US Market News
3週前
Timken Details Strategy and Announces 2028 Financial Targets at Investor DayMay 20, 2026 4:15 PM
PR Newswire (US) NORTH CANTON, Ohio, May 20, 2026 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a leader in advanced motion technology, hosted an Investor Day earlier today in New York City. Lucian Boldea, president and CEO, and other members of Timken's executive team detailed the company's 2028 financial targets and strategy to accelerate profitable growth, structurally increase margins and drive value for shareholders."Today, we introduced our Elevate to Outperform strategy, which is focused on optimizing our portfolio, investing decisively in our strategic verticals, and better leveraging our multinational footprint as we operate as One Timken," said Boldea. "Execution of our plan is well underway to achieve compelling 2028 financial targets and deliver enhanced value to our customers and shareholders over the long term."Highlights from Timken's 2028 financial targets include:Total sales of $5.0 to $5.2 billion, with an organic net sales CAGR percentage in the mid-single digitsIndustrial Motion segment adjusted EBITDA margin of 25 to 27 percent of sales in 2028, up from 19 percent in 2025Engineered Bearings segment adjusted EBITDA margin of 21 to 23 percent of sales in 2028, up from 18.9 percent in 2025Adjusted earnings per share of approximately $8.50, a greater than 55 percent increase compared to 2025Presentation materials and a replay of the webcast are available at http://investors.timken.com. The webcast passcode is TimkenNYSE and will be accessible until June 3, 2026.About The Timken CompanyThe Timken Company (NYSE: TKR; www.timken.com), a leader in advanced motion technology, designs and manufacturers highly engineered systems and components for customers in strategic end markets, including aerospace and defense, power and electrification, and automation and industrial solutions. With more than 125 years of specialized expertise and a multinational presence, Timken is a trusted partner worldwide, innovating and powering performance across the application lifecycle. The company posted $4.6 billion in sales in 2025 and employs approximately 19,000 people, operating from 45 countries. Learn more at www.timken.com or @TheTimkenCompany.Certain statements in this release (including statements regarding the company's forecasts, estimates, plans and expectations) that are not historical in nature are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the company's future financial performance are forward-looking. The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: fluctuations in customer demand for the company's products or services; unanticipated changes in business relationships with customers or their purchases from the company; changes in the financial health of the company's customers, which may have an impact on the company's revenues, earnings and impairment charges; logistical issues associated with port closures, delays or increased costs; the impact of changes to the company's accounting methods; political risks associated with government instability; recent world events that have increased the risks posed by international trade disputes, tariffs, sanctions and hostilities; strained geopolitical relations between countries in which we have significant operations; weakness in global or regional general economic conditions and capital markets (as a result of financial stress affecting the banking system or otherwise); changes in wages, shipping costs, raw material costs, energy and fuel prices, and other production costs; changes in customer demand or tariff rates and other costs associated with tariffs; the company's ability to satisfy its obligations under its debt agreements and renew or refinance borrowings on favorable terms; fluctuations in currency valuations or interest rates; changes in the expected costs associated with product warranty claims; the ability to achieve satisfactory operating results in the integration of acquired companies, including realizing any accretion, synergies, and expected cashflow generation within expected timeframes or at all; the company's ability to effectively adjust prices for its products in response to changing dynamics; the impact on the company's pension obligations and assets due to changes in interest rates, investment performance and other tactics designed to reduce risk; the introduction of new disruptive technologies, such as artificial intelligence; unplanned plant shutdowns; the effects of government-imposed restrictions, commercial requirements, and company goals associated with climate change and emissions or other sustainability initiatives; unanticipated litigation, claims, investigations remediation, or assessments; the rapidly evolving global regulatory landscape and the corresponding heightened operational complexity and compliance risks; restrictions on the use of, or claims or remediation associated with, per- and polyfluoroalkyl substances or polytetrafluoroethylene; the company's ability to maintain positive relations with unions and works councils; the company's ability to compete for skilled labor and to attract, retain and develop management, other key employees, and skilled personnel; negative impacts to the company's operations or financial position as a result of pandemics, epidemics, or other public health concerns and associated governmental measures; and the company's ability to complete and achieve the benefits of announced plans, programs, initiatives, acquisitions, capital investments, and cost reduction actions. Additional factors are discussed in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.Media Relations:
Sarah Factor
234.262.4878
sarah.factor@timken.comInvestor Relations:
Neil Frohnapple
234.262.2310
investors@timken.com View original content to download multimedia:https://www.prnewswire.com/news-releases/timken-details-strategy-and-announces-2028-financial-targets-at-investor-day-302777953.htmlSOURCE The Timken Company Original: Timken Details Strategy and Announces 2028 Financial Targets at Investor Day
US Market News
1月前
Timken Reports First-Quarter 2026 ResultsMay 6, 2026 6:51 AM
PR Newswire (US) Sales of $1.23 billion, up 8 percent from last yearFirst-quarter diluted EPS of $1.40; adjusted EPS of $1.67Net income margin of 8.0 percent; adjusted EBITDA margin of 18.8 percentRaises 2026 outlook; now expects 2026 EPS of $4.70-$5.20, with adjusted EPS of $5.75-$6.25NORTH CANTON, Ohio, May 6, 2026 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global technology leader in engineered bearings and industrial motion, today reported first-quarter 2026 results.
