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The Timken Company (NYSE: TKR; www.timken.com), established in 1899, is a global leader in designing, engineering, and manufacturing engineered bearings and industrial motion products. With over a century of experience, Timken leverages its deep knowledge of metallurgy, tribology, and mechanical power transmission to enhance the efficiency and reliability of machinery worldwide. The company's products include tapered, spherical, and cylindrical roller bearings, thrust and ball bearings, and a variety of gear belts and chain-related products. Timken also offers extensive powertrain rebuild and repair services.
Timken's extensive portfolio features strong industrial brands such as Timken®, Fafnir®, Philadelphia Gear®, Carlisle®, Drives®, and Interlube™. These brands serve a diverse array of end markets, including automotive, aerospace, rail, energy, heavy truck, defense, agriculture, metals, mining, and construction sectors.
Headquartered in North Canton, Ohio, Timken operates in 45 countries with 19,000 employees worldwide. The company reported a revenue of $4.8 billion in 2023, reflecting its significant market presence and operational efficiency. Timken's collaborative technical sales model and commitment to quality have earned it several prestigious accolades, including recognition among America's Most Responsible Companies by Newsweek and the World's Most Ethical Companies® by Ethisphere.
Recent achievements include the completion of six strategic acquisitions in 2023, contributing to a record $4.8 billion in sales. These acquisitions, such as iMECH and Lagersmit, have expanded Timken's industrial motion portfolio and are expected to enhance operating margins. Financially, Timken achieved adjusted net income of $508.1 million for 2023, with impressive EBITDA margins.
The company continues to innovate, focusing on customer-centric solutions and sustainable practices. For instance, Timken's recent CEO succession plan highlights a commitment to leadership continuity and strategic growth, with Tarak Mehta set to take over as CEO in September 2024.
Timken's impact extends beyond financial metrics. Through initiatives like the Timken Global Scholars Program, the company supports education and community development, having awarded over $26 million in scholarships since its inception. As Timken celebrates its 125th anniversary in 2024, it remains dedicated to advancing industrial technology and fostering a sustainable future for global machinery and equipment.
The Timken Company (NYSE: TKR) celebrated its 125th anniversary by ringing the NYSE opening bell. President and CEO Tarak Mehta, along with board members and company leaders, participated in the ceremony at the NYSE, where Timken has been listed since 1922. The company, a global technology leader in engineered bearings and industrial motion, reported $4.8 billion in sales in 2023 and employs over 19,000 people across 45 countries.
The celebration included worldwide commemorative events and increased commitment to STEM education. Timken, founded in 1899, has contributed to various innovations, from the Wright Brothers' first flight to space exploration. The company was recently recognized as one of the World's Most Innovative Companies by Fast Company.
Timken (NYSE: TKR) has been named one of America's Most Responsible Companies by Newsweek and Statista for the fifth consecutive year. The recognition highlights Timken's dedication to corporate social responsibility, including community support, environmental initiatives, and business sustainability.
The selection process involved analyzing key performance indicators of the top 2,000 U.S. public companies and surveying 26,000 U.S. residents. Companies were evaluated on their CSR performance across social, environmental, and governance areas. Timken was among 600 honorees selected across 14 industries, appearing in the capital goods subcategory.
The company, which posted $4.8 billion in sales in 2023 and employs over 19,000 people globally, was also recognized as one of the World's Most Ethical Companies® by Ethisphere for the 13th time earlier this year.
Timken (NYSE: TKR), a global leader in engineered bearings and industrial motion, announces participation in two upcoming investor conferences in New York City. Neil Frohnapple, VP of investor relations, will attend the Goldman Sachs Industrials Conference on December 4, 2024. Both Frohnapple and Philip D. Fracassa, EVP and CFO, will participate in the Melius Investor Conference on December 12. Conference materials will be available at investors.timken.com.
The company, with a 125-year history in specialized expertise and innovation, reported $4.8 billion in sales in 2023. Timken employs over 19,000 people across 45 countries, focusing on next-generation products for various industries.
