Targa Resources (TRGP) FY2019 results: revenue $8.7 billion, down 17.3% on the year
Targa Resources Corp. (TRGP) reported revenue of $8.7 billion for fiscal 2019, the year ended 31 December 2019, down 17.3% on the year before. Net income was -$209 million, and diluted earnings per share $-1.44. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$8.7 billion
-17.3% on the year
FY2016FY2019
Operating margin
2.2%
2.3% a year earlier
FY2016FY2019
Net income
-$209 million
FY2016FY2019
Diluted EPS
-$1.44
FY2016FY2019
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
8,671
10,484
8,815
-17.3%
Cost of revenue
6,208
8,238
6,906
-24.6%
Gross profit
2,553
2,246
1,909
+13.7%
Gross margin
29.4%
21.4%
21.7%
Operating income
193
238
-122
-18.8%
Operating margin
2.2%
2.3%
-1.4%
Interest expense
338
186
234
+81.8%
Pre-tax income
-46.7
65.9
-293
Income tax
-87.9
5.5
-397
Effective tax rate
n/a
8.3%
n/a
Net income
-209
1.6
54.0
Net margin
-2.4%
0.0%
0.6%
Diluted EPS
-$1.44
-$0.53
-$0.31
$ 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
1,390
1,144
940
+21.5%
Capital expenditure
2,878
3,115
1,298
-7.6%
Free cash flow
-1,488
-1,971
-358
Free cash flow margin
-17.2%
-18.8%
-4.1%
Cash from investing
-3,072
-3,147
-1,893
Cash from financing
1,781
2,098
1,017
-15.1%
Depreciation and amortisation
972
816
810
+19.1%
Share-based compensation
60.3
56.3
42.3
+7.1%
Dividends paid
n/a
908
843
Dividend per share
$3.64
$3.64
$3.64
0.0%
Diluted shares, weighted
232m
224m
207m
+3.7%
Shares outstanding at period end
233m
232m
218m
+0.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
4,921
6,079
6,160
-19.1%
Non-controlling interest
3,522
1,391
596
+153.1%
Redeemable equity
n/a
n/a
76.2
Debt
7,822
6,660
5,053
+17.4%
Operating lease liabilities
47.2
n/a
n/a
Finance lease liabilities
25.8
0.0
n/a
Other liabilities
2,477
2,807
2,503
-11.8%
Total liabilities and equity
18,815
16,938
14,389
+11.1%
Fixed assets
14,548
12,928
10,430
+12.5%
Goodwill
45.2
46.6
257
-3.0%
Intangible assets
1,735
1,983
2,166
-12.5%
Cash and equivalents
331
232
137
+42.7%
Receivables
855
866
828
-1.2%
Inventory
162
165
204
-1.9%
Other assets
1,139
718
367
+58.7%
Total assets
18,815
16,938
14,389
+11.1%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.