Fortive (FTV) FY2019 results: revenue $4.6 billion, up 20.1% on the year
Fortive Corp. (FTV) reported revenue of $4.6 billion for fiscal 2019, the year ended 31 December 2019, up 20.1% on the year before. Net income was $670 million, down 76.7%, and diluted earnings per share $1.97. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$4.6 billion
+20.1% on the year
FY2014FY2019
Operating margin
9.7%
17.0% a year earlier
FY2014FY2019
Net income
$670 million
-76.7% on the year
FY2014FY2019
Diluted EPS
$1.97
-76.0% on the year
FY2014FY2019
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
4,564
3,800
5,756
+20.1%
Cost of revenue
2,081
1,614
2,835
+28.9%
Gross profit
2,483
2,186
2,921
+13.6%
Gross margin
54.4%
57.5%
50.8%
Research and development
320
278
369
+15.2%
Selling, general and administrative
1,719
1,263
1,409
+36.1%
Operating income
444
645
1,143
-31.2%
Operating margin
9.7%
17.0%
19.9%
Interest expense
143
77.2
88.7
+84.7%
Pre-tax income
337
566
1,074
-40.5%
Income tax
68.6
75.6
189
-9.3%
Effective tax rate
20.4%
13.4%
17.6%
Net income
670
2,879
1,044
-76.7%
Net margin
14.7%
75.8%
18.1%
Diluted EPS
$1.97
$8.21
$2.96
-76.0%
$ 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
1,271
1,344
1,176
-5.4%
Capital expenditure
74.5
69.9
111
+6.6%
Free cash flow
1,197
1,274
1,065
-6.1%
Free cash flow margin
26.2%
33.5%
18.5%
Cash from investing
-4,055
-1,967
-1,670
Cash from financing
2,803
879
600
+218.8%
Depreciation and amortisation
342
174
158
+96.0%
Share-based compensation
52.5
40.6
44.2
+29.3%
Dividends paid
93.8
96.6
97.2
-2.9%
Dividend per share
$0.28
$0.28
$0.28
0.0%
Diluted shares, weighted
340m
351m
353m
-3.1%
Shares outstanding at period end
336m
334m
348m
+0.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,387
6,596
3,790
+12.0%
Non-controlling interest
13.2
17.4
17.9
-24.1%
Debt
6,328
3,430
4,056
+84.5%
Operating lease liabilities
134
0.0
n/a
Other liabilities
3,577
2,862
2,636
+25.0%
Total liabilities and equity
17,439
12,906
10,501
+35.1%
Fixed assets
416
396
610
+5.2%
Goodwill
7,242
4,994
4,560
+45.0%
Intangible assets
3,571
2,476
1,256
+44.2%
Cash and equivalents
1,205
1,178
962
+2.3%
Receivables
891
1,195
1,020
-25.5%
Inventory
416
574
507
-27.6%
Other assets
3,699
2,092
1,584
+76.8%
Total assets
17,439
12,906
10,501
+35.1%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.