Trane Technologies (TT) FY2019 results: revenue $13.1 billion, up 5.9% on the year
Trane Technologies plc (TT) reported revenue of $13.1 billion for fiscal 2019, the year ended 31 December 2019, up 5.9% on the year before. Net income was $1.4 billion, up 5.5%, and diluted earnings per share $5.77. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2020.
Revenue
$13.1 billion
+5.9% on the year
FY2012FY2019
Operating margin
12.8%
12.2% a year earlier
FY2012FY2019
Net income
$1.4 billion
+5.5% on the year
FY2012FY2019
Diluted EPS
$5.77
+7.9% on the year
FY2012FY2019
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
13,076
12,344
14,198
+5.9%
Cost of revenue
9,086
8,582
9,812
+5.9%
Gross profit
3,990
3,761
4,386
+6.1%
Gross margin
30.5%
30.5%
30.9%
Research and development
174
167
211
+4.5%
Selling, general and administrative
2,320
2,249
2,721
+3.2%
Operating income
1,670
1,512
1,665
+10.4%
Operating margin
12.8%
12.2%
11.7%
Interest expense
243
221
216
+10.1%
Pre-tax income
1,399
1,258
1,418
+11.2%
Income tax
239
235
80.2
+1.6%
Effective tax rate
17.1%
18.7%
5.7%
Net income
1,411
1,338
1,303
+5.5%
Net margin
10.8%
10.8%
9.2%
Diluted EPS
$5.77
$5.35
$5.05
+7.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,920
1,408
1,524
+36.3%
Capital expenditure
205
285
221
-27.9%
Free cash flow
1,714
1,123
1,302
+52.6%
Free cash flow margin
13.1%
9.1%
9.2%
Cash from investing
-1,780
-629
-375
Cash from financing
270
-1,379
-1,432
Depreciation and amortisation
397
362
353
+9.9%
Share-based compensation
66.4
78.8
70.8
-15.7%
Buybacks
750
900
1,017
-16.7%
Dividends paid
510
480
430
+6.4%
Dividend per share
$2.12
$1.96
$1.70
+8.2%
Diluted shares, weighted
244m
250m
258m
-2.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,268
7,023
7,140
+3.5%
Non-controlling interest
44.8
42.1
66.6
+6.4%
Debt
5,573
4,091
4,057
+36.2%
Operating lease liabilities
394
n/a
n/a
Other liabilities
7,212
6,759
6,909
+6.7%
Total liabilities and equity
20,492
17,915
18,173
+14.4%
Fixed assets
1,352
1,731
1,551
-21.9%
Goodwill
5,126
5,099
5,936
+0.5%
Intangible assets
3,324
3,635
3,743
-8.6%
Cash and equivalents
1,279
878
1,524
+45.6%
Receivables
2,185
2,679
2,477
-18.5%
Inventory
1,279
1,678
1,555
-23.8%
Other assets
5,949
2,215
1,386
+168.6%
Total assets
20,492
17,915
18,173
+14.4%
10-K for the year ended 31 December 2019, filed 18 February 2020: the filing.