax rate
-22.7%
15.4%
52.2%
Net income
304
467
282
-35.0%
Net margin
4.3%
6.5%
4.3%
Diluted EPS
$3.57
$5.28
$3.13
-32.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
746
458
646
+63.0%
Capital expenditure
219
227
190
-3.2%
Free cash flow
527
231
455
+128.0%
Free cash flow margin
7.5%
3.2%
6.9%
Cash from investing
-251
-232
-543
Cash from financing
-470
-208
-83.9
Depreciation and amortisation
179
181
179
-1.1%
Share-based compensation
34.5
34.3
30.2
+0.6%
Buybacks
238
393
130
-39.5%
Dividends paid
190
175
156
+8.4%
Dividend per share
$2.26
$2.01
$1.76
+12.4%
Diluted shares, weighted
85m
89m
90m
-4.1%
Shares outstanding at period end
83m
85m
88m
-1.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,204
955
1,032
+26.1%
Debt
1,940
1,966
1,582
-1.4%
Operating lease liabilities
98.9
n/a
n/a
Finance lease liabilities
24.0
n/a
n/a
Other liabilities
2,222
2,256
2,523
-1.5%
Total liabilities and equity
5,489
5,178
5,137
+6.0%
Fixed assets
1,211
1,137
1,098
+6.4%
Goodwill
931
942
985
-1.2%
Intangible assets
126
144
166
-12.2%
Cash and equivalents
254
232
224
+9.4%
Receivables
1,212
1,190
1,180
+1.9%
Inventory
663
651
610
+1.8%
Other assets
1,092
881
873
+23.9%
Total assets
5,489
5,178
5,137
+6.0%
10-K for the year ended 28 December 2019, filed 26 February 2020: the filing.