1Q-261Q-25% ChangeNet Sales (mils.)$1,231.3$1,140.38.0 %Net Income Margin8.0 %6.9 %110 bpsAdjusted EBITDA Margin18.8 %18.2 %60 bpsDiluted EPS$1.40$1.1126.1 %Adjusted EPS$1.67$1.4019.3 %"We delivered a strong start to 2026, achieving double-digit earnings growth and margin expansion versus last year," said Lucian Boldea, president and chief executive officer. "We are raising our full-year outlook to reflect this performance as well as improving customer demand across several end-market sectors. "The Timken team is taking actions designed to accelerate profitable growth and create significant value for shareholders. The recent announcements of the acquisition of Bijur Delimon and the planned sale of the belts business demonstrates our 80/20 approach to the portfolio and commitment to margin expansion. The momentum is building as we execute on our strategic priorities, and we are excited to share more details at our upcoming Investor Day on May 20 in New York City." First-Quarter 2026 HighlightsTimken delivered sales in the first quarter of $1.23 billion, up 8 percent from the same period a year ago. The increase was driven primarily by higher pricing, favorable foreign currency translation and higher volumes in the Industrial Motion segment. Organically, sales were up 4.3 percent as compared to the first quarter of 2025.The company posted net income in the first quarter of $98.2 million or $1.40 per diluted share. This compares to net income of $78.3 million or $1.11 per diluted share for the same period a year ago. The company's net income margin in the quarter was 8.0 percent, compared to 6.9 percent in the first quarter of last year.Excluding special items (detailed in the attached tables), adjusted net income in the first quarter was $117.3 million or $1.67 per diluted share. This compares to adjusted net income of $98.6 million or $1.40 per diluted share for the same period in 2025. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the quarter were $231.0 million or 18.8 percent of sales, compared with $208.1 million or 18.2 percent of sales in the first quarter of last year.Net cash provided by operations in the quarter was $39.3 million, and free cash flow was $0.5 million. During the quarter, Timken returned $53.3 million of cash to shareholders through the payment of its 415th consecutive quarterly dividend and the repurchase of 282 thousand shares of company stock. Timken also acquired Bijur Delimon, a leading manufacturer of automated lubrication systems, which expands the company's presence in key market verticals like rail, power generation and mining. The company ended the quarter with a strong balance sheet; net debt to adjusted EBITDA was 2.1 times as of March 31, 2026.First-Quarter 2026 Segment ResultsEngineered Bearings sales of $806.2 million increased 6 percent from the same period a year ago driven primarily by higher pricing and favorable foreign currency translation as volumes were flat compared to last year.Adjusted EBITDA in the quarter was $159.0 million or 19.7 percent of sales, compared with $159.2 million or 20.9 percent of sales in the first quarter of last year. Adjusted EBITDA in the current quarter benefited from positive price/mix, lower material & logistics costs and the favorable impact of currency, offset by incremental tariff costs and higher operating costs.Industrial Motion sales of $425.1 million increased 12 percent compared with the same period a year ago driven primarily by higher demand across most sectors, higher pricing and favorable foreign currency translation.Adjusted EBITDA in the quarter was $91.3 million or 21.5 percent of sales, compared with $67.1 million or 17.7 percent of sales in the first quarter of last year. The increase in adjusted EBITDA was driven primarily by the impact of higher volume and positive price/mix, partially offset by incremental tariff costs.2026 Outlook Timken is increasing its 2026 outlook, with full-year earnings per diluted share now forecasted to be in the range of $4.70 to $5.20 and adjusted earnings per diluted share in the range of $5.75 to $6.25. The company is planning for 2026 revenue to be up approximately 5 percent in total at the midpoint from 2025, an increase from its prior outlook of 3 percent growth at the midpoint.Conference Call InformationTimken will host a conference call today at 11 a.m. Eastern Time to review its financial results. Presentation materials will be available online in advance of the call for interested investors and securities analysts.Conference Call: Wednesday, May 6, 2026
11:00 a.m. Eastern Time
Live Dial-In: 833-461-5787
Access Code: 838181029
Live Webcast: http://investors.timken.com
Register in advance: https://tmkn.biz/4ca9inj
Replay: https://tmkn.biz/4soIaqtAbout The Timken CompanyThe Timken Company (NYSE: TKR; www.timken.com), a global technology leader in engineered bearings and industrial motion, designs a growing portfolio of next-generation products for diverse industries. For more than 125 years, Timken has used its specialized expertise to innovate and create customer-centric solutions that increase reliability and efficiency. Timken posted $4.6 billion in sales in 2025 and employs approximately 19,000 people globally, operating from 45 countries.Certain statements in this release (including statements regarding the company's forecasts, estimates, plans and expectations) that are not historical in nature are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the company's future financial performance, including information under the heading "2026 Outlook," are forward-looking. The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: the finalization of the company's financial statements for the first quarter of 2026; fluctuations in customer demand for the company's products or services; changes in customer preferences due to emergent technologies, evolving regulatory landscapes or other factors; unanticipated changes in business relationships with customers or their purchases from the company; changes in the financial health of the company's customers, which may have an impact on the company's revenues, earnings and impairment charges; logistical issues associated with port closures, delays or increased costs; costs associated with inclement weather events; the impact of changes to the company's accounting methods; political risks associated with government instability; recent world events that have increased the risks posed by international trade disputes, tariffs, sanctions and hostilities; strained geopolitical relations between countries in which we have significant operations; weakness in global or regional general economic conditions and capital markets (as a result of financial stress affecting the banking system or otherwise); changes in wages, shipping costs, raw material costs, energy and fuel prices, and other production costs; new technology, such as artificial intelligence, that may impact the way the Company's products are produced, sold or distributed; changes in customer demand or tariff rates and other costs associated with tariffs; the company's ability to satisfy its obligations under its debt agreements and renew or refinance borrowings on favorable terms; fluctuations in currency valuations or interest rates; changes in the expected costs associated with product warranty claims; the ability to achieve satisfactory operating results in the integration of acquired companies, including realizing any accretion, synergies, and expected cashflow generation within expected timeframes or at all; the company's ability to effectively adjust prices for its products in response to changing dynamics; the impact on the company's pension obligations and assets due to changes in interest rates, investment performance and other tactics designed to reduce risk; the introduction of new disruptive technologies, such as artificial intelligence; unplanned plant shutdowns; the effects of government-imposed restrictions, commercial requirements, and company goals associated with climate change and emissions or other sustainability initiatives; unanticipated litigation, claims, investigations remediation, or assessments; the rapidly evolving global regulatory landscape and the corresponding heightened operational complexity and compliance risks; restrictions on the use of, or claims or remediation associated with, per- and polyfluoroalkyl substances or polytetrafluoroethylene; the company's ability to maintain positive relations with unions and works councils; the company's ability to compete for skilled labor and to attract, retain and develop management, other key employees, and skilled personnel; negative impacts to the company's operations or financial position as a result of pandemics, epidemics, or other public health concerns and associated governmental measures; and the company's ability to complete and achieve the benefits of announced plans, programs, initiatives, acquisitions, capital investments, and cost reduction actions. Additional factors are discussed in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.Media Relations:
Sarah Factor
234.262.4878
sarah.factor@timken.comInvestor Relations:
Neil Frohnapple
234.262.2310
neil.frohnapple@timken.com The Timken Company
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except share data) (Unaudited)
Three Months Ended
March 31,
20262025Net sales$1,231.3
$1,140.3
Cost of products sold837.3
781.6
Selling, general & administrative expenses201.2
184.8
Amortization of intangible assets20.6
19.0
Impairment and restructuring charges3.6
10.9
Operating Income168.6
144.0
Non-service pension and other postretirement expense(0.7)
(1.2)
Other expense, net(2.4)
(0.3)
Interest expense, net(22.6)
(24.2)
Income Before Income Taxes142.9
118.3
Provision for income taxes37.0
26.9
Net Income105.9
91.4
Less: Net income attributable to noncontrolling interest7.7
13.1
Net Income Attributable to The Timken Company$98.2
$78.3
Net Income per Common Share Attributable to The Timken Company Common Shareholders
Basic Earnings per share$1.41
$1.12
Diluted Earnings per share$1.40
$1.11
Average Shares Outstanding69,582,824
70,024,836
Average Shares Outstanding - assuming dilution70,204,689
70,513,937
BUSINESS SEGMENTS
(Unaudited)
Three Months Ended
March 31,(Dollars in millions)20262025Engineered Bearings
Net sales$806.2
$760.7
Adjusted Earnings before interest, taxes, depreciation and amortization (EBITDA) (1)$159.0
$159.2
Adjusted EBITDA Margin (1)19.7%20.9%Industrial Motion
Net sales$425.1
$379.6
Adjusted Earnings before interest, taxes, depreciation and amortization (EBITDA) (1)$91.3
$67.1
Adjusted EBITDA Margin (1)21.5%17.7%Unallocated corporate expense (1)$(19.3)
$(18.2)
Consolidated
Net sales$1,231.3
$1,140.3
Adjusted Earnings before interest, taxes, depreciation and amortization (EBITDA) (1)$231.0
$208.1
Adjusted EBITDA Margin (1)18.8%18.2%
EBITDA is a non-GAAP measure defined as operating income plus other income (expense) and excluding depreciation and amortization. EBITDA Margin is a non-GAAP measure defined as EBITDA as a percentage of net sales. EBITDA and EBITDA Margin are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting EBITDA and EBITDA Margin is useful to investors as these measures are representative of the core operations of the Company. See the subsequent pages for the reconciliations of Consolidated EBITDA and Consolidated EBITDA Margin.
