Howmet Aerospace (HWM) FY2017 results: revenue $13.0 billion, up 4.6% on the year
Howmet Aerospace Inc. (HWM) reported revenue of $13.0 billion for fiscal 2017, the year ended 31 December 2017, up 4.6% on the year before. Net income was -$74 million, and diluted earnings per share $-0.28. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$13.0 billion
+4.6% on the year
FY2009FY2017
Operating margin
3.7%
7.7% a year earlier
FY2009FY2017
Net income
-$74 million
FY2009FY2017
Diluted EPS
-$0.28
FY2009FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
12,960
12,394
12,413
+4.6%
Cost of revenue
10,221
n/a
n/a
Gross profit
2,739
n/a
n/a
Gross margin
21.1%
n/a
n/a
Research and development
109
130
169
-16.2%
Selling, general and administrative
715
924
765
-22.6%
Operating income
480
954
628
-49.7%
Operating margin
3.7%
7.7%
5.1%
Interest expense
496
499
473
-0.6%
Pre-tax income
470
414
183
+13.5%
Income tax
544
1,476
339
-63.1%
Effective tax rate
115.7%
356.5%
185.2%
Net income
-74.0
-941
-322
Net margin
-0.6%
-7.6%
-2.6%
Diluted EPS
-$0.28
-$2.31
-$0.93
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
-39.0
95.0
1,582
Capital expenditure
596
1,125
1,180
-47.0%
Free cash flow
-635
-1,030
402
Free cash flow margin
-4.9%
-8.3%
3.2%
Cash from investing
1,320
591
n/a
+123.4%
Cash from financing
-1,015
-757
n/a
Depreciation and amortisation
551
1,132
1,280
-51.3%
Share-based compensation
54.0
76.0
77.0
-28.9%
Buybacks
0.0
n/a
n/a
Dividends paid
162
228
223
-28.9%
Dividend per share
$0.24
$0.36
$0.36
-33.3%
Diluted shares, weighted
451m
438m
420m
+3.0%
Shares outstanding at period end
481m
439m
437m
+9.8%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
4,910
5,115
12,046
-4.0%
Non-controlling interest
14.0
26.0
2,085
-46.2%
Short-term borrowings
n/a
40.0
38.0
Debt
6,844
8,048
8,789
-15.0%
Other liabilities
6,950
6,809
13,570
+2.1%
Total liabilities and equity
18,718
20,038
36,528
-6.6%
Fixed assets
5,594
5,499
5,425
+1.7%
Goodwill
4,535
5,148
5,249
-11.9%
Intangible assets
987
988
1,909
-0.1%
Investments
n/a
n/a
1,685
Cash and equivalents
2,150
1,863
1,919
+15.4%
Receivables
1,035
974
960
+6.3%
Inventory
2,480
2,253
2,284
+10.1%
Other assets
1,937
3,313
17,097
-41.5%
Total assets
18,718
20,038
36,528
-6.6%
10-K for the year ended 31 December 2017, filed 21 February 2019: the filing.