Avery Dennison (AVY) FY2020 results: revenue $7.0 billion, down 1.4% on the year
Avery Dennison Corp. (AVY) reported revenue of $7.0 billion for fiscal 2020, the year ended 2 January 2021, down 1.4% on the year before. Net income was $556 million, up 83.1%, and diluted earnings per share $6.61. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$7.0 billion
-1.4% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$556 million
+83.1% on the year
FY2013FY2020
Diluted EPS
$6.61
+85.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
6,972
7,070
7,159
-1.4%
Cost of revenue
5,048
5,166
5,244
-2.3%
Gross profit
1,923
1,904
1,916
+1.0%
Gross margin
27.6%
26.9%
26.8%
Research and development
113
92.6
98.2
+21.8%
Selling, general and administrative
1,060
1,080
1,128
-1.8%
Interest expense
70.0
75.8
58.5
-7.7%
Pre-tax income
737
250
555
+195.5%
Income tax
178
-56.7
85.4
Effective tax rate
24.1%
-22.7%
15.4%
Net income
556
304
467
+83.1%
Net margin
8.0%
4.3%
6.5%
Diluted EPS
$6.61
$3.57
$5.28
+85.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
751
746
458
+0.6%
Capital expenditure
201
219
227
-8.2%
Free cash flow
550
527
231
+4.3%
Free cash flow margin
7.9%
7.5%
3.2%
Cash from investing
-554
-251
-232
Cash from financing
-208
-470
-208
Depreciation and amortisation
205
179
181
+14.7%
Share-based compensation
24.0
34.5
34.3
-30.4%
Buybacks
104
238
393
-56.1%
Dividends paid
197
190
175
+3.7%
Dividend per share
$2.36
$2.26
$2.01
+4.4%
Diluted shares, weighted
84m
85m
89m
-1.1%
Shares outstanding at period end
83m
83m
85m
-0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,485
1,204
955
+23.3%
Debt
2,117
1,940
1,966
+9.1%
Operating lease liabilities
116
98.9
n/a
+17.3%
Finance lease liabilities
22.9
24.0
n/a
-4.6%
Other liabilities
2,343
2,222
2,256
+5.4%
Total liabilities and equity
6,084
5,489
5,178
+10.8%
Fixed assets
1,344
1,211
1,137
+11.0%
Goodwill
1,136
931
942
+22.1%
Intangible assets
225
126
144
+77.8%
Cash and equivalents
252
254
232
-0.6%
Receivables
1,235
1,212
1,190
+1.9%
Inventory
717
663
651
+8.2%
Other assets
1,174
1,092
881
+7.5%
Total assets
6,084
5,489
5,178
+10.8%
10-K for the year ended 2 January 2021, filed 25 February 2021: the filing.