(1) Consolidated adjusted EBITDA is a non-GAAP measure defined as EBITDA less impairment, restructuring and reorganization charges, acquisition costs, including transaction costs and the amortization of the inventory step-up, actuarial gains and losses associated with the remeasurement of the Company's defined benefit pension and other postretirement benefit plans, property losses and recoveries, gains and losses on the sale of real estate and divestitures, and other items from time to time that are not part of the Company's core operations. Consolidated adjusted EBITDA Margin is a non-GAAP measure defined as Consolidated adjusted EBITDA as a percentage of net sales. Management believes Consolidated adjusted EBITDA and Consolidated adjusted EBITDA Margin are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting adjusted EBITDA and adjusted EBITDA Margin is useful to investors as these measures are representative of the core operations of the Company. See subsequent pages for the reconciliations of Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin. Segment Adjusted EBITDA is the measurement of segment profit and loss. The Company's Chief Operating Decision Maker ("CODM") utilizes Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin to evaluate segment performance and allocates resources. See the Company's quarterly report on Form 10-Q for a reconciliation of Segment Adjusted EBITDA to income before income taxes. CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)(Unaudited)
March 31,
2026
December 31,
2025ASSETS
Cash and cash equivalents$344.7
$364.4
Restricted cash0.8
1.0
Accounts receivable, net808.9
689.4
Unbilled receivables155.7
137.6
Inventories, net1,273.8
1,243.3
Other current assets171.1
165.1
Total Current Assets2,755.0
2,600.8
Property, plant and equipment, net1,342.5
1,357.6
Operating lease assets151.2
152.9
Goodwill and other intangible assets2,552.3
2,488.7
Other assets80.5
76.8
Total Assets$6,881.5
$6,676.8
LIABILITIES
Accounts payable$380.3
$353.2
Short-term debt, including current portion of long-term debt42.9
38.9
Income taxes41.6
31.4
Accrued expenses492.1
498.6
Total Current Liabilities956.9
922.1
Long-term debt2,027.2
1,883.1
Accrued pension benefits140.8
148.9
Accrued postretirement benefits30.6
29.3
Long-term operating lease liabilities99.4
100.8
Other non-current liabilities258.7
246.9
Total Liabilities3,513.6
3,331.1
EQUITY
The Timken Company shareholders' equity3,207.7
3,184.6
Noncontrolling interest160.2
161.1
Total Equity3,367.9
3,345.7
Total Liabilities and Equity$6,881.5
$6,676.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,(Dollars in millions)20262025Cash Provided by (Used in)
OPERATING ACTIVITIES
Net Income$105.9
$91.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization58.9
55.1
Stock-based compensation expense7.6
7.5
Pension and other postretirement expense1.3
1.8
Pension and other postretirement benefit contributions and payments(10.8)
(23.8)
Changes in operating assets and liabilities:
Accounts receivable(112.8)
(70.8)
Unbilled receivables(18.2)
(18.2)
Inventories(12.5)
15.3
Accounts payable31.1
20.2
Accrued expenses(18.5)
(16.0)
Income taxes16.0
3.5
Other, net(8.7)
(7.4)
Net Cash Provided by Operating Activities$39.3
$58.6
INVESTING ACTIVITIES
Capital expenditures$(38.8)
$(35.2)
Acquisitions, net of cash received(124.3)
—
Investments in short-term marketable securities, net6.1
0.8
Other, net—
1.9
Net Cash Used in Investing Activities$(157.0)
$(32.5)
FINANCING ACTIVITIES
Cash dividends paid to shareholders$(25.3)
$(25.1)
Purchase of treasury shares(28.0)
(23.1)
Proceeds from exercise of stock options2.9
0.3
Payments related to tax withholding for stock-based compensation(9.2)
(9.5)
Net proceeds from credit facilities162.8
28.0
Net payments on long-term debt(1.1)
(1.2)
Net Cash Provided by (Used in) Financing Activities$102.1
$(30.6)
Effect of exchange rate changes on cash(4.3)
7.4
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash$(19.9)
$2.9
Cash, Cash Equivalents and Restricted Cash at Beginning of Period365.4
373.6
Cash, Cash Equivalents and Restricted Cash at End of Period$345.5
$376.5
Reconciliations of Adjusted Net Income to GAAP Net Income and Adjusted Earnings Per Share to GAAP Earnings Per Share:(Unaudited)
The following reconciliation is provided as additional relevant information about the Company's performance deemed useful to investors. Management believes that the non-GAAP measures of adjusted net income and adjusted diluted earnings per share are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting adjusted net income and adjusted diluted earnings per share is useful to investors as these measures are representative of the Company's core operations.
