Trane Technologies (TT) FY2020 results: revenue $12.5 billion, down 4.8% on the year
Trane Technologies plc (TT) reported revenue of $12.5 billion for fiscal 2020, the year ended 31 December 2020, down 4.8% on the year before. Net income was $855 million, down 39.4%, and diluted earnings per share $3.52. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2021.
Revenue
$12.5 billion
-4.8% on the year
FY2013FY2020
Operating margin
12.3%
12.8% a year earlier
FY2013FY2020
Net income
$855 million
-39.4% on the year
FY2013FY2020
Diluted EPS
$3.52
-39.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
12,455
13,076
12,344
-4.8%
Cost of revenue
8,651
9,086
8,582
-4.8%
Gross profit
3,803
3,990
3,761
-4.7%
Gross margin
30.5%
30.5%
30.5%
Research and development
165
174
167
-5.3%
Selling, general and administrative
2,271
2,320
2,249
-2.1%
Operating income
1,533
1,670
1,512
-8.2%
Operating margin
12.3%
12.8%
12.2%
Interest expense
249
243
221
+2.3%
Pre-tax income
1,288
1,399
1,258
-7.9%
Income tax
297
239
235
+24.4%
Effective tax rate
23.0%
17.1%
18.7%
Net income
855
1,411
1,338
-39.4%
Net margin
6.9%
10.8%
10.8%
Diluted EPS
$3.52
$5.77
$5.35
-39.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,435
1,920
1,408
-25.2%
Capital expenditure
146
205
285
-28.8%
Free cash flow
1,289
1,714
1,123
-24.8%
Free cash flow margin
10.3%
13.1%
9.1%
Cash from investing
-376
-1,780
-629
Cash from financing
884
270
-1,379
+226.9%
Depreciation and amortisation
294
397
362
-25.9%
Share-based compensation
69.5
66.4
78.8
+4.7%
Buybacks
250
750
900
-66.7%
Dividends paid
507
510
480
-0.5%
Dividend per share
$2.12
$2.12
$1.96
0.0%
Diluted shares, weighted
243m
244m
250m
-0.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,408
7,268
7,023
-11.8%
Non-controlling interest
19.4
44.8
42.1
-56.7%
Debt
5,272
5,573
4,091
-5.4%
Operating lease liabilities
n/a
394
n/a
Other liabilities
6,458
7,212
6,759
-10.5%
Total liabilities and equity
18,157
20,492
17,915
-11.4%
Fixed assets
1,350
1,352
1,731
-0.2%
Goodwill
5,343
5,126
5,099
+4.2%
Intangible assets
3,286
3,324
3,635
-1.1%
Cash and equivalents
3,290
1,279
878
+157.3%
Receivables
2,202
2,185
2,679
+0.8%
Inventory
1,189
1,279
1,678
-7.0%
Other assets
1,497
5,949
2,215
-74.8%
Total assets
18,157
20,492
17,915
-11.4%
10-K for the year ended 31 December 2020, filed 9 February 2021: the filing.