Timken (NYSE: TKR) has declared a quarterly cash dividend of 34 cents per share, payable on Nov. 29, 2024, to shareholders of record as of Nov. 19, 2024. This marks the company's 410th consecutive quarterly dividend since its NYSE listing in 1922, representing one of the longest dividend streaks among NYSE-listed companies. 2024 will be Timken's eleventh consecutive year of annual dividend growth. The company, a global leader in engineered bearings and industrial motion, reported $4.8 billion in sales in 2023 and employs over 19,000 people across 45 countries.
Timken reported Q3 2024 sales of $1.13 billion, down 1.4% year-over-year, with organic sales declining 2.9%. Net income was $81.8 million ($1.16 per share), compared to $87.9 million ($1.23 per share) in Q3 2023. Adjusted EPS was $1.23, down from $1.55 last year. The company generated $123.2 million in operating cash flow and $88.2 million in free cash flow.
Due to challenging market conditions, particularly in Europe and China, Timken reduced its full-year 2024 outlook, now expecting revenue to decline approximately 4% from 2023, with adjusted EPS between $5.55-$5.65.
The Timken Company (NYSE: TKR), a global leader in engineered bearings and industrial motion, will release its third-quarter 2024 financial results on Tuesday, Nov. 5, before the New York Stock Exchange opens. The company will host a conference call at 11:00 a.m. Eastern Time to discuss its financial performance with investors and analysts.
Financial results and conference call materials will be available at http://investors.timken.com. A live dial-in and webcast will be provided, with a replay available until Nov. 19, 2024. Timken, celebrating 125 years of innovation, reported $4.8 billion in sales in 2023 and employs over 19,000 people across 45 countries.
The Timken Company (NYSE: TKR) has been recognized as a finalist in the manufacturing category of Fast Company's Best Workplaces for Innovators list. This accolade highlights Timken's commitment to fostering innovation across all levels of the organization. The company's 125-year history is marked by close collaboration with customers to create technical solutions that drive growth.
Timken's innovative culture empowers employees to design products with lasting impact in industries such as renewable energy, electric vehicles, and automation. The company posted $4.8 billion in sales in 2023 and employs over 19,000 people globally across 45 countries. Timken has also been recognized on Fast Company's World's Most Innovative Companies list and has received accolades from Newsweek, U.S. News & World Report, Ethisphere, and Fortune for its workplace culture, ethics, and innovation.
The Timken Company (NYSE: TKR), a global leader in engineered bearings and industrial motion, has completed its acquisition of CGI, Inc. CGI manufactures precision drive systems for automation markets, with a focus on medical robotics. The acquired company has approximately 130 employees and is expected to generate around $45 million in sales in 2024.
Timken, founded 125 years ago, reported $4.8 billion in sales for 2023 and employs over 19,000 people across 45 countries. The company has received numerous accolades, including recognition as one of the World's Most Innovative Companies by Fast Company and among America's Most Responsible Companies by Newsweek.
The Timken Company (NYSE: TKR) has appointed Tarak Mehta as its new president and CEO, effective September 5, 2024. Mehta, who previously served on ABB's Group Executive Committee and led its Motion business, succeeds Richard G. Kyle after a comprehensive search process. With 26 years of experience at ABB, Mehta brings strategic leadership and a proven track record of delivering results to Timken.
Kyle, who served as CEO for 10 years, will move into an advisory role to assist with the transition before retiring as a Timken employee in February 2025. He will continue to serve on the company's Board of Directors. Timken, a global leader in engineered bearings and industrial motion, posted $4.8 billion in sales in 2023 and employs over 19,000 people across 45 countries.
The Timken Company (NYSE: TKR) has released its corporate social responsibility (CSR) report, highlighting its progress and initiatives as it celebrates 125 years in business. Key points include:
- A 40% reduction in emissions intensity from 2018 to 2023, progressing towards its 50% reduction target by 2030
- Recognition as one of the World's Most Innovative Companies by Fast Company
- Launch of a global STEM education partnership with FIRST®, investing $1.25 million annually in STEM programming
- Accolades as one of America's Greatest Workplaces by Newsweek and one of the Best Companies to Work For by U.S. News & World Report
Timken, a global leader in engineered bearings and industrial motion, reported $4.8 billion in sales for 2023 and employs over 19,000 people across 45 countries.
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