(Dollars in millions, except share data)Three Months Ended
March 31,
2026
EPS2025
EPSNet Income Attributable to The Timken Company$98.2
$1.40
$78.3
$1.11
Adjustments: (1)
Acquisition intangible amortization$20.6
$19.0
Impairment, restructuring and reorganization charges (2)4.9
3.2
Acquisition-related charges (3)1.8
—
Gain on sale of certain assets (4)—
(1.2)
CEO transition expenses (5)—
8.6
Noncontrolling interest of above adjustments (6)(0.1)
3.8
Provision for income taxes (7)(8.1)
(13.1)
Total Adjustments:19.1
0.27
20.3
0.29
Adjusted Net Income Attributable to The Timken Company$117.3
$1.67
$98.6
$1.40
(1) Adjustments are pre-tax, with the net tax provision listed separately.(2) Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants; (iii) severance related to cost reduction initiatives; (iv) impairment of assets; and (v) related depreciation and amortization. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges. However, management believes these actions are not representative of the Company's core operations.(3) Acquisition-related charges represent deal-related expenses associated with completed transactions and any resulting inventory step-up impact.(4) Represents the net gain resulting from the sale of certain assets.(5) On March 31, 2025, the Company announced that Tarak B. Mehta, President and Chief Executive Officer ("CEO") of the Company would be departing from the Company, effective immediately, and Richard G. Kyle would be serving as interim President and CEO. CEO transition expenses primarily related to the cost of the settlement agreement with Mr. Mehta in connection with his departure, net of stock compensation expense for stock awards forfeited.(6) Represents the noncontrolling interest impact of the adjustments listed above, as well as the reversal of uncertain tax positions related to Timken India Limited.(7) Provision for income taxes includes the net tax impact on pre-tax adjustments (listed above), the impact of discrete tax items recorded during the respective periods as well as other adjustments to reflect the use of one overall effective tax rate on adjusted pre-tax income in interim periods. Reconciliation of EBITDA to GAAP Net Income, EBITDA Margin to Net Income as a Percentage of Sales, and EBITDA Margin, After Adjustments, to Net Income as a Percentage of Sales, and EBITDA, After Adjustments, to Net Income:(Unaudited)
The following reconciliation is provided as additional relevant information about the Company's performance deemed useful to investors. Management believes consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP measure that is useful to investors as it is representative of the Company's performance and that it is appropriate to compare GAAP net income to consolidated EBITDA. Management also believes that adjusted EBITDA, adjusted EBITDA margin and EBITDA margin are useful to investors as they are representative of the Company's core operations and are used in the management of the business, including decisions concerning the allocation of resources and assessment of performance.
(Dollars in millions)Three Months Ended
March 31,
2026Percentage
to
Net Sales2025Percentage
to
Net SalesNet Income$105.9
8.6%$91.4
8.0%
Provision for income taxes37.0
26.9
Interest expense24.3
26.5
Interest income(1.7)
(2.3)
Depreciation and amortization58.9
55.1
Consolidated EBITDA$224.4
18.2%$197.6
17.3%
Adjustments:
Impairment, restructuring and reorganization charges (1)$4.8
$3.1
Acquisition-related charges (2)1.8
—
Gain on sale of certain assets (3)—
(1.2)
CEO transition expenses (4)—
8.6
Total Adjustments6.6
0.6%10.5
0.9%Adjusted EBITDA$231.0
18.8%$208.1
18.2%
(1) Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants; (iii) severance related to cost reduction initiatives; and (iv) impairment of assets. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges. However, management believes these actions are not representative of the Company's core operations.
(2) Acquisition-related charges represent deal-related expenses associated with completed transactions and any resulting inventory step-up impact.
(3) Represents the net gain resulting from the sale of certain assets.
(4) On March 31, 2025, the Company announced that Tarak B. Mehta, President and CEO of the Company would be departing from the Company, effective immediately, and Richard G. Kyle would be serving as interim President and CEO. CEO transition expenses primarily relate to the cost of the settlement agreement with Mr. Mehta in connection with his departure, net of stock compensation expense for stock awards forfeited. Reconciliation of Total Debt to Net Debt, the Ratio of Net Debt to Capital, and the Ratio of Net Debt to Adjusted EBITDA:(Unaudited)
These reconciliations are provided as additional relevant information about the Company's financial position deemed useful to investors. Capital, used for the ratio of net debt to capital, is a non-GAAP measure defined as total debt less cash and cash equivalents plus total shareholders' equity. Management believes Net Debt, the Ratio of Net Debt to Capital, Adjusted EBITDA (see next page), and the Ratio of Net Debt to Adjusted EBITDA are important measures of the Company's financial position, due to the amount of cash and cash equivalents on hand. The Company presents net debt to adjusted EBITDA because it believes it is more representative of the Company's financial position as it is reflective of the ability to cover its net debt obligations with results from its core operations.
(Dollars in millions)
March 31,
2026December 31,
2025Short-term debt, including current portion of long-term debt$42.9
$38.9
Long-term debt2,027.2
1,883.1
Total Debt$2,070.1
$1,922.0
Less: Cash and cash equivalents(344.7)
(364.4)
Net Debt$1,725.4
$1,557.6
Total Equity$3,367.9
$3,345.7
Ratio of Net Debt to Capital33.9%31.8%
Adjusted EBITDA for the Twelve Months Ended$818.7
$795.8
Ratio of Net Debt to Adjusted EBITDA2.1
2.0
Reconciliation of Free Cash Flow to GAAP Net Cash Provided by Operating Activities:(Unaudited)
Management believes that free cash flow is a non-GAAP measure that is useful to investors because it is a meaningful indicator of cash generated from operating activities available for the execution of its business strategy.
(Dollars in millions)
Three Months Ended
March 31,
20262025Net cash provided by operating activities$39.3
$58.6
Less: capital expenditures(38.8)
(35.2)
Free cash flow$0.5
$23.4
Reconciliation of EBITDA, After Adjustments, to GAAP Net Income:(Unaudited)
The following reconciliation is provided as additional relevant information about the Company's performance deemed useful to investors. Management believes consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP measure that is useful to investors as it is representative of the Company's performance and that it is appropriate to compare GAAP net income to consolidated EBITDA. Management also believes that the non-GAAP measure of adjusted EBITDA is useful to investors as it is representative of the Company's core operations and is used in the management of the business, including decisions concerning the allocation of resources and assessment of performance.
(Dollars in millions)Twelve Months Ended
March 31, 2026Twelve Months Ended
December 31, 2025Net Income$331.8
$317.3
Provision for income taxes108.8
98.7
Interest expense108.1
110.3
Interest income(9.7)
(10.3)
Depreciation and amortization233.9
230.1
Consolidated EBITDA$772.9
$746.1
Adjustments:
Impairment, restructuring and reorganization charges (1)$22.4
$20.7
Corporate pension and other postretirement benefit related expense (2)10.8
10.8
Acquisition-related charges (3)1.8
—
Gain on sale of certain assets (4)(1.4)
(2.6)
CEO transition expenses (5)12.2
20.8
Total Adjustments45.8
49.7
Adjusted EBITDA$818.7
$795.8
(1) Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants; (iii) severance related to cost reduction initiatives; and (iv) impairment of assets. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges. However, management believes these actions are not representative of the Company's core operations.
