Eaton (ETN) FY2020 results: revenue $17.9 billion, down 16.5% on the year
Eaton Corp. plc (ETN) reported revenue of $17.9 billion for fiscal 2020, the year ended 31 December 2020, down 16.5% on the year before. Net income was $1.4 billion, down 36.2%, and diluted earnings per share $3.49. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$17.9 billion
-16.5% on the year
FY2013FY2020
Operating margin
n/a
17.2% a year earlier
FY2013FY2020
Net income
$1.4 billion
-36.2% on the year
FY2013FY2020
Diluted EPS
$3.49
-33.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
17,858
21,390
21,609
-16.5%
Cost of revenue
12,408
14,338
14,511
-13.5%
Gross profit
5,450
7,052
7,098
-22.7%
Gross margin
30.5%
33.0%
32.8%
Research and development
551
606
584
-9.1%
Selling, general and administrative
3,075
3,583
3,548
-14.2%
Operating income
n/a
3,675
3,630
Operating margin
n/a
17.2%
16.8%
Interest expense
149
199
n/a
-25.1%
Pre-tax income
1,746
2,591
2,424
-32.6%
Income tax
331
378
278
-12.4%
Effective tax rate
19.0%
14.6%
11.5%
Net income
1,410
2,211
2,145
-36.2%
Net margin
7.9%
10.3%
9.9%
Diluted EPS
$3.49
$5.25
$4.91
-33.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,944
3,451
2,658
-14.7%
Capital expenditure
389
587
565
-33.7%
Free cash flow
2,555
2,864
2,093
-10.8%
Free cash flow margin
14.3%
13.4%
9.7%
Cash from investing
397
-1,866
-398
Cash from financing
-3,258
-1,494
-2,581
Depreciation and amortisation
811
884
903
-8.3%
Share-based compensation
n/a
9.0
11.0
Buybacks
1,608
1,029
1,271
+56.3%
Dividends paid
1,175
1,201
1,149
-2.2%
Dividend per share
$2.92
$2.84
$2.64
+2.8%
Diluted shares, weighted
404m
421m
437m
-4.0%
Shares outstanding at period end
398m
413m
424m
-3.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
14,930
16,082
16,107
-7.2%
Non-controlling interest
43.0
51.0
35.0
-15.7%
Short-term borrowings
1.0
n/a
414
Debt
8,057
8,322
7,107
-3.2%
Operating lease liabilities
326
331
0.0
-1.5%
Finance lease liabilities
30.0
21.0
n/a
+42.9%
Other liabilities
8,437
7,998
7,429
+5.5%
Total liabilities and equity
31,824
32,805
31,092
-3.0%
Fixed assets
2,964
3,496
3,467
-15.2%
Goodwill
12,903
13,456
13,328
-4.1%
Intangible assets
4,175
4,638
4,846
-10.0%
Investments
664
221
157
+200.5%
Cash and equivalents
438
370
283
+18.4%
Receivables
2,904
3,437
3,858
-15.5%
Inventory
2,109
2,805
2,785
-24.8%
Other assets
5,667
4,382
2,368
+29.3%
Total assets
31,824
32,805
31,092
-3.0%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.