Timken (TKR) FY2019 results: revenue $3.8 billion, up 5.8% on the year
Timken Co. (TKR) reported revenue of $3.8 billion for fiscal 2019, the year ended 31 December 2019, up 5.8% on the year before. Net income was $362 million, up 19.6%, and diluted earnings per share $4.71. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$3.8 billion
+5.8% on the year
FY2012FY2019
Operating margin
13.6%
12.7% a year earlier
FY2012FY2019
Net income
$362 million
+19.6% on the year
FY2012FY2019
Diluted EPS
$4.71
+22.0% 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
3,790
3,581
3,004
+5.8%
Cost of revenue
2,648
2,541
2,192
+4.2%
Gross profit
1,142
1,040
812
+9.8%
Gross margin
30.1%
29.0%
27.0%
Research and development
41.4
37.3
35.3
+11.0%
Selling, general and administrative
619
581
508
+6.5%
Operating income
516
454
300
+13.6%
Operating margin
13.6%
12.7%
10.0%
Interest expense
72.1
51.7
37.1
+39.5%
Pre-tax income
472
532
361
-11.3%
Income tax
97.7
103
57.6
-4.8%
Effective tax rate
20.7%
19.3%
15.9%
Net income
362
303
203
+19.6%
Net margin
9.6%
8.5%
6.8%
Diluted EPS
$4.71
$3.86
$2.58
+22.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
550
332
237
+65.4%
Capital expenditure
141
113
105
+24.9%
Free cash flow
410
220
132
+86.2%
Free cash flow margin
10.8%
6.1%
4.4%
Cash from investing
-365
-865
-449
Cash from financing
-101
553
168
Depreciation and amortisation
161
146
138
+10.0%
Share-based compensation
27.1
32.3
24.7
-16.1%
Buybacks
62.7
98.5
43.4
-36.3%
Dividends paid
84.9
85.7
83.3
-0.9%
Dividend per share
$1.12
$1.11
$1.07
+0.9%
Diluted shares, weighted
77m
78m
79m
-1.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,868
1,580
1,443
+18.3%
Non-controlling interest
86.6
63.1
32.2
+37.2%
Debt
1,730
1,682
962
+2.9%
Operating lease liabilities
71.3
0.0
n/a
Finance lease liabilities
2.9
n/a
n/a
Other liabilities
1,101
1,121
965
-1.8%
Total liabilities and equity
4,860
4,445
3,402
+9.3%
Fixed assets
989
912
864
+8.5%
Goodwill
994
960
512
+3.5%
Intangible assets
758
733
421
+3.5%
Investments
25.8
21.8
16.4
+18.3%
Cash and equivalents
210
132
122
+58.1%
Receivables
545
547
525
-0.3%
Inventory
842
836
739
+0.8%
Other assets
496
303
204
+63.8%
Total assets
4,860
4,445
3,402
+9.3%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.