(2) Corporate pension and other postretirement benefit related expense represents actuarial losses that resulted from the remeasurement of plan assets and obligations as a result of changes in assumptions or experience. The Company recognizes actuarial losses and gains in connection with the annual remeasurement in the fourth quarter, or if specific events trigger a remeasurement.
(3) Acquisition-related charges represent deal-related expenses associated with completed transactions and any resulting inventory step-up impact.
(4) Represents the net gain resulting from the sale of certain assets.
(5) On August 22, 2025, the Company announced the appointment of Lucian Boldea as President and CEO, effective September 1, 2025, and that Richard G. Kyle would retire from the role of interim President and CEO. On March 31, 2025, the Company announced that Tarak B. Mehta, President and CEO of the Company would be departing from the Company, effective immediately, and Mr. Kyle would be serving as interim President and CEO. CEO transition expenses for the twelve months ended December 31, 2025, primarily relate to the cost of the settlement agreement with Mr. Mehta in connection with his departure, net of the impact for stock awards forfeited, the acceleration of certain stock compensation awards issued to Mr. Kyle, and other one-time costs associated with the transition in 2025. Reconciliation of Net Sales to Organic Sales(Unaudited)
The following reconciliations are provided as additional relevant information about the Company's performance deemed useful to investors. Management believes that net sales, excluding the impact of acquisitions and foreign currency exchange rate changes, allow investors and the Company to meaningfully evaluate the percentage change in net sales on a comparable basis from period to period.
Three Months Ended
March 31, 2026
Three Months Ended
March 31, 2025
$ Change% ChangeNet sales$1,231.3
$1,140.3
$91.0
8.0%Less: Acquisitions3.1
—
3.1
NM Currency38.6
—
38.6
NMNet sales, excluding the impact of acquisitions and currency$1,189.6
$1,140.3
$49.3
4.3% Reconciliation of Adjusted Earnings per Share to GAAP Earnings per Share for Full Year 2026 Outlook:(Unaudited)The following reconciliation is provided as additional relevant information about the Company's outlook deemed useful to investors. Forecasted full year adjusted diluted earnings per share is an important financial measure that management believes is useful to investors as it is representative of the Company's expectation for the performance of its core business operations.
Low End Earnings
Per Share
High End Earnings
Per ShareForecasted full year GAAP diluted earnings per share$4.70
$5.20
Forecasted Adjustments:
Impairment, restructuring and other special items, net (1)0.20
0.20
Acquisition-related intangible amortization expense, net0.85
0.85
Forecasted full year adjusted diluted earnings per share$5.75
$6.25
(1) Impairment, restructuring and other special items, net do not include the impact of any potential future mark-to-market pension and other postretirement remeasurement adjustments, because the amounts will not be known until incurred. View original content to download multimedia:https://www.prnewswire.com/news-releases/timken-reports-first-quarter-2026-results-302763227.htmlSOURCE The Timken Company Original: Timken Reports First-Quarter 2026 Results
US Market News
1月前
Gates Corporation to Expand North American Power Transmission Business with AcquisitionMay 1, 2026 7:47 AM
PR Newswire (US)
Gates to acquire the belts business from The Timken CompanyDENVER, May 1, 2026 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE: GTES), a global manufacturer of innovative, highly engineered power transmission and fluid power solutions, today announced that it has entered into a definitive agreement to acquire the belts business from The Timken Company (NYSE: TKR) including select manufacturing assets. Terms were not disclosed.
Gates is an industry leader in power transmission belt solutions across a wide range of industrial, automotive, and mobility markets and applications. Timken's belts business is a North American-based belts manufacturer serving industrial and mobility markets and applications. Both companies serve the OEM and aftermarket channels, and this acquisition will bring Gates additional market presence.Tom Pitstick, President, Americas at Gates said, "Gates is expanding customer access and opportunities in priority markets, such as the industrial OEM and aftermarket channels, as well as the power sports segment of our mobility business unit. The acquisition of the belts business from Timken broadens our channel and application coverage."This transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. Gates and the belts business of Timken will continue to operate as separate entities until the transaction closes.About Gates Industrial Corporation
Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse aftermarket channel customers and to OEMs as specified components. Gates participates in many sectors of the industrial and consumer markets. Our products play essential roles in a diverse range of applications across a wide variety of end markets ranging from harsh and hazardous industries to everyday consumer applications, including virtually every form of transportation. Our products are sold in more than 130 countries across three major geographies: the Americas; Europe, Middle East & Africa; and Asia Pacific. For more information visit gates.com.Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. These statements include, but are not limited to, statements related to the proposed acquisition of Timken's belts business, the expected benefits of the acquisition, and expectations regarding the performance of the Company's business and financial results. Such forward-looking statements are subject to various risks and uncertainties, including, among others, the possibility that the conditions to completion of the acquisition are delayed or not satisfied; the possibility that the acquisition will not result in the benefits expected by Gates; risks related to the integration of Timken's belts business, including retention of customers and employees; economic, political and other risks associated with international operations (including the imposition of tariffs), risks inherent to the manufacturing industry, macroeconomic factors beyond the Company's control (including material and logistics availability, inflation, supply chain and labor challenges and end-market recovery), risks related to catastrophic events, continued operation of our manufacturing facilities, including as a result of cybersecurity attacks, and our ability to forecast and meet demand and market acceptance of new products. Additional factors that could cause the Company's results to differ materially from those described in the forward-looking statements can be found under the section entitled "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.Contacts
Media
Name: Raquel Fuentes
Email: Raquel.Fuentes@Gates.comInvestors
Name: Rich Kwas
Email: Richard.Kwas@Gates.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/gates-corporation-to-expand-north-american-power-transmission-business-with-acquisition-302760099.htmlSOURCE Gates Corporation
Original: Gates Corporation to Expand North American Power Transmission Business with Acquisition
US Market News
4月前
Timken Awards Scholarships Valued at up to $540,000 to 20 Students Around the WorldFebruary 12, 2026 9:30 AM
PR Newswire (US)
NORTH CANTON, Ohio, Feb. 12, 2026 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com) is helping fund the futures of 20 students in pursuit of a wide range of careers. In an awards ceremony today, the company presented college scholarships to the children of Timken employees across North America, Asia and Europe. Since the Timken Global Scholars Program's inception in 1958, The Timken Company Charitable and Educational Fund has awarded scholarships valued at up to $27 million to 875 students.
