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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), a global leader in engineered bearings and industrial motion, will announce its second-quarter 2024 financial results on July 31, 2024, before the NYSE opens. A conference call to discuss these results with investors and analysts is scheduled for the same day at 11:00 a.m. Eastern Time. Participants can join via a provided dial-in number or access a live webcast. Replay options will be available until August 14, 2024.
Timken recorded $4.8 billion in sales for 2023 and employs over 19,000 people worldwide, with operations spanning 45 countries. The company has received numerous accolades, including recognition as one of Fast Company's World's Most Innovative Companies and Newsweek's America's Most Responsible Companies.
The Timken Company (NYSE: TKR), a leading innovator in engineered bearings and industrial motion, has been honored by Newsweek and U.S. News & World Report as one of America's top workplaces. Newsweek's ranking, based on a study by Plant-A Insights, involved over 1.5 million reviews from 250,000 employees. U.S. News utilized public information and industry standards to determine its list, focusing on pay, benefits, work-life balance, job stability, and professional development. Timken's 125-year history of innovation and commitment to a strong, diverse work culture played a key role in these recognitions. The company reported $4.8 billion in sales in 2023 and employs over 19,000 people globally.
The Timken Company (NYSE: TKR) has announced the pricing of €600 million in 4.125% senior unsecured notes due in 2034, to be issued at 98.832% of par. The offering, managed by Goldman Sachs & Co. and J.P. Morgan Securities plc, is expected to close on May 23, 2024, subject to customary conditions. Timken plans to use the proceeds to redeem its 3.875% senior notes due 2024, repay borrowings under its senior unsecured revolving credit facility, and cover other corporate purposes. Timken, a global leader in engineered bearings and industrial motion, reported $4.8 billion in sales in 2023.
Timken Company (NYSE: TKR), a global leader in engineered bearings and industrial motion, will participate in the KeyBanc Industrials & Basic Materials Conference on May 30, 2024, in Boston. Representing Timken will be CEO Richard G. Kyle and CFO Philip D. Fracassa. The company, recognized for its innovation and responsibility, reported $4.8 billion in sales in 2023 and employs over 19,000 people across 45 countries. Conference materials will be available online at the Timken investor relations website.
The Timken Company (TKR) announced a 3% increase in its quarterly dividend to 34 cents per share. This marks 11 consecutive years of dividend increases, reflecting confidence in the company's long-term growth strategy and financial performance. Timken has a long history of dividend payments, with 408 consecutive quarters of dividends paid since 1922. The company's commitment to consistent dividend growth aligns with its capital allocation strategy.
Timken Company reported first-quarter 2024 sales of $1.19 billion, down 5.7% from last year. Despite lower revenue, earnings per share were $1.46 and adjusted EPS $1.77. Full-year outlook raised with expected EPS of $5.10-$5.40 and adjusted EPS $6.00-$6.30. Solid margin performance in the quarter. CEO succession plan announced. Timken recognized for ethics and innovation.
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