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The Timken Company - TKR STOCK NEWS

Welcome to our dedicated page for The Timken Company news (Ticker: TKR), a resource for investors and traders seeking the latest updates and insights on The Timken Company stock.

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.

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The Timken Company (NYSE: TKR) has awarded $540,000 in scholarships to 20 students as part of its Global Scholars Program, established in 1958. This initiative aims to support the children of Timken associates pursuing various careers, including economics, agriculture, and medicine. To date, over $26 million has been awarded to 815 students through this program. Notable awards include the Henry Timken Scholar Award worth $25,000 annually to Cassie Craig, and the Jack Timken Scholar Award valued at $20,000 annually to Jaydan Brown. Timken continues to emphasize its commitment to education and community involvement.

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The Timken Company (NYSE: TKR) announced its participation in the Evercore ISI Industrial Conference on March 7, 2023. Philip D. Fracassa, executive vice president and CFO, along with Neil Frohnapple, director of investor relations, will represent the company. Attendees can access the materials shared during the event online at investors.timken.com. Timken, a leader in engineered bearings and industrial motion products, reported $4.5 billion in sales in 2022 and employs over 19,000 people across 46 countries, highlighting its significant market presence.

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The Timken Company (NYSE: TKR) has secured a long-term contract with General Dynamics Bath Iron Works to supply Philadelphia Gear® main reduction gears (MRGs) for future Flight III ships of the Arleigh Burke (DDG-51) class. This contract, if fully executed, could generate over $500 million in revenue over approximately five to eight years, with production commencing in 2024. Timken has a long-standing relationship with the U.S. Navy, having supplied MRGs for the Arleigh Burke class since 2010, enhancing its technology to meet the Navy's evolving requirements.

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The Timken Company (NYSE: TKR) has declared a quarterly cash dividend of 31 cents per share, payable on March 6, 2023, to shareholders of record as of February 21, 2023. This marks the company’s 403rd consecutive quarter of dividend payments since its NYSE listing in 1922, showcasing one of the longest dividend streaks among listed companies.

In 2022, Timken reported $4.5 billion in sales and employs over 19,000 people globally. The company is dedicated to innovation and efficiency in engineered bearings and industrial motion products.

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The Timken Company (NYSE: TKR) will participate in the Citi 2023 Global Industrial Tech and Mobility Conference on February 22, 2023. Richard G. Kyle, president and CEO, and Neil Frohnapple, director of investor relations, will represent the company. Attendees can access materials shared during the conference online. Timken, a leader in engineered bearings and industrial motion products, reported $4.5 billion in sales for 2022, employing over 19,000 people across 46 countries.

Recognized for its ethical practices, Timken has received accolades such as being named among America’s Most Responsible Companies by Newsweek.

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The Timken Company (NYSE: TKR) reported fourth-quarter 2022 sales of $1.08 billion, a 7.4% increase year-over-year, driven by strong organic growth and acquisitions. Net income rose to $97.2 million, or $1.32 per diluted share, compared to $62.9 million, or $0.82 per share in Q4 2021. The company projects 2023 EPS between $5.80 and $6.40, with adjusted EPS of $6.50 to $7.10. Timken’s full-year 2022 sales reached $4.5 billion, marking an 8.8% increase, with record EPS of $5.48. The company also returned $303 million to shareholders through dividends and share repurchases in 2022.

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The Timken Company (NYSE: TKR) has acquired the assets of American Roller Bearing Company (ARB), a manufacturer based in North Carolina, for an undisclosed amount. This strategic acquisition aims to enhance Timken's portfolio, adding ARB's offerings to its engineered bearing solutions. ARB generated over $30 million in sales in 2022, reflecting a strong U.S. market presence and a robust aftermarket business. The transaction was funded through Timken's cash reserves. According to Timken's CEO, Richard G. Kyle, the integration of ARB aligns well with their business model and customer base, potentially increasing market share.

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The Timken Company (NYSE: TKR) has announced its agreement to acquire Nadella Group, a European manufacturer of linear guides, for approximately €100 million. Nadella reported revenues of about €100 million in 2022 and employs 450 people across Europe and China. This strategic acquisition aims to enhance Timken's linear motion product portfolio, generating synergies with its existing Rollon business. Timken expects the transaction, pending regulatory approvals, to close in Q1 2023, funded by cash and credit facilities, and to be accretive to adjusted earnings in 2023.

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FAQ

What is the current stock price of The Timken Company (TKR)?

The current stock price of The Timken Company (TKR) is $71.63 as of December 20, 2024.

What is the market cap of The Timken Company (TKR)?

The market cap of The Timken Company (TKR) is approximately 5.0B.

What does The Timken Company specialize in?

The Timken Company specializes in engineered bearings and industrial motion products, including tapered, spherical, and cylindrical roller bearings, thrust and ball bearings, gear belts, and chain-related products.

Where is The Timken Company headquartered?

The Timken Company is headquartered in North Canton, Ohio, USA.

How many employees does The Timken Company have?

The Timken Company employs over 19,000 people globally.

What was The Timken Company's revenue in 2023?

The Timken Company reported a revenue of $4.8 billion in 2023.

Who will be the next CEO of The Timken Company?

Tarak Mehta is set to become the CEO of The Timken Company in September 2024.

What are some of the brands under The Timken Company's portfolio?

Some brands under The Timken Company's portfolio include Timken®, Fafnir®, Philadelphia Gear®, Carlisle®, Drives®, and Interlube™.

Which sectors does The Timken Company serve?

The Timken Company serves various sectors including automotive, aerospace, rail, energy, heavy truck, defense, agriculture, metals, mining, and construction.

What is the Timken Global Scholars Program?

The Timken Global Scholars Program is an initiative by The Timken Company to support education and community development, having awarded over $26 million in scholarships since its inception.

What notable awards has The Timken Company received?

The Timken Company has been recognized among America's Most Responsible Companies by Newsweek and the World's Most Ethical Companies® by Ethisphere.

How does The Timken Company contribute to sustainability?

The Timken Company focuses on customer-centric solutions and sustainable practices to improve the reliability and efficiency of global machinery and equipment.

The Timken Company

NYSE:TKR

TKR Rankings

TKR Stock Data

4.99B
62.71M
10.56%
86.59%
1.75%
Tools & Accessories
Ball & Roller Bearings
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United States of America
NORTH CANTON