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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) reported significant growth in the wind energy sector, achieving a 17% CAGR over five years compared to the industry average of 7%. With global demand for renewable energy increasing, Timken anticipates record revenue in 2021 from wind-related operations. The company has invested over $75 million to enhance its capabilities in renewable energy and expects continuous demand for maintenance and repair services for aging turbines. Timken's engineering innovations, including advanced bearings, position it favorably in this growing market.
The Timken Company (NYSE: TKR) has declared a 3% increase in its quarterly cash dividend, raising it to 30 cents per share. This dividend will be payable on June 3, 2021, to shareholders of record as of May 21, 2021. This move marks 99 consecutive years of quarterly dividends, highlighting the company's commitment to returning value to shareholders. Timken's strong financial performance is evidenced by its $3.5 billion sales in 2020, showcasing its ongoing growth and stability.
The Timken Company (NYSE: TKR) will present virtually at the Goldman Sachs Industrials and Materials Conference on May 13, 2021. The presentation will feature Philip D. Fracassa, executive vice president and CFO. Interested parties can access the materials online at investors.timken.com. Timken is known for its engineered bearings and power transmission products, posting $3.5 billion in sales in 2020 and operating in 42 countries with over 17,000 employees.
The Timken Company (NYSE: TKR) reported first-quarter 2021 sales of $1.03 billion, an 11% increase year-over-year. This growth was fueled by organic expansion, particularly in renewable energy and off-highway sectors, alongside the Aurora Bearing acquisition. Net income rose to $113.3 million or $1.47 per diluted share, compared to $80.7 million or $1.06 for the same quarter last year. The positive performance, driven by higher volumes and lower SG&A expenses, led to an increased full-year revenue outlook of approximately 18%.
The Timken Company (NYSE: TKR) announced its advanced drivetrain repair services in the U.S., promoting sustainability by extending equipment life and reducing waste. Timken's expert solutions can save customers up to 60% compared to new products. With over a century of experience, Timken recycles more than 1,000 tons of steel and 75 tons of copper annually. Their services include inspection and repair of bearings, motors, and gear drives, highlighting their commitment to the circular economy while ensuring minimal downtime for clients.
The Timken Company (NYSE: TKR) announced its participation in the Oppenheimer Industrial Growth Conference scheduled for May 4, 2021. Philip D. Fracassa, the executive vice president and chief financial officer, will represent the company. Attendees can access materials shared during the conference at the investors' portal. Timken is recognized for its engineered bearings and power transmission products, reporting $3.5 billion in sales in 2020 and operating in 42 countries.
The Timken Company (NYSE: TKR) is set to release its Q1 2021 financial results on April 28, 2021, before the NYSE opens. A conference call will follow to discuss the results with investors and analysts. These details will also be accessible via their investor relations website. In 2020, Timken achieved $3.5 billion in sales and operates in 42 countries with over 17,000 employees. The company has received recognition for being among America's Most Responsible Companies and World's Most Ethical Companies.
The Timken Company (NYSE: TKR) has partnered with the LeBron James Family Foundation to support STEM education by sponsoring the Makerspace learning lab at the I PROMISE School in Akron, Ohio. This collaboration involves Timken associates sharing engineering expertise to foster creativity and scientific thinking among students. Timken aims to create a positive community impact through such initiatives, emphasizing its commitment to developing future leaders. In 2020, Timken reported sales of $3.5 billion and operates globally with over 17,000 employees.
The Timken Company (NYSE: TKR) released its 2020 Annual Report, showcasing resilience amid the COVID-19 pandemic. Key highlights include a 12% contribution from renewable energy, over 50% revenue growth in this sector, and $136 million returned to shareholders through dividends and share repurchases. Timken allocated $122 million for capital expenditures and continued its strategy of expanding its engineered bearings and power transmission portfolio. Despite uncertainties, the company aims for record revenue and earnings in 2021.
The Timken Company (NYSE: TKR) will present at the BofA Global Research Global Industrials Conference on March 16, 2021, at 2 p.m. GMT (10 a.m. EDT). Executives Richard G. Kyle and Philip D. Fracassa will represent the company. A live webcast will be accessible for download at www.timken.com/investors, with a replay available until March 30, 2021. In 2020, Timken achieved $3.5 billion in sales and operates in 42 countries, employing over 17,000 people.
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