HISTORICAL FINANCIAL PERFORMANCETHREE-YEAR REVIEW
Years ended December 31 (Dollars in millions, except percentages; unaudited)
Performance(1) |
2017 |
2016 |
2015 |
| Net Sales |
$2,271.0 |
$2,108.9 |
$2,205.7 |
| Operating income |
$339.7 |
$308.1 |
$310.6 |
| Operating margin |
15.0% |
14.6% |
14.1% |
| Net earnings |
$214.9 |
$189.4 |
$192.2 |
Earnings Per Share(1) |
| Basic |
$4.86 |
$4.27 |
$4.12 |
| Diluted |
$4.80 |
$4.20 |
$4.04 |
| Dividends per share |
$0.56 |
$0.52 |
$0.52 |
Year-end Financial Position |
| Return on invested capital(2) |
13.6% |
12.0% |
11.5% |
| New orders |
$2,290.2 |
$2,149.2 |
$2,585.0 |
| Backlog |
$2,011.1 |
$1,950.8 |
$1,928.7 |
| Working capital as % of sales(3) |
18.8% |
21.0% |
25.4% |
| Total assets |
$3,236.3 |
$3,037.8 |
$2,989.6 |
| Total debt |
$814.1 |
$966.3 |
$953.2 |
| Stockholder’s equity |
$1,527.8 |
$1,291.2 |
$1,255.4 |
Other Year-end Data |
| Cash flow from operations |
$388.7 |
$423.2 |
$162.5 |
| Capital expenditures |
$52.7 |
$46.8 |
$35.5 |
| Free cash flow(4) |
$336.0 |
$376.4 |
$272.0 |
| EBITDA |
$439.7 |
$404.1 |
$411.4 |
| Depreciation & amortization |
$100.0 |
$96.0 |
$100.8 |
| Shares of stock outstanding at December 31 |
44.1 |
44.2 |
44.6 |
| Number of registered shareholders(5) |
3,532 |
3,770 |
4,038 |
| Number of employees(5) |
8,626 |
7,946 |
8,421 |
- Note: Amounts may not add due to rounding.
- (1) Reported on a continuing operations basis.
- (2) Return on invested capital is equal to net operating profit after-tax over two-year average net debt plus equity and excludes equity from discontinued operations.
- (3) Working capital is equal to accounts receivable plus inventory minus accounts payable, deferred income and deferred development costs.
- (4) Free cash flow is defined as cash flow from operations less capital expenditures. 2015 adjusted to remove the $145 million contribution to the Company’s corporate defined benefit pension plan.
- (5) Actual number, not in millions.