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(Dollars in millions, except per share data) |
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Statements of Income |
12/31/2010 |
12/31/2009 |
12/31/2008 |
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Net Sales |
$4,055.5 |
$3,141.6 |
$5,040.8 |
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Cost of Products Sold |
3,033.8 |
2,558.9 |
3,888.9 |
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Gross Profit |
1,021.7 |
582.7 |
1,151.9 |
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Selling, Administrative & General Expenses |
563.8 |
472.7 |
657.1 |
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Impairment & Restructuring Charges |
21.7 |
164.1 |
32.8 |
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Operating Income (Loss) |
436.2 |
(54.1) |
462.0 |
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Interest Expense |
(38.2) |
(41.9) |
(44.4) |
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Interest Income |
3.7 |
1.9 |
5.8 |
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Receipt of CDSOA Payment - Net of expenses |
2.0 |
3.6 |
9.1 |
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Other Income (Expense) - Net |
1.8 |
(3.7) |
7.1 |
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Income (Loss) From Continuing Ops Before Income Taxes |
$405.5 |
($94.2) |
$439.6 |
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Provision For (Benefit from) Income Taxes |
136.0 |
(28.2) |
157.0 |
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Income (Loss) From Continuing Operations |
$269.5 |
($66.0) |
$282.6 |
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Income (Loss) From Discontinued Ops - Net of Taxes |
7.4 |
(72.6) |
(11.3) |
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Net Income (Loss) |
$276.9 |
($138.6) |
$271.3 |
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Less: Net income (loss) attributable to noncontrolling interest |
2.1 |
(4.6) |
3.6 |
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Net Income (Loss) Attributable to the Timken Company |
$274.8 |
($134.0) |
$267.7 |
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Earnings Per Share: |
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Diluted Earnings (Loss) per Share |
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Continued Operations |
$2.73 |
($0.64) |
$2.89 |
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Discontinued Operations |
0.08 |
(0.75) |
(0.12) |
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Net Income Per Share |
$2.81 |
($1.39) |
$2.77 |
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Earnings Per Share: (as adjusted)(1) |
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Diluted Earnings per Share |
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Continued Operations |
$2.73 |
($0.64) |
$2.89 |
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Reorg Expense (COGS) |
0.06 |
0.09 |
0.04 |
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Reorg Expense (SG&A) |
0.01 |
0.03 |
0.02 |
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Restructuring Expense |
0.22 |
1.71 |
0.34 |
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Other Exp (Inc) including CDSOA Payments |
(0.03) |
(0.05) |
(0.30) |
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Tax effect of special items |
(0.04) |
(0.61) |
0.07 |
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Adjusted(2) Earnings Per Share |
$2.95 |
$0.53 |
$3.06 |
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(1) This reconciliation is provided as additional relevant information about the company's performance. Management believes adjusted earnings per share are more representative of the company's performance and therefore useful to investors. Management also believes that it is appropriate to compare GAAP income from continuing operations to adjusted income from continuing operations in light of special items related to impairment and restructuring and manufacturing rationalization/reorganization costs, Continued Dumping and Subsidy Offset Act (CDSOA) receipts and gain/loss on sale of non-strategic assets.
(2) "Adjusted" figures exclude the impact of impairment and restructuring, manufacturing rationalization/reorganization and special charges and credits for all periods shown. Management believes that the Adjusted Consolidated Statement of Income may be helpful in understanding the company's performance and therefore useful to investors.