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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 global leader in engineered bearings and power transmission, will participate in the Melius Research Industrial Tech & Aerospace Forum on December 8, 2021, in New York City. Philip D. Fracassa, the executive vice president and CFO, will represent the company. Materials from the event will be made available online for stakeholders. Timken reported $3.5 billion in sales in 2020 and operates in 42 countries with over 17,000 employees, recognized as one of America's Most Responsible Companies.
The Timken Company (NYSE: TKR) has been named a 2021 R&D 100 Award winner by R&D World magazine for its innovative split tapered roller bearing designed for wind turbine main shafts.
This accolade highlights Timken's commitment to enhancing renewable energy efficiency, with renewable energy comprising 12% of total sales in 2020, marking it as the company's largest end-market sector.
With over a century of expertise, Timken continues to excel in engineered bearings and power transmission products, having achieved $3.5 billion in sales in 2020.
The Timken Company (NYSE: TKR) announced a quarterly cash dividend of 30 cents per share, payable on Dec. 3, 2021, to shareholders of record as of Nov. 22, 2021. This marks the company's 398th consecutive quarter of dividend payments, highlighting its commitment to returning value to shareholders. In 2020, Timken reported $3.5 billion in sales and operates in over 42 countries with a workforce of more than 17,000 employees. Timken is recognized as one of America’s Most Responsible Companies and maintains a strong reputation in the global industrial sector.
The Timken Company (NYSE: TKR) announced a $75,000 donation to support UNICEF's global COVID-19 vaccine distribution through the COVAX initiative. This contribution aims to facilitate the delivery of up to 2 billion vaccine doses to over 180 countries. In addition to this, Timken has provided $175,000 to Feeding America and contributed to the United Way COVID-19 Impact Fund. The company has also donated PPE and oxygen generators in regions like China, Europe, and India to further pandemic relief efforts.
The Timken Company (NYSE: TKR) reported third-quarter 2021 sales of $1.04 billion, a 16% increase year-over-year, driven by organic growth across end-markets and acquisitions. Net income was $88.1 million or $1.14 per diluted share, slightly down from $88.8 million a year ago. Adjusted net income reached a record $91.0 million or $1.18 per diluted share. The company emphasizes strong demand despite challenges from supply chain disruptions and inflation. Cash from operations stood at $105.8 million, with a return of $53.1 million to shareholders through dividends and share repurchases.
The Timken Company (NYSE: TKR) will present at the Baird 2021 Global Industrial Virtual Conference on Nov. 9, 2021. The presentation will be led by Richard G. Kyle, president and CEO, and Philip D. Fracassa, executive vice president and CFO. Interested investors can access the presentation materials online at investors.timken.com. Timken is recognized as a leader in engineered bearings and power transmission products, with $3.5 billion in sales in 2020 and operations in 42 countries, employing over 17,000 people.
The Timken Company (NYSE: TKR) released its 2020 corporate social responsibility (CSR) report, highlighting its commitment to sustainability and community impact. The report emphasizes innovation in renewable energy, where the company has invested over $75 million through 2022, making renewables its largest end-market sector. Timken promotes employee engagement and career growth, while remaining dedicated to ethics and STEM education. Recognized as one of America's Most Responsible Companies by Newsweek, Timken is focused on delivering real-world impact and efficiency for stakeholders.
The Timken Company (NYSE: TKR) will release its third-quarter 2021 financial results on November 1, 2021, prior to the NYSE opening. A conference call will be held on the same day at 11:00 a.m. Eastern Time to discuss the financial performance with investors and analysts. Interested parties can access the call via dial-in or online at investors.timken.com. Timken reported $3.5 billion in sales in 2020, operating in 42 countries with over 17,000 employees.
NORTH CANTON, Ohio, Sept. 15, 2021 — The Timken Company (NYSE: TKR) announced it anticipates lower sales and earnings for the second half of 2021 due to ongoing customer and supply chain disruptions, along with inflationary pressures. Despite these challenges, underlying demand remains strong, and the company plans to address supply chain issues through operational efficiencies and price increases. Timken has withdrawn its full-year 2021 financial outlook, with further updates expected during its third-quarter financial report.
The Timken Company (NYSE: TKR) has acquired Intelligent Machine Solutions (iMS), enhancing its Rollon® product line with heavy-duty industrial robotics and automation solutions. iMS, based in Norton Shores, Michigan, has approximately $6 million in annual revenues. This acquisition strengthens Timken's position in the growing $700 million robotic transfer unit industry, expanding their operational footprint in the U.S. and supporting their strategic goals in sectors like aerospace, automotive, and packaging.
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