Welcome to our dedicated page for Timken news (Ticker: TKR), a resource for investors and traders seeking the latest updates and insights on Timken stock.
Timken (NYSE: TKR) is a global leader in engineered bearings and industrial motion technologies, serving critical sectors from aerospace to renewable energy. This dedicated news hub provides investors and industry professionals with timely updates on corporate developments, financial performance, and technological advancements.
Access authoritative coverage of Timken's earnings reports, product innovations, and strategic initiatives. Our curated collection includes press releases on new bearing technologies, acquisitions in the power transmission sector, and operational updates—all essential for understanding the company's market position.
Key updates focus on Engineered Bearings innovations, Industrial Motion solutions, and global manufacturing expansions. Stay informed about developments in metallurgy research, sustainability initiatives, and partnerships driving industrial efficiency across Timken's worldwide operations.
Bookmark this page for direct access to primary source materials and analysis-free reporting. Check regularly for updates impacting Timken's role in advancing mechanical power transmission and industrial reliability solutions.
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.
The Timken Company (NYSE: TKR) announced its role in designing and supplying main shaft bearings for GE Renewable Energy's Haliade-X, the world's most powerful offshore wind turbine. Each turbine will generate up to 14 MW and 74 GWh of clean energy annually, with initial installations starting in 2023. Timken reported a fourth consecutive year of double-digit revenue growth in the renewable energy sector, reaching record sales in wind energy in 2021. The company plans to invest over $75 million by 2022 to expand its renewable energy capabilities.
The Timken Company (NYSE: TKR) has successfully completed its acquisition of Spinea, a Slovakian manufacturer of cycloidal reduction gears and actuators, enhancing Timken's automation product line. Spinea, with projected sales of approximately $40 million in 2022, supports Timken's strategy to expand in high-precision automation markets. This acquisition follows Timken's recent purchases of Rollon and Cone Drive, reinforcing its commitment to innovation in robotics and automation.
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