Timken (TKR) FY2020 results: revenue $3.5 billion, down 7.3% on the year
Timken Co. (TKR) reported revenue of $3.5 billion for fiscal 2020, the year ended 31 December 2020, down 7.3% on the year before. Net income was $284 million, down 21.4%, and diluted earnings per share $3.72. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2021.
Revenue
$3.5 billion
-7.3% on the year
FY2013FY2020
Operating margin
12.9%
13.6% a year earlier
FY2013FY2020
Net income
$284 million
-21.4% on the year
FY2013FY2020
Diluted EPS
$3.72
-21.0% 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
3,513
3,790
3,581
-7.3%
Cost of revenue
2,503
2,648
2,541
-5.5%
Gross profit
1,010
1,142
1,040
-11.6%
Gross margin
28.7%
30.1%
29.0%
Research and development
n/a
41.4
37.3
Selling, general and administrative
534
619
581
-13.7%
Operating income
455
516
454
-11.9%
Operating margin
12.9%
13.6%
12.7%
Interest expense
67.6
72.1
51.7
-6.2%
Pre-tax income
396
472
532
-16.1%
Income tax
104
97.7
103
+6.3%
Effective tax rate
26.2%
20.7%
19.3%
Net income
284
362
303
-21.4%
Net margin
8.1%
9.6%
8.5%
Diluted EPS
$3.72
$4.71
$3.86
-21.0%
$ 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
578
550
332
+5.0%
Capital expenditure
122
141
113
-13.5%
Free cash flow
456
410
220
+11.4%
Free cash flow margin
13.0%
10.8%
6.1%
Cash from investing
-154
-365
-865
Cash from financing
-331
-101
553
Depreciation and amortisation
167
161
146
+4.0%
Share-based compensation
23.2
27.1
32.3
-14.4%
Buybacks
49.3
62.7
98.5
-21.4%
Dividends paid
87.0
84.9
85.7
+2.5%
Dividend per share
$1.13
$1.12
$1.11
+0.9%
Diluted shares, weighted
76m
77m
78m
-0.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,153
1,868
1,580
+15.2%
Non-controlling interest
72.3
86.6
63.1
-16.5%
Debt
1,565
1,730
1,682
-9.6%
Operating lease liabilities
75.5
71.3
0.0
+5.9%
Finance lease liabilities
2.9
2.9
n/a
0.0%
Other liabilities
1,173
1,101
1,121
+6.6%
Total liabilities and equity
5,042
4,860
4,445
+3.7%
Fixed assets
1,036
989
912
+4.7%
Goodwill
1,048
994
960
+5.4%
Intangible assets
741
758
733
-2.3%
Investments
n/a
25.8
21.8
Cash and equivalents
320
210
132
+52.9%
Receivables
581
545
547
+6.6%
Inventory
841
842
836
-0.1%
Other assets
474
496
303
-4.4%
Total assets
5,042
4,860
4,445
+3.7%
10-K for the year ended 31 December 2020, filed 16 February 2021: the filing.