Eaton (ETN) FY2014 results: revenue $22.6 billion, up 2.3% on the year
Eaton Corp. plc (ETN) reported revenue of $22.6 billion for fiscal 2014, the year ended 31 December 2014, up 2.3% on the year before. Net income was $1.8 billion, down 3.7%, and diluted earnings per share $3.76. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$22.6 billion
+2.3% on the year
FY2010FY2014
Operating margin
14.7%
14.4% a year earlier
FY2010FY2014
Net income
$1.8 billion
-3.7% on the year
FY2010FY2014
Diluted EPS
$3.76
-3.6% on the year
FY2010FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
22,552
22,046
16,311
+2.3%
Cost of revenue
15,646
15,369
11,448
+1.8%
Gross profit
6,906
6,677
4,863
+3.4%
Gross margin
30.6%
30.3%
29.8%
Research and development
647
644
439
+0.5%
Selling, general and administrative
3,810
3,886
2,894
-2.0%
Operating income
3,312
3,178
2,216
+4.2%
Operating margin
14.7%
14.4%
13.6%
Interest expense
n/a
n/a
276
Pre-tax income
1,761
1,884
1,251
-6.5%
Income tax
-42.0
11.0
31.0
Effective tax rate
-2.4%
0.6%
2.5%
Net income
1,793
1,861
1,217
-3.7%
Net margin
8.0%
8.4%
7.5%
Diluted EPS
$3.76
$3.90
$3.46
-3.6%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,878
2,285
1,664
-17.8%
Capital expenditure
632
614
593
+2.9%
Free cash flow
1,246
1,671
1,071
-25.4%
Free cash flow margin
5.5%
7.6%
6.6%
Cash from investing
143
-202
-6,972
Cash from financing
-2,130
-1,736
5,480
Depreciation and amortisation
983
997
598
-1.4%
Share-based compensation
12.0
11.0
7.0
+9.1%
Buybacks
650
0.0
-159
Dividends paid
929
796
512
+16.7%
Dividend per share
$1.96
$1.68
$1.52
+16.7%
Diluted shares, weighted
477m
477m
351m
+0.0%
Shares outstanding at period end
468m
475m
471m
-1.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
15,786
16,791
15,086
-6.0%
Non-controlling interest
53.0
72.0
65.0
-26.4%
Short-term borrowings
2.0
13.0
n/a
-84.6%
Debt
9,032
9,536
10,833
-5.3%
Other liabilities
8,656
9,079
9,864
-4.7%
Total liabilities and equity
33,529
35,491
35,848
-5.5%
Fixed assets
3,750
3,833
3,786
-2.2%
Goodwill
13,893
14,495
14,443
-4.2%
Intangible assets
6,556
7,186
7,580
-8.8%
Investments
245
794
527
-69.1%
Cash and equivalents
781
915
577
-14.6%
Receivables
3,667
3,648
3,474
+0.5%
Inventory
2,428
2,382
2,336
+1.9%
Other assets
2,209
2,238
3,125
-1.3%
Total assets
33,529
35,491
35,848
-5.5%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.