Timken (TKR) FY2014 results: revenue $3.1 billion, up 1.3% on the year
Timken Co. (TKR) reported revenue of $3.1 billion for fiscal 2014, the year ended 31 December 2014, up 1.3% on the year before. Net income was $171 million, down 35.0%, and diluted earnings per share $1.87. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$3.1 billion
+1.3% on the year
FY2008FY2014
Operating margin
6.8%
10.1% a year earlier
FY2008FY2014
Net income
$171 million
-35.0% on the year
FY2008FY2014
Diluted EPS
$1.87
-31.8% on the year
FY2008FY2014
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
3,076
3,035
3,360
+1.3%
Cost of revenue
2,178
2,167
2,332
+0.5%
Gross profit
898
868
1,028
+3.4%
Gross margin
29.2%
28.6%
30.6%
Research and development
38.8
39.3
45.7
-1.3%
Selling, general and administrative
542
547
554
-0.8%
Operating income
208
306
444
-31.9%
Operating margin
6.8%
10.1%
13.2%
Interest expense
28.7
24.4
31.1
+17.6%
Pre-tax income
333
383
507
-13.1%
Income tax
54.7
115
186
-52.3%
Effective tax rate
16.4%
29.9%
36.7%
Net income
171
263
496
-35.0%
Net margin
5.6%
8.7%
14.7%
Diluted EPS
$1.87
$2.74
$5.07
-31.8%
$ 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
307
430
624
-28.6%
Capital expenditure
127
134
118
-5.1%
Free cash flow
180
296
506
-39.2%
Free cash flow margin
5.9%
9.8%
15.1%
Cash from investing
-195
-376
-298
Cash from financing
-202
-249
-209
Depreciation and amortisation
137
142
150
-3.8%
Share-based compensation
21.8
16.3
15.9
+33.7%
Buybacks
271
189
112
+43.2%
Dividends paid
90.3
87.5
89.0
+3.2%
Dividend per share
$1.00
$0.92
$0.92
+8.7%
Diluted shares, weighted
91m
96m
98m
-4.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,576
2,637
2,232
-40.2%
Non-controlling interest
12.9
12.0
14.4
+7.5%
Debt
530
446
479
+18.9%
Other liabilities
882
1,384
1,519
-36.2%
Total liabilities and equity
3,001
4,478
4,245
-33.0%
Fixed assets
780
856
834
-8.8%
Goodwill
260
346
326
-25.0%
Intangible assets
240
207
225
+15.6%
Cash and equivalents
279
385
586
-27.5%
Receivables
476
444
547
+7.1%
Inventory
586
583
862
+0.5%
Other assets
382
1,657
864
-77.0%
Total assets
3,001
4,478
4,245
-33.0%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.