"When we invest in education, we invest in people and the future they will create," said Timken Chairman John M. Timken, Jr. "Through the Global Scholars program, we are helping open doors to opportunity and empowering the next generation across the world to make a meaningful impact where they live and learn."Cader Payne Beitler, son of field technician Tim Beitler and Amy Beitler, earned the Henry Timken Scholar Award, valued at up to $25,000 annually and renewable for up to three years. Cader is a senior at Spanish Fort High School in Spanish Fort, Ala., and plans to study bioinformatics at the University of Alabama.Frederick Song, son of senior development specialist Xiaozhong Song and Minwei Li, received the Jack Timken Scholar Award, valued at up to $20,000 annually and renewable for up to three years. Frederick is a senior at Solon High School in Solon, Ohio, and plans to pursue a biochemistry degree at the Massachusetts Institute of Technology. Joining Cader and Frederick as scholarship winners, six students received awards valued at up to $10,000 annually, renewable for up to three years. They include:Madeleine Hill, daughter of human resources and area manager Edie Hill and Jeffrey Hill from Sehome High School in Bellingham, Wash. She plans to attend Texas Tech University to study nursing and plans to become a pediatric nurse practitioner.Sathwik Kendole, son of system principal Nagaraju Kendole and Anitha Kendole from Narayana Co Kaveri Bhavan School in Bangalore, India. He plans to study aerospace engineering at the National Institute of Technology Karnataka.Madhu Avanish M.R., son of production manager Mohan E. and Radhika from D.A.V. Matriculation Higher Secondary School in Chennai, India. He intends to study medicine or surgery at a university in India or Singapore, specializing in cardiology or oncology.Julia Struska, daughter of main support associate technician Sylwester Struski and Edyta Struska from Czeladz, Poland. She plans to study medicine at the Medical University of Wroclaw, specializing in surgery or biotechnology.Lana Mary Tom, daughter of senior system consultant Tom Chandy and Jyothi Jose from Christ Junior College in Bangalore, India. She intends to pursue a bachelor's degree in international accounting and finance at Christ University in Bangalore.Sharini Verma, daughter of senior manager of accounts payable Dharani Verma R. and Sushma BS from National Public School in Bangalore, India. She studies physics, chemistry, math and computer science and plans to pursue a commercial pilot's license.The following 12 students earned one-time scholarships valued at up to $10,000 each:Julia Arnold, daughter of controller for the southeast region Daniel Arnold and Susan Arnold from Macedonia, Ohio. Julia is pursuing a bachelor's degree in political science at The Ohio State University.Beatrice Biagioli, daughter of purchasing manager and controller Giacomo Biagioli and Antonella Minelli. She is a fifth-year student of medicine and surgery at Alma Mater Studiorum Università di Bologna.Tomasz Gawel, son of production setter Arkadiusz Gawel and Izabela Swietlik in Sosnowiec, Poland. He is currently enrolled in a five-year technical secondary program with a specialization in programming.Supriya Kumari, daughter of operator technician Ravitesh Kumar and Pammi Sinha from Disha Delphi Public School in Jamshedpur, India. She intends to pursue a bachelor's degree in electrical engineering, with a focus on material science and electric vehicle innovation, at India Institute of Technology Madras.Hannah Legault, daughter of setup technician Stephan Gulbine and Renee Legault from Brown University in Providence, R.I. She is currently pursuing a biology degree with a specialization in biotechnology.Samuel McLain, son of sales manager Bob McLain and Karen McLain in Centerville, Ohio. He attends Northwestern University in Evanston, Ill., pursuing a double major in political science and philosophy.Pooja Raja, daughter of section manager Raja Jalandradoss and Sudhalakshmi Raja from People's Education Society University in Bangalore, India, where she is pursuing a master's degree in robotics and artificial intelligence.Lucas Ritzert, son of regional sales manager Jim Ritzert and Kathryn Ritzert from Irving, Texas. He currently studies finance at Texas A&M University and plans to pursue a career in consulting or investment banking.Noé Ruzicka, son of manager of on-highway application engineering Thierry Ruzicka and Frédérique Ruzicka from Strasbourg, France. Noé is currently pursuing a bachelor's degree in economics at Lycée René Cassin.Bohdan Telnyy, son of machinist apprentice Alex Telnyi and Olga Telna from Saskatchewan Polytechnic in Saskatoon, Canada. He is currently pursuing a degree in computer systems technology.Ivana Vajdová, daughter of electrician Štefan Vajda and Silvia Vajdová from Prešov, Slovakia. She is a first-year student majoring in economics at Masaryk University in Brno, Czech Republic.Max Zimmermann, son of manager of processes and product William Zimmermann and Marie Grousson from Colmar, France. He currently studies international law at Sciences Po Paris and plans to further his education at Columbia Law School and the International Criminal Court in The Hague.About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com), a global technology leader in engineered bearings and industrial motion, designs a growing portfolio of next-generation products for diverse industries. For more than 125 years, Timken has used its specialized expertise to innovate and create customer-centric solutions that increase reliability and efficiency. Timken posted $4.6 billion in sales in 2025 and employs approximately 19,000 people globally, operating from 45 countries.Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/timken-awards-scholarships-valued-at-up-to-540-000-to-20-students-around-the-world-302686508.htmlSOURCE The Timken Company
Original: Timken Awards Scholarships Valued at up to $540,000 to 20 Students Around the World
US Market News
4月前
Timken Reports Fourth-Quarter and Full-Year 2025 ResultsFebruary 4, 2026 6:51 AM
PR Newswire (US)
Sales of $1.11 billion in the fourth quarter, up 3.5 percent from prior yearFourth-quarter diluted EPS of $0.89; adjusted EPS of $1.14Full-year 2025 diluted EPS of $4.11; adjusted EPS of $5.33Cash from operations of $554 million; free cash flow of $406 million for the full yearCompany provides initial estimate for 2026 EPS of $4.50-$5.00, with adjusted EPS of $5.50-$6.00NORTH CANTON, Ohio, Feb. 4, 2026 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global technology leader in engineered bearings and industrial motion, today reported fourth-quarter 2025 results.
