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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) 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.
The Timken Company (NYSE: TKR) has declared a quarterly cash dividend of 30 cents per share, payable on September 3, 2021, to shareholders on record as of August 20, 2021. This marks the 397th consecutive quarter of dividend payments since the company's listing in 1922, showcasing its commitment to returning value to shareholders. Timken reported $3.5 billion in sales for 2020 and operates globally with over 17,000 employees.
The Timken Company (NYSE: TKR) reported Q2 2021 sales of $1.06 billion, a 32.3% increase year-over-year, supported by strong growth in key markets and the Aurora Bearing acquisition. Net income reached $104.8 million ($1.36 per diluted share), up from $61.9 million a year ago. Adjusted net income was $106.1 million ($1.37 per diluted share). The company raised its quarterly dividend by 3% to $0.30 per share and expects full-year earnings per diluted share between $5.00 and $5.30, with a revenue increase of approximately 19% compared to 2020.
The Timken Company (NYSE: TKR) will announce its second-quarter 2021 financial results on Monday, Aug. 2, 2021, before NYSE opening. A conference call will discuss the financial performance at 11:00 a.m. ET on the same day. Interested parties can access the live call via telephone or webcast. Timken specializes in engineered bearings and power transmission products, generating $3.5 billion in sales in 2020 with over 17,000 employees across 42 countries.
The Timken Company (NYSE: TKR) reported significant growth in its automatic lubrication systems portfolio, now the world's second largest producer in this category. Revenue for these systems has more than doubled over five years due to strategic acquisitions and organic growth. The company anticipates a record year in 2021 and projects a double-digit CAGR through 2025, fueled by global trends toward automation. Timken is also expanding production in North America and China to meet increasing demand, emphasizing the sustainability and safety benefits of its lubrication systems.
The Timken Company (NYSE: TKR) will present at the KeyBanc Industrials & Basic Materials Virtual Conference on June 3, 2021, at 2 p.m. EDT. CEO Richard G. Kyle and CFO Philip D. Fracassa will represent the company. A live webcast can be accessed at www.timken.com/investors with a replay available until June 17, 2021. Timken reported $3.5 billion in sales in 2020 and operates in 42 countries. The company is recognized as one of America's Most Responsible Companies by Newsweek.
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