Howmet Aerospace (HWM) FY2012 results: revenue $23.7 billion, down 5.0% on the year
Howmet Aerospace Inc. (HWM) reported revenue of $23.7 billion for fiscal 2012, the year ended 31 December 2012, down 5.0% on the year before. Net income was $191 million, down 68.7%, and diluted earnings per share $0.54. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2013.
Revenue
$23.7 billion
-5.0% on the year
FY2007FY2012
Operating margin
1.4%
4.3% a year earlier
FY2007FY2012
Net income
$191 million
-68.7% on the year
FY2007FY2012
Diluted EPS
$0.54
-67.3% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
23,700
24,951
21,013
-5.0%
Cost of revenue
20,401
20,480
17,174
-0.4%
Gross profit
3,299
4,471
3,839
-26.2%
Gross margin
13.9%
17.9%
18.3%
Research and development
197
184
174
+7.1%
Selling, general and administrative
997
1,027
961
-2.9%
Operating income
324
1,063
n/a
-69.5%
Operating margin
1.4%
4.3%
n/a
Interest expense
490
524
494
-6.5%
Pre-tax income
324
1,063
548
-69.5%
Income tax
162
255
148
-36.5%
Effective tax rate
50.0%
24.0%
27.0%
Net income
191
611
254
-68.7%
Net margin
0.8%
2.4%
1.2%
Diluted EPS
$0.54
$1.65
$0.72
-67.3%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
1,497
2,193
2,261
-31.7%
Capital expenditure
1,261
1,287
1,015
-2.0%
Free cash flow
236
906
1,246
-74.0%
Free cash flow margin
1.0%
3.6%
5.9%
Cash from investing
-759
-1,852
-1,272
Cash from financing
-798
62.0
-952
Depreciation and amortisation
1,462
1,481
1,451
-1.3%
Share-based compensation
67.0
83.0
84.0
-19.3%
Dividends paid
131
131
125
0.0%
Dividend per share
$0.36
$0.36
$0.36
0.0%
Diluted shares, weighted
359m
387m
342m
-7.3%
Shares outstanding at period end
356m
355m
341m
+0.3%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
13,199
13,844
13,611
-4.7%
Non-controlling interest
3,324
3,351
3,475
-0.8%
Debt
8,829
9,371
9,165
-5.8%
Other liabilities
14,827
13,554
13,042
+9.4%
Total liabilities and equity
40,179
40,120
39,293
+0.1%
Fixed assets
18,947
19,282
20,161
-1.7%
Goodwill
5,170
5,157
5,028
+0.3%
Intangible assets
1,187
1,182
1,187
+0.4%
Investments
1,860
1,626
1,340
+14.4%
Cash and equivalents
1,861
1,939
1,543
-4.0%
Receivables
1,399
1,571
1,591
-10.9%
Inventory
2,825
2,899
2,584
-2.6%
Other assets
6,930
6,464
5,859
+7.2%
Total assets
40,179
40,120
39,293
+0.1%
10-K for the year ended 31 December 2012, filed 15 February 2013: the filing.