4Q-254Q-24% ChangeFY-2025FY-2024% ChangeNet Sales (mils.)$1,111.0$1,073.63.5 %$4,581.8$4,573.00.2 %Net Income Margin5.6 %6.6 %(100 bps)6.3 %7.7 %(140 bps)Adjusted EBITDA Margin16.0 %16.6 %(60 bps)17.4 %18.5 %(110 bps)Diluted EPS$0.89$1.01(11.9 %)$4.11$4.99(17.6 %)Adjusted EPS$1.14$1.16(1.7 %)$5.33$5.79(7.9 %)Net Cash from Operations$183.3$178.62.6 %$554.3$475.716.5 %Free Cash Flow$140.7$125.012.6 %$406.1$305.732.8 %"We finished the year strong, delivering higher organic sales and cash flow in the fourth quarter versus the prior year," said Lucian Boldea, president and chief executive officer. "The Timken team remains focused on our near-term strategic priorities designed to structurally improve margins, accelerate growth in key market verticals, and create significant value for shareholders."We expect to generate organic revenue growth, strong cash flow, and higher margins and earnings in 2026. As we continue to execute on our strategic priorities, I'm excited for the many opportunities to take Timken's performance to new levels." Fourth-Quarter 2025 HighlightsTimken delivered sales in the fourth quarter of $1.11 billion, up 3.5 percent from the same period a year ago. The increase was driven by higher pricing, favorable foreign currency translation and higher volumes in the Industrial Motion segment, partially offset by lower end-market demand in the Engineered Bearings segment. Organically, sales were up 1.3 percent as compared to the fourth quarter of 2024.The company posted net income in the fourth quarter of $62.3 million or $0.89 per diluted share. This compares to net income of $71.2 million or $1.01 per diluted share for the same period a year ago. The company's net income margin in the quarter was 5.6 percent, compared to 6.6 percent in the fourth quarter of 2024.Excluding special items (detailed in the attached tables), adjusted net income in the fourth quarter was $80.4 million or $1.14 per diluted share. This compares to adjusted net income of $81.5 million or $1.16 per diluted share for the same period in 2024. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the quarter were $177.8 million or 16.0 percent of sales, compared with $178.2 million or 16.6 percent of sales in the fourth quarter of 2024.Net cash provided by operations in the quarter was $183.3 million, up from $178.6 million in the same period a year ago. Free cash flow for the quarter was $140.7 million, up from $125.0 million in the year-ago period.Fourth-Quarter 2025 Segment ResultsEngineered Bearings sales of $714.2 million increased 0.9 percent from the same period a year ago driven primarily by higher pricing and favorable foreign currency translation, partially offset by lower end-market demand.Adjusted EBITDA in the quarter was $114.9 million or 16.1 percent of sales, compared with $122.0 million or 17.2 percent of sales in the fourth quarter of 2024. The decrease in adjusted EBITDA was driven primarily by incremental tariff costs and the impact of lower volume, partially offset by lower operating costs, lower material & logistics costs and the favorable impact of currency.Industrial Motion sales of $396.8 million increased 8.4 percent compared with the same period a year ago driven primarily by higher demand across most sectors, higher pricing and favorable foreign currency translation.Adjusted EBITDA in the quarter was $83.2 million or 21.0 percent of sales, compared with $70.7 million or 19.3 percent of sales in the fourth quarter of 2024. The increase in adjusted EBITDA was driven primarily by the impact of higher volume and lower operating costs, partially offset by incremental tariff costs.2025 Full-Year Results and Highlights For 2025, sales were $4.6 billion, up 0.2 percent compared with 2024. The modest increase was driven primarily by higher pricing, revenue from the CGI acquisition and favorable foreign currency translation, mostly offset by lower end-market demand across both segments. Organically, 2025 sales were down 1.0 percent versus 2024.Net income was $288.4 million or $4.11 per diluted share for the year, compared with net income of $352.7 million or $4.99 per diluted share a year ago. The company's net income margin for the year was 6.3 percent, compared to 7.7 percent in 2024.Excluding special items, adjusted net income was $374.5 million or $5.33 per diluted share in 2025. This compares with adjusted net income of $409.4 million or adjusted earnings of $5.79 per diluted share in 2024. Adjusted EBITDA for the year was $795.8 million or 17.4 percent of sales, compared with $844.8 million or 18.5 percent of sales in 2024.Net cash from operations for the full year was $554.3 million, up from $475.7 million in 2024. Free cash flow was $406.1 million, up from $305.7 million in 2024. During the year, Timken increased its quarterly dividend with 2025 marking its twelfth consecutive year of higher annual dividends. In total, Timken returned $155.7 million to shareholders during the year through dividends and the repurchase of 780 thousand shares of company stock. In addition, the company reduced total debt by $140.7 million and net debt by $131.9 million. Timken ended the year with a strong balance sheet; net debt to adjusted EBITDA was 2.0 times as of December 31, 2025.2026 Outlook Timken is setting an initial outlook for 2026 earnings per diluted share in the range of $4.50 to $5.00 and adjusted earnings per diluted share in the range of $5.50 to $6.00. The company is planning for 2026 revenue to be up in the range of 2% to 4% in total compared to 2025.Conference Call InformationTimken will host a conference call today at 11 a.m. Eastern Time to review its financial results. Presentation materials will be available online in advance of the call for interested investors and securities analysts.Conference Call: Wednesday, Feb. 4, 2026
11:00 a.m. Eastern Time
Live Dial-In: 833-470-1428
Or 646-844-6383
Access Code: 536537
Conference Call Replay: Replay Dial-In available through
Feb. 18, 2026:
866-813-9403 or 929-458-6194
Replay Passcode: 794232
Live Webcast: http://investors.timken.com
Register in advance: https://bit.ly/498UvsKAbout The Timken CompanyThe Timken Company (NYSE: TKR; www.timken.com), a global technology leader in engineered bearings and industrial motion, designs a growing portfolio of next-generation products for diverse industries. For more than 125 years, Timken has used its specialized expertise to innovate and create customer-centric solutions that increase reliability and efficiency. Timken posted $4.6 billion in sales in 2025 and employs approximately 19,000 people globally, operating from 45 countries.Certain statements in this release (including statements regarding the company's forecasts, estimates, plans and expectations) that are not historical in nature are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the company's future financial performance, including information under the heading "2026 Outlook," are forward-looking. The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: the finalization of the company's financial statements for the fourth quarter and full-year of 2025; fluctuations in customer demand for the company's products or services; changes in customer preferences due to emergent technologies, evolving regulatory landscapes or other factors; unanticipated changes in business relationships with customers or their purchases from the company; changes in the financial health of the company's customers, which may have an impact on the company's revenues, earnings and impairment charges; logistical issues associated with port closures, delays or increased costs; costs associated with inclement weather events; the impact of changes to the company's accounting methods; political risks associated with government instability; recent world events that have increased