Howmet Aerospace (HWM) FY2016 results: revenue $12.4 billion, down 0.2% on the year
Howmet Aerospace Inc. (HWM) reported revenue of $12.4 billion for fiscal 2016, the year ended 31 December 2016, down 0.2% on the year before. Net income was -$941 million, and diluted earnings per share $-2.31. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$12.4 billion
-0.2% on the year
FY2008FY2016
Operating margin
7.7%
5.1% a year earlier
FY2008FY2016
Net income
-$941 million
FY2008FY2016
Diluted EPS
-$2.31
FY2008FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2013
On the year
Last 8 years
Revenue
12,394
12,413
23,032
-0.2%
Cost of revenue
n/a
n/a
19,286
Gross profit
n/a
n/a
3,746
Gross margin
n/a
n/a
16.3%
Research and development
130
169
192
-23.1%
Selling, general and administrative
924
765
1,008
+20.8%
Operating income
954
628
-1,816
+51.9%
Operating margin
7.7%
5.1%
-7.9%
Interest expense
499
473
453
+5.5%
Pre-tax income
414
183
-1,816
+126.2%
Income tax
1,476
339
428
+335.4%
Effective tax rate
356.5%
185.2%
n/a
Net income
-941
-322
-2,285
Net margin
-7.6%
-2.6%
-9.9%
Diluted EPS
-$2.31
-$0.93
-$6.42
$ 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
FY2016
FY2015
FY2013
On the year
Last 8 years
Operating cash flow
95.0
1,582
1,578
-94.0%
Capital expenditure
1,125
1,180
1,193
-4.7%
Free cash flow
-1,030
402
385
Free cash flow margin
-8.3%
3.2%
1.7%
Cash from investing
591
n/a
-1,290
Cash from financing
-757
n/a
-679
Depreciation and amortisation
1,132
1,280
1,422
-11.6%
Share-based compensation
76.0
77.0
71.0
-1.3%
Dividends paid
228
223
132
+2.2%
Dividend per share
$0.36
$0.36
$0.36
0.0%
Diluted shares, weighted
438m
420m
357m
+4.4%
Shares outstanding at period end
439m
437m
357m
+0.4%
Balance sheet
$ million
FY2016
FY2015
FY2013
On the year
Last 8 years
Shareholders' equity
5,115
12,046
10,593
-57.5%
Non-controlling interest
26.0
2,085
2,929
-98.8%
Short-term borrowings
40.0
38.0
n/a
+5.3%
Debt
8,048
8,789
8,319
-8.4%
Other liabilities
6,809
13,570
13,901
-49.8%
Total liabilities and equity
20,038
36,528
35,742
-45.1%
Fixed assets
5,499
5,425
17,639
+1.4%
Goodwill
5,148
5,249
3,415
-1.9%
Intangible assets
988
1,909
1,267
-48.2%
Investments
n/a
1,685
1,907
Cash and equivalents
1,863
1,919
1,437
-2.9%
Receivables
974
960
1,221
+1.5%
Inventory
2,253
2,284
2,705
-1.4%
Other assets
3,313
17,097
6,151
-80.6%
Total assets
20,038
36,528
35,742
-45.1%
10-K for the year ended 31 December 2016, filed 21 February 2019: the filing.