Eaton (ETN) FY2017 results: revenue $20.4 billion, up 3.3% on the year
Eaton Corp. plc (ETN) reported revenue of $20.4 billion for fiscal 2017, the year ended 31 December 2017, up 3.3% on the year before. Net income was $3.0 billion, up 55.8%, and diluted earnings per share $6.68. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2018.
Revenue
$20.4 billion
+3.3% on the year
FY2010FY2017
Operating margin
15.8%
15.0% a year earlier
FY2010FY2017
Net income
$3.0 billion
+55.8% on the year
FY2010FY2017
Diluted EPS
$6.68
+58.7% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
20,404
19,747
20,855
+3.3%
Cost of revenue
13,756
13,400
14,292
+2.7%
Gross profit
6,648
6,347
6,563
+4.7%
Gross margin
32.6%
32.1%
31.5%
Research and development
584
587
625
-0.5%
Selling, general and administrative
3,526
3,464
3,596
+1.8%
Operating income
3,214
2,958
3,133
+8.7%
Operating margin
15.8%
15.0%
15.0%
Pre-tax income
3,368
2,118
2,133
+59.0%
Income tax
382
199
159
+92.0%
Effective tax rate
11.3%
9.4%
7.5%
Net income
2,985
1,916
1,972
+55.8%
Net margin
14.6%
9.7%
9.5%
Diluted EPS
$6.68
$4.21
$4.22
+58.7%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,666
2,570
2,409
+3.7%
Capital expenditure
520
497
506
+4.6%
Free cash flow
2,146
2,073
1,903
+3.5%
Free cash flow margin
10.5%
10.5%
9.1%
Cash from investing
-217
-529
-575
Cash from financing
-2,442
-1,738
-2,305
Depreciation and amortisation
914
929
925
-1.6%
Share-based compensation
11.0
14.0
12.0
-21.4%
Buybacks
850
730
682
+16.4%
Dividends paid
1,068
1,037
1,026
+3.0%
Dividend per share
$2.40
$2.28
$2.20
+5.3%
Diluted shares, weighted
447m
456m
467m
-2.1%
Shares outstanding at period end
440m
449m
459m
-2.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
17,253
14,954
15,186
+15.4%
Non-controlling interest
37.0
44.0
45.0
-15.9%
Short-term borrowings
6.0
14.0
426
-57.1%
Debt
7,745
8,263
7,988
-6.3%
Other liabilities
7,582
7,144
7,386
+6.1%
Total liabilities and equity
32,623
30,419
31,031
+7.2%
Fixed assets
3,502
3,443
3,565
+1.7%
Goodwill
13,568
13,201
13,479
+2.8%
Intangible assets
5,265
5,514
6,014
-4.5%
Investments
534
203
177
+163.1%
Cash and equivalents
561
543
268
+3.3%
Receivables
3,943
3,560
3,479
+10.8%
Inventory
2,620
2,346
2,323
+11.7%
Other assets
2,630
1,609
1,726
+63.5%
Total assets
32,623
30,419
31,031
+7.2%
10-K for the year ended 31 December 2017, filed 28 February 2018: the filing.