Trane Technologies (TT) FY2014 results: revenue $12.9 billion, up 4.4% on the year
Trane Technologies plc (TT) reported revenue of $12.9 billion for fiscal 2014, the year ended 31 December 2014, up 4.4% on the year before. Net income was $932 million, up 50.6%, and diluted earnings per share $3.40. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2015.
Revenue
$12.9 billion
+4.4% on the year
FY2007FY2014
Operating margin
10.9%
8.9% a year earlier
FY2007FY2014
Net income
$932 million
+50.6% on the year
FY2007FY2014
Diluted EPS
$3.40
+64.3% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
12,891
12,350
11,988
+4.4%
Cost of revenue
8,983
8,722
8,534
+3.0%
Gross profit
3,909
3,628
3,455
+7.7%
Gross margin
30.3%
29.4%
28.8%
Research and development
212
218
235
-2.7%
Selling, general and administrative
2,504
2,523
2,383
-0.8%
Operating income
1,405
1,105
1,072
+27.1%
Operating margin
10.9%
8.9%
8.9%
Interest expense
225
279
252
-19.2%
Pre-tax income
1,209
830
848
+45.8%
Income tax
294
189
56.0
+55.4%
Effective tax rate
24.3%
22.8%
6.6%
Net income
932
619
1,019
+50.6%
Net margin
7.2%
5.0%
8.5%
Diluted EPS
$3.40
$2.07
$3.28
+64.3%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
973
1,092
1,195
-10.8%
Capital expenditure
234
242
243
-3.6%
Free cash flow
740
849
952
-12.9%
Free cash flow margin
5.7%
6.9%
7.9%
Cash from investing
-197
-215
-146
Cash from financing
-860
347
-1,304
Depreciation and amortisation
332
334
334
-0.4%
Share-based compensation
67.7
71.8
49.8
-5.7%
Buybacks
1,375
1,213
840
+13.3%
Dividends paid
265
246
192
+7.8%
Dividend per share
$1.00
$0.63
$0.69
+58.7%
Diluted shares, weighted
274m
298m
311m
-8.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
5,987
7,069
7,148
-15.3%
Non-controlling interest
58.0
62.4
81.5
-7.1%
Redeemable equity
n/a
n/a
0.0
Debt
4,224
3,504
3,223
+20.5%
Other liabilities
7,029
7,022
8,040
+0.1%
Total liabilities and equity
17,298
17,658
18,493
-2.0%
Fixed assets
1,477
1,468
1,426
+0.6%
Goodwill
5,390
5,541
5,493
-2.7%
Intangible assets
3,784
3,922
4,050
-3.5%
Cash and equivalents
1,705
1,937
708
-12.0%
Receivables
2,119
2,072
1,870
+2.3%
Inventory
1,359
1,166
1,144
+16.5%
Other assets
1,465
1,552
3,801
-5.6%
Total assets
17,298
17,658
18,493
-2.0%
10-K for the year ended 31 December 2014, filed 13 February 2015: the filing.