Eaton (ETN) FY2018 results: revenue $21.6 billion, up 5.9% on the year
Eaton Corp. plc (ETN) reported revenue of $21.6 billion for fiscal 2018, the year ended 31 December 2018, up 5.9% on the year before. Net income was $2.1 billion, down 28.1%, and diluted earnings per share $4.91. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$21.6 billion
+5.9% on the year
FY2011FY2018
Operating margin
16.8%
15.8% a year earlier
FY2011FY2018
Net income
$2.1 billion
-28.1% on the year
FY2011FY2018
Diluted EPS
$4.91
-26.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
21,609
20,404
19,747
+5.9%
Cost of revenue
14,511
13,756
13,400
+5.5%
Gross profit
7,098
6,648
6,347
+6.8%
Gross margin
32.8%
32.6%
32.1%
Research and development
584
584
587
0.0%
Selling, general and administrative
3,548
3,526
3,464
+0.6%
Operating income
3,630
3,214
2,958
+12.9%
Operating margin
16.8%
15.8%
15.0%
Pre-tax income
2,424
3,368
2,118
-28.0%
Income tax
278
382
199
-27.2%
Effective tax rate
11.5%
11.3%
9.4%
Net income
2,145
2,985
1,916
-28.1%
Net margin
9.9%
14.6%
9.7%
Diluted EPS
$4.91
$6.68
$4.21
-26.5%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,658
2,666
2,570
-0.3%
Capital expenditure
565
520
497
+8.7%
Free cash flow
2,093
2,146
2,073
-2.5%
Free cash flow margin
9.7%
10.5%
10.5%
Cash from investing
-398
-217
-529
Cash from financing
-2,581
-2,442
-1,738
Depreciation and amortisation
903
914
929
-1.2%
Share-based compensation
11.0
11.0
14.0
0.0%
Buybacks
1,271
850
730
+49.5%
Dividends paid
1,149
1,068
1,037
+7.6%
Dividend per share
$2.64
$2.40
$2.28
+10.0%
Diluted shares, weighted
437m
447m
456m
-2.3%
Shares outstanding at period end
424m
440m
449m
-3.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
16,107
17,253
14,954
-6.6%
Non-controlling interest
35.0
37.0
44.0
-5.4%
Short-term borrowings
414
6.0
14.0
+6,800.0%
Debt
7,107
7,745
8,263
-8.2%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
7,429
7,582
7,144
-2.0%
Total liabilities and equity
31,092
32,623
30,419
-4.7%
Fixed assets
3,467
3,502
3,443
-1.0%
Goodwill
13,328
13,568
13,201
-1.8%
Intangible assets
4,846
5,265
5,514
-8.0%
Investments
157
534
203
-70.6%
Cash and equivalents
283
561
543
-49.6%
Receivables
3,858
3,943
3,560
-2.2%
Inventory
2,785
2,620
2,346
+6.3%
Other assets
2,368
2,630
1,609
-10.0%
Total assets
31,092
32,623
30,419
-4.7%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.