TIMKEN CO
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
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Item 6. Unreserved
Summary of Operations and Other Comparative Data:
| (Dollars in millions, except per share, shareholder and per employee data) | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Statements of Income | |||||
| Net sales | $4,769.0 | $4,496.7 | $4,132.9 | $3,513.2 | $3,789.9 |
| Operating income | 657.1 | 606.9 | 513.1 | 454.9 | 516.4 |
| Net income | 408.0 | 417.0 | 381.5 | 292.4 | 374.7 |
| Net income attributable to The Timken Company | $394.1 | $407.4 | $369.1 | $284.5 | $362.1 |
| Basic earnings per share (1) | 5.52 | 5.54 | 4.86 | 3.78 | 4.78 |
| Diluted earnings per share (2) | 5.47 | 5.48 | 4.79 | 3.72 | 4.71 |
| Weighted average number of shares outstanding - basic | 71,377,656 | 73,602,247 | 75,885,316 | 75,354,280 | 75,758,123 |
| Weighted average number of shares outstanding - diluted | 72,081,884 | 74,323,839 | 77,006,589 | 76,401,366 | 76,896,565 |
| Other Comparative Data | |||||
| Total assets | $6,541.7 | $5,772.4 | $5,170.7 | $5,041.6 | $4,859.9 |
| Total liabilities | 3,839.3 | 3,419.5 | 2,793.0 | 2,816.4 | 2,905.1 |
| Total equity | 2,702.4 | 2,352.9 | 2,377.7 | 2,225.2 | 1,954.8 |
| Net income attributable to The Timken Company / net sales | 8.3% | 9.1% | 8.9% | 8.1% | 9.6% |
| Net cash provided from operating activities | 545.2 | 463.8 | 387.3 | 577.6 | 550.1 |
| Capital expenditures | 187.8 | 178.4 | 148.3 | 121.6 | 140.6 |
| Capital expenditures / net sales | 3.9% | 4.0% | 3.6% | 3.5% | 3.7% |
| Depreciation and amortization | 201.3 | 164.0 | 167.8 | 167.1 | 160.6 |
| Dividends per share | $1.30 | $1.23 | $1.19 | $1.13 | $1.12 |
| Number of employees at year-end | 19,602 | 19,404 | 18,029 | 17,430 | 18,829 |
| Non-GAAP Financial Information (3) | |||||
| Adjusted earnings per share | $7.05 | $6.46 | $5.18 | $4.56 | $5.05 |
| Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) | $939.7 | $855.9 | $718.0 | $658.9 | $726.3 |
| Adjusted EBITDA Margin (% of net sales) | 19.7% | 19.0% | 17.4% | 18.8% | 19.2% |
| Free cash flow | 357.4 | 285.4 | 239.0 | 456.0 | 409.5 |
| Adjusted return on invested capital (ROIC) | 13.8% | 14.5% | 12.9% | 11.6% | 13.5% |
(1)Based on weighted average number of shares outstanding during the year.
(2)Based on weighted average number of shares outstanding during the year, assuming dilution of stock options and awards.
(3)Refer to page 43 for reconciliations to the most directly comparable generally accepted accounting principal ("GAAP") financial measures.
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