Howmet Aerospace (HWM) FY2013 results: revenue $23.0 billion, down 2.8% on the year
Howmet Aerospace Inc. (HWM) reported revenue of $23.0 billion for fiscal 2013, the year ended 31 December 2013, down 2.8% on the year before. Net income was -$2.3 billion, and diluted earnings per share $-6.42. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2014.
Revenue
$23.0 billion
-2.8% on the year
FY2007FY2013
Operating margin
-7.9%
1.4% a year earlier
FY2007FY2013
Net income
-$2.3 billion
FY2007FY2013
Diluted EPS
-$6.42
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
23,032
23,700
24,951
-2.8%
Cost of revenue
19,286
20,401
20,480
-5.5%
Gross profit
3,746
3,299
4,471
+13.5%
Gross margin
16.3%
13.9%
17.9%
Research and development
192
197
184
-2.5%
Selling, general and administrative
1,008
997
1,027
+1.1%
Operating income
-1,816
324
1,063
Operating margin
-7.9%
1.4%
4.3%
Interest expense
453
490
524
-7.6%
Pre-tax income
-1,816
324
1,063
Income tax
428
162
255
+164.2%
Effective tax rate
n/a
50.0%
24.0%
Net income
-2,285
191
611
Net margin
-9.9%
0.8%
2.4%
Diluted EPS
-$6.42
$0.54
$1.65
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,578
1,497
2,193
+5.4%
Capital expenditure
1,193
1,261
1,287
-5.4%
Free cash flow
385
236
906
+63.1%
Free cash flow margin
1.7%
1.0%
3.6%
Cash from investing
-1,290
-759
-1,852
Cash from financing
-679
-798
62.0
Depreciation and amortisation
1,422
1,462
1,481
-2.7%
Share-based compensation
71.0
67.0
83.0
+6.0%
Dividends paid
132
131
131
+0.8%
Dividend per share
$0.36
$0.36
$0.36
0.0%
Diluted shares, weighted
357m
359m
387m
-0.6%
Shares outstanding at period end
357m
356m
355m
+0.4%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
10,593
13,199
13,844
-19.7%
Non-controlling interest
2,929
3,324
3,351
-11.9%
Debt
8,319
8,829
9,371
-5.8%
Other liabilities
13,901
14,827
13,554
-6.2%
Total liabilities and equity
35,742
40,179
40,120
-11.0%
Fixed assets
17,639
18,947
19,282
-6.9%
Goodwill
3,415
5,170
5,157
-33.9%
Intangible assets
1,267
1,187
1,182
+6.7%
Investments
1,907
1,860
1,626
+2.5%
Cash and equivalents
1,437
1,861
1,939
-22.8%
Receivables
1,221
1,399
1,571
-12.7%
Inventory
2,705
2,825
2,899
-4.2%
Other assets
6,151
6,930
6,464
-11.2%
Total assets
35,742
40,179
40,120
-11.0%
10-K for the year ended 31 December 2013, filed 13 February 2014: the filing.