Ecolab (ECL) FY2018 results: revenue $12.2 billion, up 6.0% on the year
Ecolab Inc. (ECL) reported revenue of $12.2 billion for fiscal 2018, the year ended 31 December 2018, up 6.0% on the year before. Net income was $1.4 billion, down 5.0%, and diluted earnings per share $4.88. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$12.2 billion
+6.0% on the year
FY2011FY2018
Operating margin
14.1%
15.2% a year earlier
FY2011FY2018
Net income
$1.4 billion
-5.0% on the year
FY2011FY2018
Diluted EPS
$4.88
-4.9% on the year
FY2011FY2018
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
12,222
11,531
13,152
+6.0%
Cost of revenue
6,875
6,415
7,534
+7.2%
Gross profit
5,347
5,116
5,618
+4.5%
Gross margin
43.7%
44.4%
42.7%
Research and development
193
177
189
+9.0%
Selling, general and administrative
3,506
3,364
3,708
+4.2%
Operating income
1,728
1,747
1,870
-1.1%
Operating margin
14.1%
15.2%
14.2%
Interest expense
236
272
285
-13.5%
Pre-tax income
1,587
1,560
1,650
+1.7%
Income tax
321
190
403
+69.2%
Effective tax rate
20.2%
12.2%
24.4%
Net income
1,429
1,505
1,230
-5.0%
Net margin
11.7%
13.0%
9.3%
Diluted EPS
$4.88
$5.13
$4.14
-4.9%
$ 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
2,278
2,091
1,940
+8.9%
Capital expenditure
779
787
757
-1.1%
Free cash flow
1,499
1,304
1,183
+15.0%
Free cash flow margin
12.3%
11.3%
9.0%
Cash from investing
-1,030
-1,727
-774
Cash from financing
-1,173
-523
-868
Depreciation and amortisation
729
685
851
+6.4%
Share-based compensation
88.0
85.5
85.7
+2.9%
Buybacks
562
600
740
-6.3%
Dividends paid
495
443
428
+11.6%
Dividend per share
$1.69
$1.52
$1.42
+11.2%
Diluted shares, weighted
293m
294m
297m
-0.4%
Shares outstanding at period end
288m
289m
292m
-0.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
8,003
7,584
6,901
+5.5%
Non-controlling interest
50.4
70.2
69.8
-28.2%
Debt
7,045
7,323
6,687
-3.8%
Other liabilities
4,976
4,986
4,672
-0.2%
Total liabilities and equity
20,074
19,962
18,330
+0.6%
Fixed assets
3,087
3,707
3,365
-16.7%
Goodwill
5,394
5,467
6,383
-1.3%
Intangible assets
2,940
4,018
3,818
-26.8%
Cash and equivalents
63.9
211
327
-69.8%
Receivables
2,210
2,574
2,341
-14.1%
Inventory
1,104
1,446
1,319
-23.6%
Other assets
5,276
2,540
776
+107.7%
Total assets
20,074
19,962
18,330
+0.6%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.