Fortive (FTV) FY2018 results: revenue $3.8 billion, down 34.0% on the year
Fortive Corp. (FTV) reported revenue of $3.8 billion for fiscal 2018, the year ended 31 December 2018, down 34.0% on the year before. Net income was $2.9 billion, up 175.6%, and diluted earnings per share $8.21. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$3.8 billion
-34.0% on the year
FY2014FY2018
Operating margin
17.0%
19.9% a year earlier
FY2014FY2018
Net income
$2.9 billion
+175.6% on the year
FY2014FY2018
Diluted EPS
$8.21
+177.4% on the year
FY2014FY2018
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
3,800
5,756
5,378
-34.0%
Cost of revenue
1,614
2,835
2,693
-43.1%
Gross profit
2,186
2,921
2,686
-25.2%
Gross margin
57.5%
50.8%
49.9%
Research and development
278
369
351
-24.7%
Selling, general and administrative
1,263
1,409
1,273
-10.4%
Operating income
645
1,143
1,062
-43.5%
Operating margin
17.0%
19.9%
19.7%
Interest expense
77.2
88.7
46.4
-13.0%
Pre-tax income
566
1,074
1,010
-47.3%
Income tax
75.6
189
270
-60.1%
Effective tax rate
13.4%
17.6%
26.7%
Net income
2,879
1,044
872
+175.6%
Net margin
75.8%
18.1%
16.2%
Diluted EPS
$8.21
$2.96
$2.51
+177.4%
$ 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
1,344
1,176
1,137
+14.3%
Capital expenditure
69.9
111
110
-37.1%
Free cash flow
1,274
1,065
1,027
+19.6%
Free cash flow margin
33.5%
18.5%
19.1%
Cash from investing
-1,967
-1,670
-311
Cash from financing
879
600
3.8
+46.6%
Depreciation and amortisation
174
158
161
+10.0%
Share-based compensation
40.6
44.2
40.7
-8.1%
Dividends paid
96.6
97.2
48.4
-0.6%
Dividend per share
$0.28
$0.28
n/a
0.0%
Diluted shares, weighted
351m
353m
347m
-0.5%
Shares outstanding at period end
334m
348m
346m
-3.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
6,596
3,790
2,688
+74.0%
Non-controlling interest
17.4
17.9
3.1
-2.8%
Debt
3,430
4,056
3,358
-15.4%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
2,862
2,636
2,141
+8.6%
Total liabilities and equity
12,906
10,501
8,190
+22.9%
Fixed assets
396
610
548
-35.2%
Goodwill
4,994
4,560
3,445
+9.5%
Intangible assets
2,476
1,256
747
+97.1%
Cash and equivalents
1,178
962
803
+22.5%
Receivables
1,195
1,020
945
+17.1%
Inventory
574
507
545
+13.4%
Other assets
2,092
1,584
1,157
+32.1%
Total assets
12,906
10,501
8,190
+22.9%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.