$TKR
TIMKEN CO

2018 Q2 Form 10-Q Financial Statement

#000009836218000090 Filed on July 31, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $906.3M $750.6M
YoY Change 20.74% 11.43%
Cost Of Revenue $638.9M $549.5M
YoY Change 16.27% 12.35%
Gross Profit $267.4M $201.1M
YoY Change 32.97% 9.0%
Gross Profit Margin 29.5% 26.79%
Selling, General & Admin $141.8M $123.9M
YoY Change 14.45% 14.72%
% of Gross Profit 53.03% 61.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $35.00M $33.90M
YoY Change 3.24% 4.63%
% of Gross Profit 13.09% 16.86%
Operating Expenses $141.8M $123.9M
YoY Change 14.45% 14.72%
Operating Profit $125.3M $76.40M
YoY Change 64.01% 3.8%
Interest Expense $10.70M $8.500M
YoY Change 25.88% -2.3%
% of Operating Profit 8.54% 11.13%
Other Income/Expense, Net $2.900M $5.300M
YoY Change -45.28% -411.76%
Pretax Income $145.1M $94.60M
YoY Change 53.38% 10.9%
Income Tax $30.20M -$8.100M
% Of Pretax Income 20.81% -8.56%
Net Earnings $91.00M $82.50M
YoY Change 10.3% 71.16%
Net Earnings / Revenue 10.04% 10.99%
Basic Earnings Per Share $1.18 $1.06
Diluted Earnings Per Share $1.16 $1.04
COMMON SHARES
Basic Shares Outstanding 77.36M shares 77.93M shares
Diluted Shares Outstanding 78.50M shares 79.03M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $145.2M $445.1M
YoY Change -67.38% 185.32%
Cash & Equivalents $145.2M $445.1M
Short-Term Investments
Other Short-Term Assets $92.80M $55.80M
YoY Change 66.31% 6.29%
Inventory $777.4M $617.0M
Prepaid Expenses
Receivables $530.2M $501.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.700B $1.660B
YoY Change 2.43% 34.14%
LONG-TERM ASSETS
Property, Plant & Equipment $834.5M $811.6M
YoY Change 2.82% 5.06%
Goodwill $493.7M $373.4M
YoY Change 32.22% 53242.86%
Intangibles $389.0M $288.3M
YoY Change 34.93% 11.74%
Long-Term Investments
YoY Change
Other Assets $29.90M $28.20M
YoY Change 6.03% -44.16%
Total Long-Term Assets $993.7M $767.4M
YoY Change 29.49% -2.22%
TOTAL ASSETS
Total Short-Term Assets $1.700B $1.660B
Total Long-Term Assets $993.7M $767.4M
Total Assets $3.528B $3.239B
YoY Change 8.94% 15.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $253.2M $233.4M
YoY Change 8.48% 34.99%
Accrued Expenses $111.4M $93.40M
YoY Change 19.27% 1.19%
Deferred Revenue
YoY Change
Short-Term Debt $162.3M $49.50M
YoY Change 227.88% 269.4%
Long-Term Debt Due $2.700M $5.000M
YoY Change -46.0% -66.67%
Total Short-Term Liabilities $711.2M $537.9M
YoY Change 32.22% 13.24%
LONG-TERM LIABILITIES
Long-Term Debt $881.4M $947.1M
YoY Change -6.94% 56.75%
Other Long-Term Liabilities $54.80M $44.40M
YoY Change 23.42% -38.59%
Total Long-Term Liabilities $1.265B $1.281B
YoY Change -1.29% 33.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $711.2M $537.9M
Total Long-Term Liabilities $1.265B $1.281B
Total Liabilities $1.976B $1.819B
YoY Change 8.62%
SHAREHOLDERS EQUITY
Retained Earnings $1.545B $1.368B
YoY Change 12.99% -10.28%
Common Stock $907.2M $946.5M
YoY Change -4.15% -0.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $913.9M $877.1M
YoY Change 4.2% 1.47%
Treasury Stock Shares 21.27M shares 20.53M shares
Shareholders Equity $1.522B $1.387B
YoY Change
Total Liabilities & Shareholders Equity $3.528B $3.239B
YoY Change 8.94% 15.89%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $91.00M $82.50M
YoY Change 10.3% 71.16%
Depreciation, Depletion And Amortization $35.00M $33.90M
YoY Change 3.24% 4.63%
Cash From Operating Activities $102.1M $67.80M
YoY Change 50.59% -56.82%
INVESTING ACTIVITIES
Capital Expenditures -$21.80M -$20.60M
YoY Change 5.83% -21.37%
Acquisitions
YoY Change
Other Investing Activities -$200.0K -$61.40M
YoY Change -99.67% 30600.0%
Cash From Investing Activities -$22.00M -$82.00M
YoY Change -73.17% 210.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $26.90M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -44.40M 322.9M
YoY Change -113.75% -391.95%
NET CHANGE
Cash From Operating Activities 102.1M 67.80M
Cash From Investing Activities -22.00M -82.00M
Cash From Financing Activities -44.40M 322.9M
Net Change In Cash 35.70M 308.7M
YoY Change -88.44% 1443.5%
FREE CASH FLOW
Cash From Operating Activities $102.1M $67.80M
Capital Expenditures -$21.80M -$20.60M
Free Cash Flow $123.9M $88.40M
YoY Change 40.16% -51.75%

Facts In Submission

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<span style="font-family:Arial;font-size:10pt;font-style:italic;">Note 18 - Subsequent Events</span><span style="font-family:Arial;font-size:10pt;font-style:italic;"> </span><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;background-color:#ffffff;">On </span><span style="font-family:Arial;font-size:10pt;background-color:#ffffff;"><span><span style="white-space:nowrap">July 24, 2018</span></span></span><span style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, the Company announced that it has reached an agreement to acquire Cone Drive, a leader in precision drives used in diverse markets including solar, automation, aerial platforms, and food and beverage. Cone Drive, located in Traverse City, Michigan, operates in the United States and China. Cone Drive is expected to generate full year sales just over </span><span style="font-family:Arial;font-size:10pt;background-color:#ffffff;"><span>$100 million</span></span><span style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> for 2018. </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><span style="font-family:Arial;font-size:10pt;background-color:#ffffff;">On </span><span style="font-family:Arial;font-size:10pt;background-color:#ffffff;"><span><span style="white-space:nowrap">July 26, 2018</span></span></span><span style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, the Company reached an agreement to acquire Rollon Group ("Rollon"), a leader in engineered linear motion products, specializing in the design and manufacture of linear guides, telescopic rails and linear actuators used in a wide range of industries such as passenger rail, aerospace, packaging and logistics, medical and automation. Rollon, located near Milan, Italy, has manufacturing operations in Italy, Germany and the U.S. Rollon is expected to generate full year sales of about </span><span style="font-family:Arial;font-size:10pt;background-color:#ffffff;"><span>$140 million</span></span> for 2018.

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