Eaton (ETN) FY2015 results: revenue $20.9 billion, down 7.5% on the year
Eaton Corp. plc (ETN) reported revenue of $20.9 billion for fiscal 2015, the year ended 31 December 2015, down 7.5% on the year before. Net income was $2.0 billion, up 10.0%, and diluted earnings per share $4.22. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2016.
Revenue
$20.9 billion
-7.5% on the year
FY2010FY2015
Operating margin
15.0%
14.7% a year earlier
FY2010FY2015
Net income
$2.0 billion
+10.0% on the year
FY2010FY2015
Diluted EPS
$4.22
+12.2% on the year
FY2010FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
20,855
22,552
22,046
-7.5%
Cost of revenue
14,292
15,646
15,369
-8.7%
Gross profit
6,563
6,906
6,677
-5.0%
Gross margin
31.5%
30.6%
30.3%
Research and development
625
647
644
-3.4%
Selling, general and administrative
3,596
3,810
3,886
-5.6%
Operating income
3,133
3,312
3,178
-5.4%
Operating margin
15.0%
14.7%
14.4%
Pre-tax income
2,133
1,761
1,884
+21.1%
Income tax
159
-42.0
11.0
Effective tax rate
7.5%
-2.4%
0.6%
Net income
1,972
1,793
1,861
+10.0%
Net margin
9.5%
8.0%
8.4%
Diluted EPS
$4.22
$3.76
$3.90
+12.2%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
2,409
1,878
2,285
+28.3%
Capital expenditure
506
632
614
-19.9%
Free cash flow
1,903
1,246
1,671
+52.7%
Free cash flow margin
9.1%
5.5%
7.6%
Cash from investing
-575
143
-202
Cash from financing
-2,305
-2,130
-1,736
Depreciation and amortisation
925
983
997
-5.9%
Share-based compensation
12.0
12.0
11.0
0.0%
Buybacks
682
650
0.0
+4.9%
Dividends paid
1,026
929
796
+10.4%
Dividend per share
$2.20
$1.96
$1.68
+12.2%
Diluted shares, weighted
467m
477m
477m
-2.0%
Shares outstanding at period end
459m
468m
475m
-1.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
15,186
15,786
16,791
-3.8%
Non-controlling interest
45.0
53.0
72.0
-15.1%
Short-term borrowings
426
2.0
13.0
+21,200.0%
Debt
7,988
9,032
9,536
-11.6%
Other liabilities
7,386
8,656
9,079
-14.7%
Total liabilities and equity
31,031
33,529
35,491
-7.5%
Fixed assets
3,565
3,750
3,833
-4.9%
Goodwill
13,479
13,893
14,495
-3.0%
Intangible assets
6,014
6,556
7,186
-8.3%
Investments
177
245
794
-27.8%
Cash and equivalents
268
781
915
-65.7%
Receivables
3,479
3,667
3,648
-5.1%
Inventory
2,323
2,428
2,382
-4.3%
Other assets
1,726
2,209
2,238
-21.9%
Total assets
31,031
33,529
35,491
-7.5%
10-K for the year ended 31 December 2015, filed 24 February 2016: the filing.