Eaton (ETN) FY2019 results: revenue $21.4 billion, down 1.0% on the year
Eaton Corp. plc (ETN) reported revenue of $21.4 billion for fiscal 2019, the year ended 31 December 2019, down 1.0% on the year before. Net income was $2.2 billion, up 3.1%, and diluted earnings per share $5.25. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$21.4 billion
-1.0% on the year
FY2012FY2019
Operating margin
17.2%
16.8% a year earlier
FY2012FY2019
Net income
$2.2 billion
+3.1% on the year
FY2012FY2019
Diluted EPS
$5.25
+6.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
21,390
21,609
20,404
-1.0%
Cost of revenue
14,338
14,511
13,756
-1.2%
Gross profit
7,052
7,098
6,648
-0.6%
Gross margin
33.0%
32.8%
32.6%
Research and development
606
584
584
+3.8%
Selling, general and administrative
3,583
3,548
3,526
+1.0%
Operating income
3,675
3,630
3,214
+1.2%
Operating margin
17.2%
16.8%
15.8%
Interest expense
199
n/a
n/a
Pre-tax income
2,591
2,424
3,368
+6.9%
Income tax
378
278
382
+36.0%
Effective tax rate
14.6%
11.5%
11.3%
Net income
2,211
2,145
2,985
+3.1%
Net margin
10.3%
9.9%
14.6%
Diluted EPS
$5.25
$4.91
$6.68
+6.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,451
2,658
2,666
+29.8%
Capital expenditure
587
565
520
+3.9%
Free cash flow
2,864
2,093
2,146
+36.8%
Free cash flow margin
13.4%
9.7%
10.5%
Cash from investing
-1,866
-398
-217
Cash from financing
-1,494
-2,581
-2,442
Depreciation and amortisation
884
903
914
-2.1%
Share-based compensation
9.0
11.0
11.0
-18.2%
Buybacks
1,029
1,271
850
-19.0%
Dividends paid
1,201
1,149
1,068
+4.5%
Dividend per share
$2.84
$2.64
$2.40
+7.6%
Diluted shares, weighted
421m
437m
447m
-3.7%
Shares outstanding at period end
413m
424m
440m
-2.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
16,082
16,107
17,253
-0.2%
Non-controlling interest
51.0
35.0
37.0
+45.7%
Short-term borrowings
n/a
414
6.0
Debt
8,322
7,107
7,745
+17.1%
Operating lease liabilities
331
0.0
n/a
Finance lease liabilities
21.0
n/a
n/a
Other liabilities
7,998
7,429
7,582
+7.7%
Total liabilities and equity
32,805
31,092
32,623
+5.5%
Fixed assets
3,496
3,467
3,502
+0.8%
Goodwill
13,456
13,328
13,568
+1.0%
Intangible assets
4,638
4,846
5,265
-4.3%
Investments
221
157
534
+40.8%
Cash and equivalents
370
283
561
+30.7%
Receivables
3,437
3,858
3,943
-10.9%
Inventory
2,805
2,785
2,620
+0.7%
Other assets
4,382
2,368
2,630
+85.1%
Total assets
32,805
31,092
32,623
+5.5%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.