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.
The Timken Company (NYSE: TKR) will host an Investor Day on September 28, 2022, in New York City, from 9:30 a.m. to 12:00 p.m. ET. The event will feature presentations by key executives, including CEO Richard G. Kyle, and CFO Philip D. Fracassa. Participants can attend in-person or virtually, with registration available here. Presentation materials will be accessible on the company's investor relations website on the event day and will be available for replay for two weeks following the event.
The Timken Company (NYSE: TKR) has announced its agreement to acquire GGB Bearing Technology, a division of Enpro Industries, to enhance its engineered bearing solutions portfolio. GGB, with an estimated revenue of $200 million for fiscal year 2022, specializes in metal-polymer bearings used across diverse industrial applications. Timken plans to finance the acquisition using cash and a revolving credit facility, expecting it to be accretive to earnings within the first full quarter post-closing. The deal is anticipated to close in the fourth quarter of this year.
The Timken Company (NYSE: TKR) announced key executive appointments on August 10, 2022, to enhance its leadership strategy. Christopher Coughlin is appointed executive vice president and president of Industrial Motion, focusing on diversifying industrial motion offerings. Andreas Roellgen becomes executive vice president and president of Engineered Bearings, overseeing global business growth. Natasha Pollock, previously vice president of human resources, is now an executive officer, aiming to strengthen Timken's talent development. These changes align with Timken's growth strategy to increase market share and operational scale.
The Timken Company (NYSE: TKR) has declared a quarterly cash dividend of 31 cents per share, payable on September 2, 2022, to shareholders of record as of August 15, 2022. Timken has a remarkable history of paying dividends, marking 401 consecutive quarters since its NYSE listing in 1922. The company generated $4.1 billion in sales in 2021, employing over 18,000 people globally. Timken has received accolades including being listed among America's Most Responsible Companies by Newsweek.
The Timken Company (NYSE: TKR), a leader in engineered bearings and power transmission products, will attend the Jefferies Industrials Conference on Aug. 10, 2022, in New York City. Philip D. Fracassa, executive vice president and CFO, will represent the company during a fireside chat. Relevant materials from the conference will be accessible online at www.timken.com/investors. In 2021, Timken reported $4.1 billion in sales and is recognized for its contributions in responsible business practices.
The Timken Company (NYSE: TKR) reported record second-quarter 2022 sales of $1.15 billion, an 11% organic increase year-over-year. The company achieved a GAAP earnings per diluted share of $1.42 and an adjusted EPS of $1.67, marking the highest quarterly results to date. Timken raised its full-year earnings outlook to $5.15 to $5.45 for GAAP and $5.50 to $5.80 for adjusted EPS. Operating cash flow was $78.3 million, and free cash flow was $37.4 million. Timken also repurchased 750,000 shares and increased its quarterly dividend by 3%.
The Timken Company (NYSE: TKR) will release its second-quarter 2022 financial results on July 28, before the New York Stock Exchange opens. A conference call is scheduled for 11:00 a.m. Eastern Time to discuss these results with investors and analysts. Financial details and conference call materials will be accessible online.
In 2021, Timken generated $4.1 billion in sales and employs over 18,000 people across 43 countries.
The Timken Company (NYSE: TKR) has been selected to provide advanced precision drives for the Redstone Solar Thermal Power project in Northern Cape, South Africa. This facility, expected to start operations by late 2023, will generate up to 100 MW of emissions-free electricity, supporting 200,000 homes. Utilizing molten salt for energy storage, it will operate without the need for fossil fuel backup. Timken's renewable energy segment accounted for approximately 12% of its total sales in 2021, showcasing its commitment to sustainability and innovation in the solar energy market.
The Timken Company (NYSE: TKR) has been awarded a contract option by Fincantieri Marinette Marine to deliver main reduction gears (MRGs) for the future USS Congress (FFG-63), part of the Constellation-class frigates. This contract has the potential to generate over $150 million in revenue if the Navy opts to order all 10 ships in the class. Timken’s Philadelphia Gear, with nearly 130 years of experience, will design and manufacture these key components, ensuring efficient ship propulsion.
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