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Timken (TKR) FY2021 results: revenue $4.1 billion, up 17.6% on the year

Timken Co. (TKR) reported revenue of $4.1 billion for fiscal 2021, the year ended 31 December 2021, up 17.6% on the year before. Net income was $369 million, up 29.7%, and diluted earnings per share $4.79. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2022.

Revenue
$4.1 billion
+17.6% on the year
FY2014FY2021
Operating margin
12.4%
12.9% a year earlier
FY2014FY2021
Net income
$369 million
+29.7% on the year
FY2014FY2021
Diluted EPS
$4.79
+28.8% on the year
FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ millionFY2021FY2020FY2019On the yearLast 8 years
Revenue4,1333,5133,790+17.6%
Cost of revenue2,9842,5032,648+19.2%
Gross profit1,1021,0101,142+9.2%
Gross margin26.7%28.7%30.1%
Research and developmentn/an/a41.4
Selling, general and administrative580534619+8.7%
Operating income513455516+12.8%
Operating margin12.4%12.9%13.6%
Interest expense58.867.672.1-13.0%
Pre-tax income477396472+20.3%
Income tax95.110497.7-8.5%
Effective tax rate20.0%26.2%20.7%
Net income369284362+29.7%
Net margin8.9%8.1%9.6%
Diluted EPS$4.79$3.72$4.71+28.8%
$ 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

$ millionFY2021FY2020FY2019On the yearLast 8 years
Operating cash flow387578550-32.9%
Capital expenditure148122141+22.0%
Free cash flow239456410-47.6%
Free cash flow margin5.8%13.0%10.8%
Cash from investing-174-154-365
Cash from financing-269-331-101
Depreciation and amortisation168167161+0.4%
Share-based compensation20.223.227.1-12.9%
Buybacks93.049.362.7+88.6%
Dividends paid92.287.084.9+6.0%
Dividend per share$1.19$1.13$1.12+5.3%
Diluted shares, weighted77m76m77m+0.8%

Balance sheet

$ millionFY2021FY2020FY2019On the yearLast 8 years
Shareholders' equity2,2952,1531,868+6.6%
Non-controlling interest82.872.386.6+14.5%
Debt1,4651,5651,730-6.4%
Operating lease liabilities77.675.571.3+2.8%
Finance lease liabilities2.92.92.90.0%
Other liabilities1,2481,1731,101+6.3%
Total liabilities and equity5,1715,0424,860+2.6%
Fixed assets1,0551,036989+1.9%
Goodwill1,0231,048994-2.4%
Intangible assets669741758-9.8%
Investmentsn/an/a25.8
Cash and equivalents257320210-19.7%
Receivables626581545+7.8%
Inventory1,043841842+23.9%
Other assets498474496+4.9%
Total assets5,1715,0424,860+2.6%

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