Timken Increases Quarterly Dividend to 30 Cents Per Share

Rhea-AI Summary

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.

Positive

• Increase in quarterly cash dividend to 30 cents per share.
• 99 consecutive years of dividends, reflecting strong company performance.
• Reported $3.5 billion in sales for 2020, indicating robust business operations.

Negative

• None.

NORTH CANTON, Ohio, May 7, 2021 /PRNewswire/ -- The board of directors of The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products, today approved a three percent increase to the company's quarterly cash dividend, raising it to 30 cents per share. The dividend is payable on June 3, 2021, to shareholders of record as of May 21, 2021.

"The increase in our dividend reflects our long-term outlook and ability to continue to grow the earnings power of the company," said Richard G. Kyle, Timken president and chief executive officer. "This upcoming dividend will mark 99 straight years of consecutive quarterly dividends. We are proud of this track record, and growing our dividend will remain a top priority of our capital deployment strategy." 

The Timken Company has paid a dividend on its common shares every quarter since its listing on the New York Stock Exchange (NYSE) in 1922. The upcoming dividend represents 396 consecutive quarters, one of the longest-running dividend streaks among NYSE-listed companies.

About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and power transmission products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $3.5 billion in sales in 2020 and employs more than 17,000 people globally, operating from 42 countries. Timken is recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere and America's Best Employers by Forbes.

Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com

Investor Relations:
Neil Frohnapple
234.262.2310
neil.frohnapple@timken.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/timken-increases-quarterly-dividend-to-30-cents-per-share-301286663.html

SOURCE The Timken Company

FAQ

What is the new dividend amount for TKR shareholders?

The new dividend amount for Timken Company (TKR) shareholders is 30 cents per share.

When will the dividend be paid to TKR shareholders?

The dividend will be paid on June 3, 2021, to shareholders of record as of May 21, 2021.

How long has Timken been paying dividends?

Timken has paid a dividend every quarter since its NYSE listing in 1922, totaling 396 consecutive quarters.

What does the increase in dividend indicate about TKR's performance?

The increase in dividend reflects Timken's long-term outlook and its ability to grow earnings.