Timken (TKR) FY2013 results: revenue $3.0 billion, down 9.6% on the year
Timken Co. (TKR) reported revenue of $3.0 billion for fiscal 2013, the year ended 31 December 2013, down 9.6% on the year before. Net income was $263 million, down 47.0%, and diluted earnings per share $2.74. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$3.0 billion
-9.6% on the year
FY2008FY2013
Operating margin
10.1%
13.2% a year earlier
FY2008FY2013
Net income
$263 million
-47.0% on the year
FY2008FY2013
Diluted EPS
$2.74
-46.0% on the year
FY2008FY2013
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
3,035
3,360
5,170
-9.6%
Cost of revenue
2,167
2,332
3,800
-7.1%
Gross profit
868
1,028
1,370
-15.5%
Gross margin
28.6%
30.6%
26.5%
Research and development
39.3
45.7
49.6
-14.0%
Selling, general and administrative
547
554
626
-1.4%
Operating income
306
444
729
-31.1%
Operating margin
10.1%
13.2%
14.1%
Interest expense
24.4
31.1
36.8
-21.5%
Pre-tax income
383
507
808
-24.5%
Income tax
115
186
240
-38.5%
Effective tax rate
29.9%
36.7%
29.7%
Net income
263
496
454
-47.0%
Net margin
8.7%
14.7%
8.8%
Diluted EPS
$2.74
$5.07
$4.59
-46.0%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
430
624
209
-31.1%
Capital expenditure
134
118
205
+12.9%
Free cash flow
296
506
4.1
-41.4%
Free cash flow margin
9.8%
15.1%
0.1%
Cash from investing
-376
-298
-508
Cash from financing
-249
-209
-104
Depreciation and amortisation
142
150
192
-4.8%
Share-based compensation
16.3
15.9
16.9
+2.5%
Buybacks
189
112
43.8
+68.5%
Dividends paid
87.5
89.0
76.0
-1.7%
Dividend per share
$0.92
$0.92
$0.78
0.0%
Diluted shares, weighted
96m
98m
99m
-1.8%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
2,637
2,232
2,028
+18.1%
Non-controlling interest
12.0
14.4
14.2
-16.7%
Debt
446
479
515
-7.0%
Other liabilities
1,384
1,519
1,770
-8.9%
Total liabilities and equity
4,478
4,245
4,327
+5.5%
Fixed assets
856
834
1,309
+2.6%
Goodwill
346
326
333
+6.1%
Intangible assets
207
225
236
-7.7%
Cash and equivalents
385
586
465
-34.4%
Receivables
444
547
646
-18.8%
Inventory
583
862
964
-32.4%
Other assets
1,657
864
375
+91.7%
Total assets
4,478
4,245
4,327
+5.5%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.