Howmet Aerospace (HWM) FY2015 results: revenue $12.4 billion, down 46.1% on the year
Howmet Aerospace Inc. (HWM) reported revenue of $12.4 billion for fiscal 2015, the year ended 31 December 2015, down 46.1% on the year before. Net income was -$322 million, and diluted earnings per share $-0.93. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2016.
Revenue
$12.4 billion
-46.1% on the year
FY2007FY2015
Operating margin
5.1%
-7.9% a year earlier
FY2007FY2015
Net income
-$322 million
FY2007FY2015
Diluted EPS
-$0.93
FY2007FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2013
FY2012
On the year
Last 8 years
Revenue
12,413
23,032
23,700
-46.1%
Cost of revenue
n/a
19,286
20,401
Gross profit
n/a
3,746
3,299
Gross margin
n/a
16.3%
13.9%
Research and development
169
192
197
-12.0%
Selling, general and administrative
765
1,008
997
-24.1%
Operating income
628
-1,816
324
Operating margin
5.1%
-7.9%
1.4%
Interest expense
473
453
490
+4.4%
Pre-tax income
183
-1,816
324
Income tax
339
428
162
-20.8%
Effective tax rate
185.2%
n/a
50.0%
Net income
-322
-2,285
191
Net margin
-2.6%
-9.9%
0.8%
Diluted EPS
-$0.93
-$6.42
$0.54
$ 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
FY2015
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,582
1,578
1,497
+0.3%
Capital expenditure
1,180
1,193
1,261
-1.1%
Free cash flow
402
385
236
+4.4%
Free cash flow margin
3.2%
1.7%
1.0%
Cash from investing
n/a
-1,290
-759
Cash from financing
n/a
-679
-798
Depreciation and amortisation
1,280
1,422
1,462
-10.0%
Share-based compensation
77.0
71.0
67.0
+8.5%
Dividends paid
223
132
131
+68.9%
Dividend per share
$0.36
$0.36
$0.36
0.0%
Diluted shares, weighted
420m
357m
359m
+17.7%
Shares outstanding at period end
437m
357m
356m
+22.3%
Balance sheet
$ million
FY2015
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
12,046
10,593
13,199
+13.7%
Non-controlling interest
2,085
2,929
3,324
-28.8%
Short-term borrowings
38.0
n/a
n/a
Debt
8,789
8,319
8,829
+5.6%
Other liabilities
13,570
13,901
14,827
-2.4%
Total liabilities and equity
36,528
35,742
40,179
+2.2%
Fixed assets
5,425
17,639
18,947
-69.2%
Goodwill
5,249
3,415
5,170
+53.7%
Intangible assets
1,909
1,267
1,187
+50.7%
Investments
1,685
1,907
1,860
-11.6%
Cash and equivalents
1,919
1,437
1,861
+33.5%
Receivables
960
1,221
1,399
-21.4%
Inventory
2,284
2,705
2,825
-15.6%
Other assets
17,097
6,151
6,930
+178.0%
Total assets
36,528
35,742
40,179
+2.2%
10-K for the year ended 31 December 2015, filed 19 February 2016: the filing.