Howmet Aerospace (HWM) FY2018 results: revenue $6.8 billion, down 47.7% on the year
Howmet Aerospace Inc. (HWM) reported revenue of $6.8 billion for fiscal 2018, the year ended 31 December 2018, down 47.7% on the year before. Net income was $642 million, and diluted earnings per share $1.30. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$6.8 billion
-47.7% on the year
FY2010FY2018
Operating margin
11.4%
3.7% a year earlier
FY2010FY2018
Net income
$642 million
FY2010FY2018
Diluted EPS
$1.30
FY2010FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
6,778
12,960
12,394
-47.7%
Cost of revenue
5,114
10,221
n/a
-50.0%
Gross profit
1,664
2,739
n/a
-39.2%
Gross margin
24.6%
21.1%
n/a
Research and development
41.0
109
130
-62.4%
Selling, general and administrative
371
715
924
-48.1%
Operating income
775
480
954
+61.5%
Operating margin
11.4%
3.7%
7.7%
Interest expense
377
496
499
-24.0%
Pre-tax income
428
470
414
-8.9%
Income tax
119
544
1,476
-78.1%
Effective tax rate
27.8%
115.7%
356.5%
Net income
642
-74.0
-941
Net margin
9.5%
-0.6%
-7.6%
Diluted EPS
$1.30
-$0.28
-$2.31
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
217
-39.0
95.0
Capital expenditure
768
596
1,125
+28.9%
Free cash flow
-551
-635
-1,030
Free cash flow margin
-8.1%
-4.9%
-8.3%
Cash from investing
565
1,320
591
-57.2%
Cash from financing
-649
-1,015
-757
Depreciation and amortisation
576
551
1,132
+4.5%
Share-based compensation
40.0
54.0
76.0
-25.9%
Buybacks
0.0
0.0
n/a
Dividends paid
119
162
228
-26.5%
Dividend per share
$0.24
$0.24
$0.36
0.0%
Diluted shares, weighted
503m
451m
438m
+11.5%
Shares outstanding at period end
483m
481m
439m
+0.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
5,573
4,910
5,115
+13.5%
Non-controlling interest
12.0
14.0
26.0
-14.3%
Short-term borrowings
434
n/a
40.0
Debt
6,301
6,844
8,048
-7.9%
Other liabilities
6,373
6,950
6,809
-8.3%
Total liabilities and equity
18,693
18,718
20,038
-0.1%
Fixed assets
5,704
5,594
5,499
+2.0%
Goodwill
4,186
4,535
5,148
-7.7%
Intangible assets
919
987
988
-6.9%
Cash and equivalents
2,277
2,150
1,863
+5.9%
Receivables
1,047
1,035
974
+1.2%
Inventory
2,492
2,480
2,253
+0.5%
Other assets
2,068
1,937
3,313
+6.8%
Total assets
18,693
18,718
20,038
-0.1%
10-K for the year ended 31 December 2018, filed 21 February 2019: the filing.