Eaton (ETN) FY2016 results: revenue $19.7 billion, down 5.3% on the year
Eaton Corp. plc (ETN) reported revenue of $19.7 billion for fiscal 2016, the year ended 31 December 2016, down 5.3% on the year before. Net income was $1.9 billion, down 2.8%, and diluted earnings per share $4.21. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2017.
Revenue
$19.7 billion
-5.3% on the year
FY2010FY2016
Operating margin
15.0%
15.0% a year earlier
FY2010FY2016
Net income
$1.9 billion
-2.8% on the year
FY2010FY2016
Diluted EPS
$4.21
-0.2% on the year
FY2010FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
19,747
20,855
22,552
-5.3%
Cost of revenue
13,400
14,292
15,646
-6.2%
Gross profit
6,347
6,563
6,906
-3.3%
Gross margin
32.1%
31.5%
30.6%
Research and development
587
625
647
-6.1%
Selling, general and administrative
3,464
3,596
3,810
-3.7%
Operating income
2,958
3,133
3,312
-5.6%
Operating margin
15.0%
15.0%
14.7%
Pre-tax income
2,118
2,133
1,761
-0.7%
Income tax
199
159
-42.0
+25.2%
Effective tax rate
9.4%
7.5%
-2.4%
Net income
1,916
1,972
1,793
-2.8%
Net margin
9.7%
9.5%
8.0%
Diluted EPS
$4.21
$4.22
$3.76
-0.2%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
2,570
2,409
1,878
+6.7%
Capital expenditure
497
506
632
-1.8%
Free cash flow
2,073
1,903
1,246
+8.9%
Free cash flow margin
10.5%
9.1%
5.5%
Cash from investing
-529
-575
143
Cash from financing
-1,738
-2,305
-2,130
Depreciation and amortisation
929
925
983
+0.4%
Share-based compensation
14.0
12.0
12.0
+16.7%
Buybacks
730
682
650
+7.0%
Dividends paid
1,037
1,026
929
+1.1%
Dividend per share
$2.28
$2.20
$1.96
+3.6%
Diluted shares, weighted
456m
467m
477m
-2.3%
Shares outstanding at period end
449m
459m
468m
-2.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
14,954
15,186
15,786
-1.5%
Non-controlling interest
44.0
45.0
53.0
-2.2%
Short-term borrowings
14.0
426
2.0
-96.7%
Debt
8,263
7,988
9,032
+3.4%
Other liabilities
7,144
7,386
8,656
-3.3%
Total liabilities and equity
30,419
31,031
33,529
-2.0%
Fixed assets
3,443
3,565
3,750
-3.4%
Goodwill
13,201
13,479
13,893
-2.1%
Intangible assets
5,514
6,014
6,556
-8.3%
Investments
203
177
245
+14.7%
Cash and equivalents
543
268
781
+102.6%
Receivables
3,560
3,479
3,667
+2.3%
Inventory
2,346
2,323
2,428
+1.0%
Other assets
1,609
1,726
2,209
-6.8%
Total assets
30,419
31,031
33,529
-2.0%
10-K for the year ended 31 December 2016, filed 22 February 2017: the filing.