Avery Dennison (AVY) FY2023 results: revenue $8.4 billion, down 7.5% on the year
Avery Dennison Corp. (AVY) reported revenue of $8.4 billion for fiscal 2023, the year ended 30 December 2023, down 7.5% on the year before. Net income was $503 million, down 33.6%, and diluted earnings per share $6.20. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.
Revenue
$8.4 billion
-7.5% on the year
FY2016FY2023
Operating margin
n/a
FY2016FY2023
Net income
$503 million
-33.6% on the year
FY2016FY2023
Diluted EPS
$6.20
-32.7% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
826
961
1,047
-14.0%
Capital expenditure
265
278
255
-4.6%
Free cash flow
561
683
792
-17.9%
Free cash flow margin
6.7%
7.6%
9.4%
Cash from investing
-459
-333
-1,738
Cash from financing
-317
-615
604
Depreciation and amortisation
298
291
244
+2.6%
Share-based compensation
22.3
47.4
37.2
-53.0%
Buybacks
138
380
181
-63.8%
Dividends paid
257
239
221
+7.5%
Dividend per share
$3.18
$2.93
$2.66
+8.5%
Diluted shares, weighted
81m
82m
84m
-1.3%
Shares outstanding at period end
80m
81m
83m
-0.4%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
2,128
2,032
1,924
+4.7%
Debt
3,244
3,102
3,105
+4.6%
Operating lease liabilities
152
114
135
+34.1%
Finance lease liabilities
7.0
8.2
11.7
-14.6%
Other liabilities
2,678
2,694
2,796
-0.6%
Total liabilities and equity
8,210
7,950
7,972
+3.3%
Fixed assets
1,626
1,540
1,478
+5.6%
Goodwill
2,014
1,862
1,882
+8.1%
Intangible assets
849
840
911
+1.0%
Cash and equivalents
215
167
163
+28.6%
Receivables
1,415
1,374
1,424
+2.9%
Inventory
921
1,010
907
-8.8%
Other assets
1,171
1,156
1,207
+1.3%
Total assets
8,210
7,950
7,972
+3.3%
10-K for the year ended 30 December 2023, filed 21 February 2024: the filing.