Timken (TKR) Q4 FY2021 earnings: revenue $1.0 billion, up 13.0% on the year

Timken Co. (TKR) reported revenue of $1.0 billion for Q4 FY2021, the quarter ended 31 December 2021, up 13.0% on the same quarter a year earlier as this quarter's filing gives it. Net income was $63 million, up 18.5% on the year as this quarter's filing gives it, and diluted earnings per share $0.82. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2022.

Revenue

$1.0 billion

+13.0% on the year · -2.9% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

8.5%

11.1% a year earlier

Q1 FY2020Q4 FY2021

Net income

$63 million

+18.5% on the year · -28.6% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$0.82

+18.8% on the year · -28.1% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	1,007	1,037	892	-2.9%	+13.0%
Cost of revenue	774	n/a	n/a
Gross profit	233	n/a	n/a
Gross margin	23.1%	n/a	n/a
Selling, general and administrative	146	n/a	n/a
Operating income	86.1	124	98.8	-30.7%	-12.9%
Operating margin	8.5%	12.0%	11.1%
Interest expense	13.8	n/a	n/a
Pre-tax income	86.7	n/a	n/a
Income tax	20.0	n/a	n/a
Effective tax rate	23.1%	n/a	n/a
Net income	62.9	88.1	53.1	-28.6%	+18.5%
Net margin	6.2%	n/a	n/a
Diluted EPS	$0.82	$1.14	$0.69	-28.1%	+18.8%

$ million except per share.

Free 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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	103	n/a	n/a
Capital expenditure	44.7	n/a	n/a
Free cash flow	58.0	n/a	n/a
Free cash flow margin	5.8%	n/a	n/a
Cash from investing	-57.9	n/a	n/a
Cash from financing	-46.9	n/a	n/a
Depreciation and amortisation	41.3	41.3	41.9	0.0%	-1.4%
Share-based compensation	4.6	n/a	n/a
Buybacks	36.4	n/a	n/a
Dividends paid	22.7	n/a	n/a
Dividend per share	$0.30	n/a	n/a
Diluted shares, weighted	n/a	77m	n/a
Shares outstanding at period end	75m	76m	76m	-1.2%	-1.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	2,295	2,297	2,153	-0.1%	+6.6%
Non-controlling interest	82.8	n/a	n/a
Debt	1,465	1,456	1,565	+0.6%	-6.4%
Operating lease liabilities	77.6	n/a	n/a
Finance lease liabilities	2.9	n/a	n/a
Other liabilities	1,248	n/a	n/a
Total liabilities and equity	5,171	n/a	n/a
Fixed assets	1,055	n/a	n/a
Goodwill	1,023	n/a	n/a
Intangible assets	669	n/a	n/a
Cash and equivalents	257	262	320	-1.8%	-19.7%
Receivables	626	n/a	n/a
Inventory	1,043	n/a	n/a
Other assets	498	n/a	n/a
Total assets	5,171	n/a	n/a

Questions

What was Timken's revenue in Q4 FY2021?

Timken (TKR) reported revenue of $1.0 billion for Q4 FY2021, the quarter ended 31 December 2021, up 13.0% on the same quarter a year earlier as the company restated it.

How much did Timken earn in Q4 FY2021?

Net income for Q4 FY2021 was $63 million, up 18.5% on the year, and diluted earnings per share $0.82.

When did Timken report Q4 FY2021 results?

Timken filed its 10-K for the quarter ended 31 December 2021 with the SEC on 15 February 2022.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,007	1,125	1,154	1,136	1,082	1,263	1,272	1,143	1,091	1,190	1,182	1,127	1,074	1,140	1,173	1,157	1,111	1,231	1,261	1,211
Cost of revenue	774	786	801	803	774	846	867	787	760	793	809	782	748	782	813	808	786	837	862	825
Gross profit	233	327	342	323	296	417	405	356	331	398	374	344	325	359	360	349	325	394	399	386
Gross margin	23%	29%	30%	28%	27%	33%	32%	31%	30%	33%	32%	31%	30%	31%	31%	30%	29%	32%	32%	32%
SG&A	146	154	156	160	167	187	185	180	190	191	184	190	188	185	190	186	187	201	206	200
Operating income	86.1	172	176	132	127	188	201	150	119	185	167	146	113	144	148	139	109	169	84.8	166
Operating margin	9%	15%	15%	12%	12%	15%	16%	13%	11%	16%	14%	13%	11%	13%	13%	12%	10%	14%	7%	14%
Interest expense	13.8	14.3	18.3	19.3	22.7	24.1	28.3	27.5	30.8	32.2	34.6	30.3	28.0	26.5	29.8	27.3	26.7	24.3	26.2	25.8
Pre-tax income	86.7	160	150	117	124	168	177	124	61.5	153	138	112	90.8	118	116	108	73.8	143	57.9	140
Tax rate	23%	24%	29%	23%	20%	25%	27%	27%	-1%	28%	26%	22%	17%	23%	26%	31%	11%	26%	36%	29%
Net income	62.9	118	105	87.0	97.2	122	125	87.9	58.7	104	96.2	81.8	71.2	78.3	78.5	69.3	62.3	98.2	28.9	93.8
Net margin	6%	11%	9%	8%	9%	10%	10%	8%	5%	9%	8%	7%	7%	7%	7%	6%	6%	8%	2%	8%
Diluted EPS	$0.82	$1.56	$1.42	$1.18	$1.32	$1.67	$1.73	$1.23	$0.83	$1.46	$1.36	$1.16	$1.01	$1.11	$1.12	$0.99	$0.89	$1.40	$0.41	$1.34
Operating cash flow	103	-1.2	78.3	145	242	78.6	144	194	128	49.3	125	123	179	58.6	111	201	183	39.3	107	256
Capital expenditure	44.7	34.3	40.9	47.3	55.9	41.7	49.6	43.6	52.9	44.1	37.3	35.0	53.6	35.2	33.1	37.3	42.6	38.8	26.6	34.7
Free cash flow	58.0	-35.5	37.4	97.9	186	36.9	94.4	151	75.4	5.2	87.3	88.2	125	23.4	78.2	164	141	0.5	80.5	221
Buybacks	36.4	100	44.3	49.0	18.3	54.0	100	63.9	32.5	0.0	29.7	1.7	9.1	23.1	22.6	0.0	11.7	28.0	20.0	63.8
Dividends paid	22.7	23.5	22.9	22.8	22.5	23.6	23.8	23.4	23.2	24.5	23.9	23.8	23.9	25.1	24.4	24.4	24.4	25.3	25.0	24.9
Shares outstanding	75m	74m	73m	73m	72m	72m	71m	71m	70m	70m	70m	70m	70m	70m	70m	70m	70m	69m	69m	69m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 15 February 2022: the filing.