Howmet Aerospace (HWM) FY2019 results: revenue $7.1 billion, up 4.7% on the year
Howmet Aerospace Inc. (HWM) reported revenue of $7.1 billion for fiscal 2019, the year ended 31 December 2019, up 4.7% on the year before. Net income was $470 million, down 26.8%, and diluted earnings per share $1.03. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$7.1 billion
+4.7% on the year
FY2011FY2019
Operating margin
8.2%
11.4% a year earlier
FY2011FY2019
Net income
$470 million
-26.8% on the year
FY2011FY2019
Diluted EPS
$1.03
-20.8% on the year
FY2011FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
7,098
6,778
12,960
+4.7%
Cost of revenue
5,214
5,114
10,221
+2.0%
Gross profit
1,884
1,664
2,739
+13.2%
Gross margin
26.5%
24.6%
21.1%
Research and development
28.0
41.0
109
-31.7%
Selling, general and administrative
400
371
715
+7.8%
Operating income
579
775
480
-25.3%
Operating margin
8.2%
11.4%
3.7%
Interest expense
338
377
496
-10.3%
Pre-tax income
210
428
470
-50.9%
Income tax
84.0
119
544
-29.4%
Effective tax rate
40.0%
27.8%
115.7%
Net income
470
642
-74.0
-26.8%
Net margin
6.6%
9.5%
-0.6%
Diluted EPS
$1.03
$1.30
-$0.28
-20.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
461
217
-39.0
+112.4%
Capital expenditure
641
768
596
-16.5%
Free cash flow
-180
-551
-635
Free cash flow margin
-2.5%
-8.1%
-4.9%
Cash from investing
528
565
1,320
-6.5%
Cash from financing
-1,568
-649
-1,015
Depreciation and amortisation
536
576
551
-6.9%
Share-based compensation
69.0
40.0
54.0
+72.5%
Buybacks
1,150
0.0
0.0
Dividends paid
57.0
119
162
-52.1%
Dividend per share
$0.12
$0.24
$0.24
-50.0%
Diluted shares, weighted
463m
503m
451m
-8.0%
Shares outstanding at period end
433m
483m
481m
-10.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
4,591
5,573
4,910
-17.6%
Non-controlling interest
14.0
12.0
14.0
+16.7%
Short-term borrowings
1,034
434
n/a
+138.2%
Debt
5,940
6,301
6,844
-5.7%
Operating lease liabilities
98.0
n/a
n/a
Other liabilities
5,901
6,373
6,950
-7.4%
Total liabilities and equity
17,578
18,693
18,718
-6.0%
Fixed assets
2,629
5,704
5,594
-53.9%
Goodwill
4,067
4,186
4,535
-2.8%
Intangible assets
599
919
987
-34.8%
Cash and equivalents
1,577
2,277
2,150
-30.7%
Receivables
583
1,047
1,035
-44.3%
Inventory
1,607
2,492
2,480
-35.5%
Other assets
6,516
2,068
1,937
+215.1%
Total assets
17,578
18,693
18,718
-6.0%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.