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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) released its 2021 Annual Report, showcasing record results amid a dynamic operating environment. Key highlights include a $4.1 billion revenue, with $148 million allocated for capital expenditures and a strong focus on renewable energy. The company returned $185 million to shareholders through dividends and share repurchases, marking the eighth consecutive year of dividend increases. Timken also completed its 12th acquisition, expanding its industrial robotics solutions. The focus remains on long-term strategy and operational excellence.
The Timken Company (NYSE: TKR) will present virtually at the BofA Global Research Global Industrials Conference on March 17, 2022, at 12:15 p.m. GMT (8:15 a.m. EDT). Richard G. Kyle, president and CEO, will represent Timken during the presentation. A live webcast will be available at www.timken.com/investors, with a replay accessible until March 31, 2022. Timken reported $4.1 billion in sales for 2021 and is recognized among America's Most Responsible Companies by Newsweek.
The Timken Company awarded $540,000 in scholarships to 20 students across various countries, supporting careers in medicine, engineering, economics, and computer science. This initiative is part of the Timken Global Scholars Program, which has disbursed nearly $26 million since 1958. Notable awards include the Henry Timken Scholar Award valued at $25,000 and the Jack Timken Scholar Award at $20,000. Recipients are recognized for their academic excellence and community involvement, demonstrating Timken's commitment to investing in the future of its employees' children.
The Timken Company (NYSE: TKR) announced it will supply high-precision drives for the world's largest single-site solar power plant, Al Dhafra PV2, located in Abu Dhabi, UAE. This project features 4 million solar panels controlled by 83,000 Cone Drive drives, set to power 160,000 homes and reduce CO2 emissions by 2.4 million metric tons annually. Since acquiring Cone Drive in 2018, Timken's solar revenue has grown at over 20% CAGR, indicating strong demand in renewable energy solutions, which comprised 12% of total sales in 2021.
The Timken Company (NYSE: TKR) declared a quarterly cash dividend of 30 cents per share, payable on March 4, 2022, to shareholders of record as of February 22, 2022.
This will mark the 399th consecutive quarter of dividend payments, positioning Timken among the longest-running dividend payers on the NYSE since its listing in 1922. In 2021, Timken generated $4.1 billion in sales, reinforcing its status as a global leader in engineered bearings and power transmission products.
The Timken Company (NYSE: TKR) announced its participation in the Citi 2022 Global Industrial Tech and Mobility Conference on Feb. 23, 2022. Philip D. Fracassa, executive vice president and CFO, will represent the company at the event. During the conference, materials shared will be available online at Timken's investor relations website. Timken has a strong industry presence with $4.1 billion in sales in 2021 and operates in 42 countries, employing over 18,000 people.
The Timken Company (NYSE: TKR) reported fourth-quarter 2021 sales of $1.01 billion, a 13% increase from the previous year, marking a record for the quarter. Net income rose to $62.9 million or $0.82 per diluted share. For 2021, total sales reached $4.1 billion, up 17.6%, with net income of $369.1 million or $4.79 per share. Despite facing supply chain challenges and inflation, the company projects a 10% revenue increase in 2022, with anticipated earnings per share between $4.85 and $5.25. Timken remains focused on driving profitable growth and enhancing shareholder returns.
The Timken Company (NYSE: TKR) will release its 2021 fourth-quarter and full-year financial results on February 3, 2022, before the NYSE opens. A conference call will follow at 11:00 a.m. ET to discuss the results with investors and analysts. Interested parties can access the financial results and call materials online. In 2020, Timken recorded $3.5 billion in sales and operates in 42 countries, employing over 17,000 people globally.
The Timken Company (NYSE: TKR) reports a strong growth in its linear motion product line, with sales expected to increase by over 20% from 2020 to 2021. The acquisition of Rollon has diversified its power transmission portfolio, enhancing growth in sectors such as robotics and automation. Timken anticipates a double-digit compound annual growth rate (CAGR) in this segment through 2025. Key products include customized telescopic units and actuators for warehousing and medical applications. The recent acquisition of Intelligent Machine Solutions aims to further boost growth in factory automation.
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