|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
2002 |
|
2001 |
|
2000 |
|
1999 |
PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
$ |
13.63 |
|
|
$ |
12.83 |
|
|
$ |
11.29 |
|
|
$ |
10.52 |
|
|
$ |
9.36 |
|
|
$ |
8.36 |
|
|
$ |
7.32 |
|
|
$ |
6.33 |
|
|
$ |
5.57 |
|
|
$ |
4.96 |
|
|
$ |
4.39 |
|
Diluted Net Earnings |
|
|
1.40 |
|
|
|
1.86 |
|
|
|
1.78 |
|
|
|
1.59 |
|
|
|
1.46 |
|
|
|
1.24 |
|
|
|
1.08 |
|
|
|
0.93 |
|
|
|
0.84 |
|
|
|
0.82 |
|
|
|
0.73 |
|
Dividends |
|
|
0.3675 |
|
|
|
0.3300 |
|
|
|
0.2975 |
|
|
|
0.2750 |
|
|
|
0.2588 |
|
|
|
0.2513 |
|
|
|
0.2463 |
|
|
|
0.2413 |
|
|
|
0.2363 |
|
|
|
0.2313 |
|
|
|
0.2263 |
|
Price: High |
|
|
34.64 |
|
|
|
44.25 |
|
|
|
44.01 |
|
|
|
36.72 |
|
|
|
31.98 |
|
|
|
26.30 |
|
|
|
22.97 |
|
|
|
17.00 |
|
|
|
13.80 |
|
|
|
10.72 |
|
|
|
10.69 |
|
Low |
|
|
23.05 |
|
|
|
25.03 |
|
|
|
29.57 |
|
|
|
26.87 |
|
|
|
24.60 |
|
|
|
20.08 |
|
|
|
15.53 |
|
|
|
12.52 |
|
|
|
8.44 |
|
|
|
8.03 |
|
|
|
7.13 |
|
EARNINGS DATA ($000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
$ |
907,748 |
|
|
$ |
1,059,601 |
|
|
$ |
921,191 |
|
|
$ |
904,347 |
|
|
$ |
873,974 |
|
|
$ |
787,686 |
|
|
$ |
741,358 |
|
|
$ |
715,563 |
|
|
$ |
666,964 |
|
|
$ |
652,148 |
|
|
$ |
477,869 |
|
Operating Profit |
|
|
105,733 |
|
|
|
151,923 |
|
|
|
129,814 |
|
|
|
126,328 |
|
|
|
118,492 |
|
|
|
98,177 |
|
|
|
87,062 |
|
|
|
77,775 |
|
|
|
75,810 |
|
|
|
75,987 |
|
|
|
56,077 |
|
Interest Expense |
|
|
2,120 |
|
|
|
6,532 |
|
|
|
1,010 |
|
|
|
814 |
|
|
|
636 |
|
|
|
446 |
|
|
|
1,767 |
|
|
|
6,073 |
|
|
|
10,270 |
|
|
|
11,534 |
|
|
|
3,733 |
|
Pretax Income |
|
|
105,649 |
|
|
|
145,371 |
|
|
|
130,509 |
|
|
|
126,941 |
|
|
|
117,922 |
|
|
|
99,060 |
|
|
|
86,059 |
|
|
|
71,450 |
|
|
|
65,734 |
|
|
|
63,487 |
|
|
|
55,615 |
|
Income Taxes |
|
|
33,819 |
|
|
|
49,310 |
|
|
|
39,675 |
|
|
|
43,795 |
|
|
|
40,968 |
|
|
|
34,717 |
|
|
|
31,371 |
|
|
|
24,773 |
|
|
|
23,804 |
|
|
|
23,201 |
|
|
|
20,137 |
|
Net Earnings |
|
|
71,543 |
|
|
|
95,654 |
|
|
|
90,659 |
|
|
|
82,710 |
|
|
|
76,393 |
|
|
|
63,997 |
|
|
|
54,552 |
|
|
|
46,601 |
|
|
|
41,893 |
|
|
|
40,237 |
|
|
|
35,412 |
|
Diluted Average Shares Outstanding |
|
|
51,045 |
|
|
|
51,410 |
|
|
|
50,885 |
|
|
|
52,177 |
|
|
|
52,216 |
|
|
|
51,507 |
|
|
|
50,746 |
|
|
|
50,344 |
|
|
|
49,784 |
|
|
|
49,012 |
|
|
|
48,628 |
|
EARNINGS ANALYSIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Margin |
|
|
11.6 |
% |
|
|
14.3 |
% |
|
|
14.1 |
% |
|
|
14.0 |
% |
|
|
13.6 |
% |
|
|
12.5 |
% |
|
|
11.7 |
% |
|
|
10.9 |
