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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), a leader in engineered bearings and power transmission products, will attend the Jefferies Industrials Conference on Aug. 10, 2022, in New York City. Philip D. Fracassa, executive vice president and CFO, will represent the company during a fireside chat. Relevant materials from the conference will be accessible online at www.timken.com/investors. In 2021, Timken reported $4.1 billion in sales and is recognized for its contributions in responsible business practices.
The Timken Company (NYSE: TKR) reported record second-quarter 2022 sales of $1.15 billion, an 11% organic increase year-over-year. The company achieved a GAAP earnings per diluted share of $1.42 and an adjusted EPS of $1.67, marking the highest quarterly results to date. Timken raised its full-year earnings outlook to $5.15 to $5.45 for GAAP and $5.50 to $5.80 for adjusted EPS. Operating cash flow was $78.3 million, and free cash flow was $37.4 million. Timken also repurchased 750,000 shares and increased its quarterly dividend by 3%.
The Timken Company (NYSE: TKR) will release its second-quarter 2022 financial results on July 28, before the New York Stock Exchange opens. A conference call is scheduled for 11:00 a.m. Eastern Time to discuss these results with investors and analysts. Financial details and conference call materials will be accessible online.
In 2021, Timken generated $4.1 billion in sales and employs over 18,000 people across 43 countries.
The Timken Company (NYSE: TKR) has been selected to provide advanced precision drives for the Redstone Solar Thermal Power project in Northern Cape, South Africa. This facility, expected to start operations by late 2023, will generate up to 100 MW of emissions-free electricity, supporting 200,000 homes. Utilizing molten salt for energy storage, it will operate without the need for fossil fuel backup. Timken's renewable energy segment accounted for approximately 12% of its total sales in 2021, showcasing its commitment to sustainability and innovation in the solar energy market.
The Timken Company (NYSE: TKR) has been awarded a contract option by Fincantieri Marinette Marine to deliver main reduction gears (MRGs) for the future USS Congress (FFG-63), part of the Constellation-class frigates. This contract has the potential to generate over $150 million in revenue if the Navy opts to order all 10 ships in the class. Timken’s Philadelphia Gear, with nearly 130 years of experience, will design and manufacture these key components, ensuring efficient ship propulsion.
The Timken Company (NYSE: TKR) announced its role in designing and supplying main shaft bearings for GE Renewable Energy's Haliade-X, the world's most powerful offshore wind turbine. Each turbine will generate up to 14 MW and 74 GWh of clean energy annually, with initial installations starting in 2023. Timken reported a fourth consecutive year of double-digit revenue growth in the renewable energy sector, reaching record sales in wind energy in 2021. The company plans to invest over $75 million by 2022 to expand its renewable energy capabilities.
The Timken Company (NYSE: TKR) has successfully completed its acquisition of Spinea, a Slovakian manufacturer of cycloidal reduction gears and actuators, enhancing Timken's automation product line. Spinea, with projected sales of approximately $40 million in 2022, supports Timken's strategy to expand in high-precision automation markets. This acquisition follows Timken's recent purchases of Rollon and Cone Drive, reinforcing its commitment to innovation in robotics and automation.
The Timken Company (NYSE: TKR) will participate in the KeyBanc Industrials & Basic Materials Conference on June 1, 2022, in Boston, Massachusetts. Richard G. Kyle, president and CEO, will represent the company. Timken is known for its expertise in engineered bearings and power transmission products, generating $4.1 billion in sales in 2021 with over 18,000 employees globally. Conference materials will be accessible online at their investor relations website.
The Timken Company (NYSE: TKR) has announced a 3% increase in its quarterly cash dividend, raising it to 31 cents per share. This marks the company's 400th consecutive quarterly dividend, a milestone since its listing on the NYSE in 1922. The dividend is payable on June 2, 2022, to shareholders of record as of May 16, 2022. The Chairman emphasized Timken's commitment to delivering sustainable value, and the company continues to operate in 42 countries, focusing on renewable energy and automation.
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