Trane Technologies (TT) FY2013 results: revenue $12.4 billion, up 3.0% on the year
Trane Technologies plc (TT) reported revenue of $12.4 billion for fiscal 2013, the year ended 31 December 2013, up 3.0% on the year before. Net income was $619 million, down 39.2%, and diluted earnings per share $2.07. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2014.
Revenue
$12.4 billion
+3.0% on the year
FY2007FY2013
Operating margin
8.9%
8.9% a year earlier
FY2007FY2013
Net income
$619 million
-39.2% on the year
FY2007FY2013
Diluted EPS
$2.07
-36.9% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
12,350
11,988
12,761
+3.0%
Cost of revenue
8,722
8,534
9,280
+2.2%
Gross profit
3,628
3,455
3,481
+5.0%
Gross margin
29.4%
28.8%
27.3%
Research and development
218
235
218
-7.3%
Selling, general and administrative
2,523
2,383
2,395
+5.9%
Operating income
1,105
1,072
439
+3.1%
Operating margin
8.9%
8.9%
3.4%
Interest expense
279
252
278
+10.6%
Pre-tax income
830
848
189
-2.2%
Income tax
189
56.0
45.4
+237.5%
Effective tax rate
22.8%
6.6%
24.1%
Net income
619
1,019
343
-39.2%
Net margin
5.0%
8.5%
2.7%
Diluted EPS
$2.07
$3.28
$1.01
-36.9%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,092
1,195
1,187
-8.7%
Capital expenditure
242
243
217
-0.4%
Free cash flow
849
952
970
-10.8%
Free cash flow margin
6.9%
7.9%
7.6%
Cash from investing
-215
-146
208
Cash from financing
347
-1,304
-1,246
Depreciation and amortisation
334
334
358
-0.0%
Share-based compensation
71.8
49.8
42.6
+44.2%
Buybacks
1,213
840
1,158
+44.5%
Dividends paid
246
192
137
+27.6%
Dividend per share
$0.63
$0.69
$0.59
-8.7%
Diluted shares, weighted
298m
311m
339m
-4.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
7,069
7,148
6,924
-1.1%
Non-controlling interest
62.4
81.5
88.1
-23.4%
Redeemable equity
n/a
0.0
3.3
Debt
3,504
3,223
3,643
+8.7%
Other liabilities
7,022
8,040
8,186
-12.7%
Total liabilities and equity
17,658
18,493
18,844
-4.5%
Fixed assets
1,468
1,426
1,641
+3.0%
Goodwill
5,541
5,493
6,105
+0.9%
Intangible assets
3,922
4,050
4,337
-3.2%
Cash and equivalents
1,937
708
987
+173.5%
Receivables
2,072
1,870
2,136
+10.8%
Inventory
1,166
1,144
1,278
+1.9%
Other assets
1,552
3,801
2,360
-59.2%
Total assets
17,658
18,493
18,844
-4.5%
10-K for the year ended 31 December 2013, filed 14 February 2014: the filing.