% |
|
|
11.4 |
% |
|
|
11.7 |
% |
|
|
11.7 |
% |
Pretax Margin |
|
|
11.6 |
% |
|
|
13.7 |
% |
|
|
14.2 |
% |
|
|
14.0 |
% |
|
|
13.5 |
% |
|
|
12.6 |
% |
|
|
11.6 |
% |
|
|
10.0 |
% |
|
|
9.9 |
% |
|
|
9.7 |
% |
|
|
11.6 |
% |
Effective Tax Rate |
|
|
32.0 |
% |
|
|
33.9 |
% |
|
|
30.4 |
% |
|
|
34.5 |
% |
|
|
34.7 |
% |
|
|
35.0 |
% |
|
|
36.5 |
% |
|
|
34.7 |
% |
|
|
36.2 |
% |
|
|
36.5 |
% |
|
|
36.2 |
% |
Net Margin |
|
|
7.9 |
% |
|
|
9.0 |
% |
|
|
9.8 |
% |
|
|
9.1 |
% |
|
|
8.7 |
% |
|
|
8.1 |
% |
|
|
7.4 |
% |
|
|
6.5 |
% |
|
|
6.3 |
% |
|
|
6.2 |
% |
|
|
7.4 |
% |
Return on Beginning Assets |
|
|
7.5 |
% |
|
|
12.9 |
% |
|
|
12.5 |
% |
|
|
12.2 |
% |
|
|
12.2 |
% |
|
|
11.9 |
% |
|
|
10.0 |
% |
|
|
8.8 |
% |
|
|
8.3 |
% |
|
|
8.5 |
% |
|
|
11.6 |
% |
Return on Beginning Shareholders Equity |
|
|
11.0 |
% |
|
|
17.2 |
% |
|
|
16.9 |
% |
|
|
17.1 |
% |
|
|
17.8 |
% |
|
|
17.3 |
% |
|
|
17.3 |
% |
|
|
17.0 |
% |
|
|
17.3 |
% |
|
|
19.1 |
% |
|
|
19.0 |
% |
Dividend Payout to Net Earnings |
|
|
26.1 |
% |
|
|
17.6 |
% |
|
|
16.6 |
% |
|
|
17.2 |
% |
|
|
17.5 |
% |
|
|
20.1 |
% |
|
|
22.7 |
% |
|
|
25.7 |
% |
|
|
27.6 |
% |
|
|
27.9 |
% |
|
|
30.5 |
% |
BALANCE SHEET ($000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Short-Term Investments (A) |
|
$ |
91,448 |
|
|
$ |
47,984 |
|
|
$ |
40,943 |
|
|
$ |
61,246 |
|
|
$ |
28,902 |
|
|
$ |
22,520 |
|
|
$ |
8,348 |
|
|
$ |
13,747 |
|
|
$ |
7,418 |
|
|
$ |
10,864 |
|
|
$ |
14,745 |
|
Current Assets |
|
|
448,528 |
|
|
|
432,571 |
|
|
|
371,920 |
|
|
|
380,340 |
|
|
|
324,933 |
|
|
|
303,990 |
|
|
|
257,402 |
|
|
|
259,746 |
|
|
|
244,350 |
|
|
|
230,479 |
|
|
|
227,670 |
|
Plant Assets, Net |
|
|
188,091 |
|
|
|
192,599 |
|
|
|
169,212 |
|
|
|
146,529 |
|
|
|
149,505 |
|
|
|
142,242 |
|
|
|
129,572 |
|
|
|
132,892 |
|
|
|
137,316 |
|
|
|
140,121 |
|
|
|
126,026 |
|
Total Assets |
|
|
973,890 |
|
|
|
957,882 |
|
|
|
739,135 |
|
|
|
727,516 |
|
|
|
675,272 |
|
|
|
627,797 |
|
|
|
538,237 |
|
|
|
546,119 |
|
|
|
530,617 |
|
|
|
501,930 |
|
|
|
472,991 |
|
Current Liabilities |
|
|
131,942 |
|
|
|
143,503 |
|
|
|
114,171 |
|
|
|
118,428 |
|
|
|
121,470 |
|
|
|
126,272 |
|
|
|
111,373 |
|
|
|
174,255 |
|
|
|
94,931 |
|
|
|
97,826 |
|
|
|
97,475 |
|
Long-Term Debt |
|
|
52,096 |
|
|
|
83,822 |
|
|
|
17,329 |
|
|
|
15,946 |
|
|
|
16,009 |
|
|
|
24,130 |
|
|
|
16,913 |
|
|
|
22,648 |
|
|
|
135,203 |
|
|
|
141,486 |
|
|
|
145,981 |
|
Shareholders Equity |
|
|
686,619 |
|
|
|
651,759 |
|
|
|
555,730 |
|
|
|
537,509 |
|
|
|
482,833 |
|
|
|
428,462 |
|
|
|
