Eaton (ETN) FY2013 results: revenue $22.0 billion, up 35.2% on the year
Eaton Corp. plc (ETN) reported revenue of $22.0 billion for fiscal 2013, the year ended 31 December 2013, up 35.2% on the year before. Net income was $1.9 billion, up 52.9%, and diluted earnings per share $3.90. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2014.
Revenue
$22.0 billion
+35.2% on the year
FY2010FY2013
Operating margin
14.4%
13.6% a year earlier
FY2010FY2013
Net income
$1.9 billion
+52.9% on the year
FY2010FY2013
Diluted EPS
$3.90
+12.7% on the year
FY2010FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
22,046
16,311
16,049
+35.2%
Cost of revenue
15,369
11,448
11,261
+34.3%
Gross profit
6,677
4,863
4,788
+37.3%
Gross margin
30.3%
29.8%
29.8%
Research and development
644
439
417
+46.7%
Selling, general and administrative
3,886
2,894
2,738
+34.3%
Operating income
3,178
2,216
2,260
+43.4%
Operating margin
14.4%
13.6%
14.1%
Interest expense
n/a
276
174
Pre-tax income
1,884
1,251
1,553
+50.6%
Income tax
11.0
31.0
201
-64.5%
Effective tax rate
0.6%
2.5%
12.9%
Net income
1,861
1,217
1,350
+52.9%
Net margin
8.4%
7.5%
8.4%
Diluted EPS
$3.90
$3.46
$3.93
+12.7%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
2,285
1,664
1,248
+37.3%
Capital expenditure
614
593
568
+3.5%
Free cash flow
1,671
1,071
680
+56.0%
Free cash flow margin
7.6%
6.6%
4.2%
Cash from investing
-202
-6,972
-800
Cash from financing
-1,736
5,480
-381
Depreciation and amortisation
997
598
556
+66.7%
Share-based compensation
11.0
7.0
5.0
+57.1%
Buybacks
0.0
-159
343
Dividends paid
796
512
462
+55.5%
Dividend per share
$1.68
$1.52
$1.36
+10.5%
Diluted shares, weighted
477m
351m
343m
+35.9%
Shares outstanding at period end
475m
471m
334m
+0.9%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
16,791
15,086
7,469
+11.3%
Non-controlling interest
72.0
65.0
23.0
+10.8%
Short-term borrowings
13.0
n/a
n/a
Debt
9,536
10,833
3,773
-12.0%
Other liabilities
9,079
9,864
6,608
-8.0%
Total liabilities and equity
35,491
35,848
17,873
-1.0%
Fixed assets
3,833
3,786
2,602
+1.2%
Goodwill
14,495
14,443
5,537
+0.4%
Intangible assets
7,186
7,580
2,192
-5.2%
Investments
794
527
699
+50.7%
Cash and equivalents
915
577
385
+58.6%
Receivables
3,648
3,474
2,444
+5.0%
Inventory
2,382
2,336
1,701
+2.0%
Other assets
2,238
3,125
2,313
-28.4%
Total assets
35,491
35,848
17,873
-1.0%
10-K for the year ended 31 December 2013, filed 26 February 2014: the filing.