Howmet Aerospace (HWM) FY2020 results: revenue $5.3 billion, down 25.9% on the year
Howmet Aerospace Inc. (HWM) reported revenue of $5.3 billion for fiscal 2020, the year ended 31 December 2020, down 25.9% on the year before. Net income was $261 million, down 44.5%, and diluted earnings per share $0.59. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2021.
Revenue
$5.3 billion
-25.9% on the year
FY2012FY2020
Operating margin
11.9%
8.2% a year earlier
FY2012FY2020
Net income
$261 million
-44.5% on the year
FY2012FY2020
Diluted EPS
$0.59
-42.7% on the year
FY2012FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,259
7,098
6,778
-25.9%
Cost of revenue
3,878
5,214
5,114
-25.6%
Gross profit
1,381
1,884
1,664
-26.7%
Gross margin
26.3%
26.5%
24.6%
Research and development
17.0
28.0
41.0
-39.3%
Selling, general and administrative
277
400
371
-30.8%
Operating income
626
579
775
+8.1%
Operating margin
11.9%
8.2%
11.4%
Interest expense
317
338
377
-6.2%
Pre-tax income
171
210
428
-18.6%
Income tax
-40.0
84.0
119
Effective tax rate
-23.4%
40.0%
27.8%
Net income
261
470
642
-44.5%
Net margin
5.0%
6.6%
9.5%
Diluted EPS
$0.59
$1.03
$1.30
-42.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
9.0
461
217
-98.0%
Capital expenditure
267
641
768
-58.3%
Free cash flow
-258
-180
-551
Free cash flow margin
-4.9%
-2.5%
-8.1%
Cash from investing
271
528
565
-48.7%
Cash from financing
-369
-1,568
-649
Depreciation and amortisation
338
536
576
-36.9%
Share-based compensation
46.0
69.0
40.0
-33.3%
Buybacks
73.0
1,150
0.0
-93.7%
Dividends paid
11.0
57.0
119
-80.7%
Dividend per share
$0.02
$0.12
$0.24
-83.3%
Diluted shares, weighted
439m
463m
503m
-5.2%
Shares outstanding at period end
433m
433m
483m
+0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,577
4,591
5,573
-22.1%
Non-controlling interest
0.0
14.0
12.0
Short-term borrowings
376
1,034
434
-63.6%
Debt
5,075
5,940
6,301
-14.6%
Operating lease liabilities
100
98.0
n/a
+2.0%
Other liabilities
2,315
5,901
6,373
-60.8%
Total liabilities and equity
11,443
17,578
18,693
-34.9%
Fixed assets
2,592
2,629
5,704
-1.4%
Goodwill
4,102
4,067
4,186
+0.9%
Intangible assets
571
599
919
-4.7%
Cash and equivalents
1,610
1,577
2,277
+2.1%
Receivables
328
583
1,047
-43.7%
Inventory
1,488
1,607
2,492
-7.4%
Other assets
752
6,516
2,068
-88.5%
Total assets
11,443
17,578
18,693
-34.9%
10-K for the year ended 31 December 2020, filed 16 February 2021: the filing.