370,392 |
|
|
|
315,461 |
|
|
|
274,261 |
|
|
|
242,093 |
|
|
|
210,718 |
|
BALANCE SHEET ANALYSIS ($000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt to Capitalization (B) |
|
|
7.1 |
% |
|
|
11.4 |
% |
|
|
3.0 |
% |
|
|
2.9 |
% |
|
|
3.3 |
% |
|
|
5.4 |
% |
|
|
4.5 |
% |
|
|
22.4 |
% |
|
|
33.9 |
% |
|
|
37.8 |
% |
|
|
41.8 |
% |
Working Capital |
|
$ |
316,586 |
|
|
$ |
289,068 |
|
|
$ |
257,749 |
|
|
$ |
261,912 |
|
|
$ |
203,463 |
|
|
$ |
177,718 |
|
|
$ |
146,029 |
|
|
$ |
85,491 |
|
|
$ |
149,419 |
|
|
$ |
132,653 |
|
|
$ |
130,195 |
|
Current Ratio |
|
|
3.4 |
|
|
|
3.0 |
|
|
|
3.3 |
|
|
|
3.2 |
|
|
|
2.7 |
|
|
|
2.4 |
|
|
|
2.3 |
|
|
|
1.5 |
|
|
|
2.6 |
|
|
|
2.4 |
|
|
|
2.3 |
|
CASH FLOW DATA ($000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From Operations |
|
$ |
113,404 |
|
|
$ |
107,136 |
|
|
$ |
137,324 |
|
|
$ |
63,581 |
|
|
$ |
89,346 |
|
|
$ |
71,806 |
|
|
$ |
85,396 |
|
|
$ |
85,019 |
|
|
$ |
63,290 |
|
|
$ |
54,130 |
|
|
$ |
38,642 |
|
For Investment |
|
|
(34,202 |
) |
|
|
(108,900 |
) |
|
|
(47,867 |
) |
|
|
(21,342 |
) |
|
|
(51,512 |
) |
|
|
(62,209 |
) |
|
|
(12,986 |
) |
|
|
(18,978 |
) |
|
|
(51,353 |
) |
|
|
(42,125 |
) |
|
|
(160,658 |
) |
From/(For) Financing |
|
|
(65,407 |
) |
|
|
16,155 |
|
|
|
(85,522 |
) |
|
|
(33,641 |
) |
|
|
(35,699 |
) |
|
|
1,063 |
|
|
|
(80,669 |
) |
|
|
(59,774 |
) |
|
|
(15,326 |
) |
|
|
(15,862 |
) |
|
|
103,501 |
|
Change in Cash & Equivalents |
|
|
18,562 |
|
|
|
4,656 |
|
|
|
7,008 |
|
|
|
10,549 |
|
|
|
1,082 |
|
|
|
11,572 |
|
|
|
(7,899 |
) |
|
|
6,329 |
|
|
|
(3,446 |
) |
|
|
(3,881 |
) |
|
|
(18,576 |
) |
Capital Expenditures |
|
|
21,740 |
|
|
|
34,908 |
|
|
|
37,024 |
|
|
|
17,588 |
|
|
|
24,032 |
|
|
|
22,352 |
|
|
|
13,042 |
|
|
|
12,204 |
|
|
|
18,204 |
|
|
|
29,005 |
|
|
|
21,822 |
|
Depreciation & Amortization |
|
|
30,962 |
|
|
|
30,388 |
|
|
|
23,389 |
|
|
|
23,079 |
|
|
|
21,087 |
|
|
|
19,151 |
|
|
|
18,985 |
|
|
|
19,760 |
|
|
|
21,850 |
|
|
|
21,079 |
|
|
|
15,372 |
|
Dividends Paid |
|
|
18,682 |
|
|
|
16,845 |
|
|
|
15,024 |
|
|
|
14,203 |
|
|
|
13,385 |
|
|
|
12,834 |
|
|
|
12,406 |
|
|
|
11,975 |
|
|
|
11,575 |
|
|
|
11,207 |
|
|
|
10,814 |
|
Net Interest Expense (Income) |
|
|
1,842 |
|
|
|
5,159 |
|
|
|
(609 |
) |
|
|
(913 |
) |
|
|
(292 |
) |
|
|
61 |
|
|
|
1,532 |
|
|
|
5,612 |
|
|
|
9,616 |
|
|
|
10,836 |
|
|
|
2,282 |
|
Income Taxes Paid |
|
|
32,208 |
|
|
|
42,346 |
|
|
|
41,517 |
|
|
|
44,446 |
|
|
|
29,483 |
|
|
|
25,633 |
|
|
|
22,607 |
|
|
|
17,678 |
|
|
|
26,858 |
|
|
|
16,458 |
|
|
|
22,234 |
|