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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 participate in the Melius Research Industrials Conference on December 8, 2022, in New York City. Philip D. Fracassa, executive vice president and CFO, will represent the company. Interested parties can access materials shared during the event on Timken's investor website. Timken specializes in engineered bearings and industrial motion products, boasting over 18,000 employees and $4.1 billion in sales in 2021. The company is recognized for its commitment to responsibility and ethics in business.
The Timken Company (NYSE: TKR) declared a quarterly cash dividend of 31 cents per share, payable on Dec. 2, 2022, to shareholders of record as of Nov. 21, 2022. This dividend marks the company's 402nd consecutive quarter of dividend payments since its NYSE listing in 1922, highlighting its long-term commitment to returning value to shareholders. Additionally, 2022 is the ninth consecutive year of annual dividend growth, reflecting Timken’s strong financial performance with $4.1 billion in sales in 2021.
The Timken Company (NYSE: TKR) has announced the completion of its acquisition of GGB Bearings, a leader in engineered metal-polymer plain bearings. GGB, which is expected to generate approximately $200 million in revenue for the fiscal year 2022, enhances Timken's product line, particularly in industrial applications. The acquisition is anticipated to strengthen Timken's market position, leveraging GGB's global presence and technical expertise across various sectors including energy and aerospace.
The Timken Company (NYSE: TKR) announced the completion of the sale of its Aerospace Drive Systems (ADS) business to PCX Aerostructures, LLC, with terms undisclosed. The ADS business specializes in drive system components for military and civil rotorcraft, with an expected revenue of approximately $50 million in 2022. This strategic decision aligns with Timken's focus on its core engineered bearings and industrial motion products.
The Timken Company (NYSE: TKR) has reported robust growth in its mounted bearings segment, which has outpaced the U.S. industrial production index over the last five years. Key sectors driving sales include agriculture, mining, and food and beverage. Timken's innovative product designs, such as split cylindrical bearings, enhance installation and maintenance, particularly in challenging environments. The company is focused on expanding its manufacturing capabilities and customer service to support anticipated future growth.
The Timken Company (NYSE: TKR) announced its participation in the Baird Global Industrial Conference scheduled for Nov. 8, 2022 in Chicago. The company's executive vice president and CFO, Philip D. Fracassa, will represent Timken at the event. Investors and interested parties can access materials shared during the conference on the Timken investor relations website. Timken, a leader in engineered bearings and industrial motion products, reported $4.1 billion in sales in 2021 and operates globally with over 18,000 employees.
The Timken Company (NYSE: TKR) reported third-quarter 2022 sales of $1.14 billion, reflecting a 10% total increase and 14% organic growth year-on-year. Net income was $87 million, or $1.18 per diluted share, slightly below last year’s $88.1 million. Adjusted EPS reached a record $1.52, resulting in an enhanced adjusted earnings outlook for the year, projecting $5.80 to $5.95 per share. The company also announced a strategic acquisition of GGB Bearings for $200 million in revenue and the planned divestiture of the Aerospace Drive Systems business.
The Timken Company (NYSE: TKR) will announce its third-quarter 2022 financial results on October 26, 2022, before the NYSE opens. A conference call will take place that day at 11:00 a.m. ET to discuss the financial performance with investors and analysts. The earnings results and conference call materials will be available on the company's investor relations website.
The Timken Company (NYSE: TKR) hosted an Investor Day on September 28, 2022, in New York City, where CEO Richard G. Kyle outlined the company's strategic objectives and financial performance. The focus was on profitable growth within engineered bearings and industrial motion portfolios, alongside new long-term financial targets aimed at enhancing shareholder value. Timken reported sales of $4.1 billion in 2021 and operates globally with over 18,000 employees. The company emphasizes its commitment to optimizing reliability and performance in response to emerging market trends.
The Timken Company (NYSE: TKR) released its annual corporate social responsibility (CSR) report on September 27, 2022, announcing a goal to cut Scope 1 and Scope 2 greenhouse gas emissions intensity by 50% by 2030, using 2018 as a baseline. The company emphasizes energy-saving solutions and sustainable practices in its operations. Timken also focuses on workforce development and community resilience, aiming to provide career advancement opportunities and support for STEM education. Timken's commitment to ethics has earned recognition from Newsweek as one of "America's Most Responsible Companies."
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