Timken Stock Price, News & Analysis

The Timken Company (NYSE: TKR) reported record first-quarter sales of $1.125 billion, a 9.7% increase year-over-year. GAAP earnings per diluted share reached $1.56, up from $1.47. Adjusted net income also hit a record at $1.61 per share. The company repurchased 1.5 million shares and maintained its earnings outlook for 2022, forecasting GAAP EPS of $4.85 to $5.25. Timken announced the acquisition of Spinea, enhancing its robotics and automation capabilities. The positive results reflect strong customer demand and effective pricing strategies, despite challenges in global supply chains.

The Timken Company (NYSE: TKR) has announced its agreement to acquire Spinea, s.r.o., a European leader in cycloidal reduction gears and actuators, catering to high-precision automation and robotics. The acquisition is expected to enhance Timken's presence in the growing automation sector, with Spinea projected to generate approximately $40 million in sales for 2022. This move aligns with Timken's strategy of diversifying its product offerings and strengthens its commitment to customer-centric innovation. The transaction is expected to close in the coming weeks.

The Timken Company (NYSE: TKR) will participate in the virtual Oppenheimer 17th Annual Industrial Growth Conference on May 4, 2022. Key executives, including President and CEO Richard G. Kyle and CFO Philip D. Fracassa, will engage in a fireside chat. Investors can access materials shared during the conference on Timken's investor relations website. Timken, recognized for its engineered bearings and power transmission solutions, generated $4.1 billion in sales in 2021 and employs over 18,000 people across 42 countries.

The Timken Company (NYSE: TKR) will announce its first-quarter 2022 financial results on May 2, 2022, before NYSE trading begins. Investors can access the conference call at 10:00 a.m. ET for insights into the company's financial performance. Conference materials will be available online. Timken reported $4.1 billion in sales for 2021 and operates globally with more than 18,000 employees across 42 countries. The company is recognized among America's Most Responsible Companies and has received accolades for its ethical practices.

The Timken Company (NYSE: TKR) announced the pricing of $350 million of 4.125% senior unsecured notes due in 2032, priced at 98.373% of par. The offering is expected to close around March 28, 2022, subject to customary conditions. Proceeds from the notes will primarily be used to repay existing borrowings and for general corporate purposes. The notes are issued under an effective shelf registration statement with the SEC. In 2021, Timken reported $4.1 billion in sales, emphasizing its commitment to improving global machinery efficiency and reliability.

The Timken Company (NYSE: TKR) released its 2021 Annual Report, showcasing record results amid a dynamic operating environment. Key highlights include a $4.1 billion revenue, with $148 million allocated for capital expenditures and a strong focus on renewable energy. The company returned $185 million to shareholders through dividends and share repurchases, marking the eighth consecutive year of dividend increases. Timken also completed its 12th acquisition, expanding its industrial robotics solutions. The focus remains on long-term strategy and operational excellence.

The Timken Company (NYSE: TKR) will present virtually at the BofA Global Research Global Industrials Conference on March 17, 2022, at 12:15 p.m. GMT (8:15 a.m. EDT). Richard G. Kyle, president and CEO, will represent Timken during the presentation. A live webcast will be available at www.timken.com/investors, with a replay accessible until March 31, 2022. Timken reported $4.1 billion in sales for 2021 and is recognized among America's Most Responsible Companies by Newsweek.

The Timken Company awarded $540,000 in scholarships to 20 students across various countries, supporting careers in medicine, engineering, economics, and computer science. This initiative is part of the Timken Global Scholars Program, which has disbursed nearly $26 million since 1958. Notable awards include the Henry Timken Scholar Award valued at $25,000 and the Jack Timken Scholar Award at $20,000. Recipients are recognized for their academic excellence and community involvement, demonstrating Timken's commitment to investing in the future of its employees' children.

The Timken Company (NYSE: TKR) announced it will supply high-precision drives for the world's largest single-site solar power plant, Al Dhafra PV2, located in Abu Dhabi, UAE. This project features 4 million solar panels controlled by 83,000 Cone Drive drives, set to power 160,000 homes and reduce CO2 emissions by 2.4 million metric tons annually. Since acquiring Cone Drive in 2018, Timken's solar revenue has grown at over 20% CAGR, indicating strong demand in renewable energy solutions, which comprised 12% of total sales in 2021.