Howmet Aerospace (HWM) FY2011 results: revenue $25.0 billion, up 18.7% on the year
Howmet Aerospace Inc. (HWM) reported revenue of $25.0 billion for fiscal 2011, the year ended 31 December 2011, up 18.7% on the year before. Net income was $611 million, up 140.6%, and diluted earnings per share $1.65. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2013.
Revenue
$25.0 billion
+18.7% on the year
FY2007FY2011
Operating margin
4.3%
FY2007FY2011
Net income
$611 million
+140.6% on the year
FY2007FY2011
Diluted EPS
$1.65
+129.2% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
24,951
21,013
18,439
+18.7%
Cost of revenue
20,480
17,174
16,902
+19.3%
Gross profit
4,471
3,839
1,537
+16.5%
Gross margin
17.9%
18.3%
8.3%
Research and development
184
174
169
+5.7%
Selling, general and administrative
1,027
961
1,009
+6.9%
Operating income
1,063
n/a
n/a
Operating margin
4.3%
n/a
n/a
Interest expense
524
494
470
+6.1%
Pre-tax income
1,063
548
-1,498
+94.0%
Income tax
255
148
-574
+72.3%
Effective tax rate
24.0%
27.0%
n/a
Net income
611
254
-1,151
+140.6%
Net margin
2.4%
1.2%
-6.2%
Diluted EPS
$1.65
$0.72
-$3.69
+129.2%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
2,193
2,261
1,365
-3.0%
Capital expenditure
1,287
1,015
1,617
+26.8%
Free cash flow
906
1,246
-252
-27.3%
Free cash flow margin
3.6%
5.9%
-1.4%
Cash from investing
-1,852
-1,272
-721
Cash from financing
62.0
-952
37.0
Depreciation and amortisation
1,481
1,451
1,311
+2.1%
Share-based compensation
83.0
84.0
87.0
-1.2%
Buybacks
n/a
n/a
0.0
Dividends paid
131
125
228
+4.8%
Dividend per share
$0.36
$0.36
$0.78
0.0%
Diluted shares, weighted
387m
342m
312m
+13.3%
Shares outstanding at period end
355m
341m
325m
+4.1%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
13,844
13,611
12,420
+1.7%
Non-controlling interest
3,351
3,475
3,100
-3.6%
Short-term borrowings
n/a
n/a
176
Debt
9,371
9,165
9,643
+2.2%
Other liabilities
13,554
13,042
13,133
+3.9%
Total liabilities and equity
40,120
39,293
38,472
+2.1%
Fixed assets
19,282
20,161
19,828
-4.4%
Goodwill
5,157
5,028
5,051
+2.6%
Intangible assets
1,182
1,187
590
-0.4%
Investments
1,626
1,340
1,061
+21.3%
Cash and equivalents
1,939
1,543
1,481
+25.7%
Receivables
1,571
1,591
1,529
-1.3%
Inventory
2,899
2,584
2,328
+12.2%
Other assets
6,464
5,859
6,604
+10.3%
Total assets
40,120
39,293
38,472
+2.1%
10-K for the year ended 31 December 2011, filed 15 February 2013: the filing.