the risks posed by international trade disputes, tariffs, sanctions and hostilities; strained geopolitical relations between countries in which we have significant operations; weakness in global or regional general economic conditions and capital markets (as a result of financial stress affecting the banking system or otherwise); changes in wages, shipping costs, raw material costs, energy and fuel prices, and other production costs; new technology, such as artificial intelligence, that may impact the way the Company's products are produced, sold or distributed; changes in customer demand or tariff rates and other costs associated with tariffs; the company's ability to satisfy its obligations under its debt agreements and renew or refinance borrowings on favorable terms; fluctuations in currency valuations or interest rates; changes in the expected costs associated with product warranty claims; the ability to achieve satisfactory operating results in the integration of acquired companies, including realizing any accretion, synergies, and expected cashflow generation within expected timeframes or at all; the company's ability to effectively adjust prices for its products in response to changing dynamics; the impact on the company's pension obligations and assets due to changes in interest rates, investment performance and other tactics designed to reduce risk; the introduction of new disruptive technologies, such as artificial intelligence; unplanned plant shutdowns; the effects of government-imposed restrictions, commercial requirements, and company goals associated with climate change and emissions or other sustainability initiatives; unanticipated litigation, claims, investigations remediation, or assessments; the rapidly evolving global regulatory landscape and the corresponding heightened operational complexity and compliance risks; restrictions on the use of, or claims or remediation associated with, per- and polyfluoroalkyl substances or polytetrafluoroethylene; the company's ability to maintain positive relations with unions and works councils; the company's ability to compete for skilled labor and to attract, retain and develop management, other key employees, and skilled personnel; negative impacts to the company's operations or financial position as a result of pandemics, epidemics, or other public health concerns and associated governmental measures; and the company's ability to complete and achieve the benefits of announced plans, programs, initiatives, acquisitions, capital investments, and cost reduction actions. Additional factors are discussed in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.comInvestor Relations:
Neil Frohnapple
234.262.2310
neil.frohnapple@timken.com The Timken Company
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except share data) (Unaudited)
Three Months Ended
December 31,Twelve Months Ended
December 31,
2025202420252024Net sales$1,111.0
$1,073.6
$4,581.8
$4,573.0
Cost of products sold785.7
748.5
3,188.5
3,132.3
Selling, general & administrative expenses187.4
187.5
748.3
752.0
Amortization of intangible assets20.0
19.3
79.1
78.0
Impairment and restructuring charges8.5
5.3
25.3
13.4
Gain on sale of real estate—
—
—
(13.8)
Operating Income109.4
113.0
540.6
611.1
Non-service pension and other postretirement (expense) income(12.1)
0.3
(15.8)
(2.6)
Other income (expense), net0.6
1.9
(8.8)
(4.1)
Interest expense, net(24.1)
(24.4)
(100.0)
(110.2)
Income Before Income Taxes73.8
90.8
416.0
494.2
Provision for income taxes7.9
15.7
98.7
118.9
Net Income65.9
75.1
317.3
375.3
Less: Net income attributable to noncontrolling interest3.6
3.9
28.9
22.6
Net Income Attributable to The Timken Company$62.3
$71.2
$288.4
$352.7
Net Income per Common Share Attributable to The Timken Company Common Shareholders
Basic Earnings per share$0.90
$1.02
$4.13
$5.02
Diluted Earnings per share$0.89
$1.01
$4.11
$4.99
Average Shares Outstanding69,629,825
70,057,654
69,766,557
70,198,067
Average Shares Outstanding - assuming dilution70,221,102
70,626,362
70,231,706
70,750,482
BUSINESS SEGMENTS
(Unaudited)
Three Months Ended
December 31,Twelve Months Ended
December 31,(Dollars in millions)2025202420252024Engineered Bearings
Net sales$714.2
$707.7
$3,018.1
$3,034.3
Adjusted Earnings before interest, taxes, depreciation and amortization (EBITDA) (1)$114.9
$122.0
$571.7
$608.2
Adjusted EBITDA Margin (1)16.1%17.2%18.9%20.0%Industrial Motion
Net sales$396.8
$365.9
$1,563.7
$1,538.7
Adjusted Earnings before interest, taxes, depreciation and amortization (EBITDA) (1)$83.2
$70.7
$297.4
$306.5
Adjusted EBITDA Margin (1)21.0%19.3%19.0%19.9%Unallocated corporate expense (1)$(20.3)
$(14.5)
$(73.3)
$(69.9)
Consolidated
Net sales$1,111.0
$1,073.6
$4,581.8
$4,573.0
Adjusted Earnings before interest, taxes, depreciation and amortization (EBITDA) (1)$177.8
$178.2
$795.8
$844.8
Adjusted EBITDA Margin (1)16.0%16.6%17.4%18.5%
EBITDA is a non-GAAP measure defined as operating income plus other income (expense) and excluding depreciation and amortization. EBITDA Margin is a non-GAAP measure defined as EBITDA as a percentage of net sales. EBITDA and EBITDA Margin are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting EBITDA and EBITDA Margin is useful to investors as these measures are representative of the core operations of the Company. See the subsequent pages for the reconciliations of Consolidated EBITDA and Consolidated EBITDA Margin.
(1) Consolidated adjusted EBITDA is a non-GAAP measure defined as EBITDA less impairment, restructuring and reorganization charges, acquisition costs, including transaction costs and the amortization of the inventory step-up, actuarial gains and losses associated with the remeasurement of the Company's defined benefit pension and other postretirement benefit plans, property losses and recoveries, gains and losses on the sale of real estate and divestitures, and other items from time to time that are not part of the Company's core operations. Consolidated adjusted EBITDA Margin is a non-GAAP measure defined as Consolidated adjusted EBITDA as a percentage of net sales. Management believes Consolidated adjusted EBITDA and Consolidated adjusted EBITDA Margin are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting adjusted EBITDA and adjusted EBITDA Margin is useful to investors as these measures are representative of the core operations of the Company. See the subsequent pages for reconciliations of Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin. Segment Adjusted EBITDA is the measurement of segment profit and loss. The Company's Chief Operating Decision Maker ("CODM") utilizes Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin to evaluate segment performance and allocates resources. See the Company's annual report on Form 10-K for a reconciliation of Segment Adjusted EBITDA to income before income taxes. CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)(Unaudited)
December 31,
2025
December 31,
2024ASSETS
Cash and cash equivalents$364.4
$373.2
Restricted cash1.0
0.4
Accounts receivable, net689.4
664.6
Unbilled receivables137.6
140.8
Inventories, net1,243.3
1,195.6
Other current assets165.1
142.3
Total Current Assets2,600.8
2,516.9
Property, plant and equipment, net1,357.6
1,306.9
Operating lease assets152.9
130.6
Goodwill and other intangible assets2,488.7
2,389.8
Other assets76.8
66.8
Total Assets$6,676.8
$6,411.0
LIABILITIES
Accounts payable$353.2
$321.7
Short-term debt, including current portion of long-term debt38.9
13.0
Income taxes31.4
24.4
Accrued expenses498.6
461.4
Total Current Liabilities922.1
820.5
Long-term debt1,883.1
2,049.7
Accrued pension benefits148.9
157.7
Accrued postretirement benefits29.3
29.8
Long-term operating lease liabilities100.8
84.0
Other non-current liabilities246.9
285.2
Total Liabilities3,331.1
3,426.9
EQUITY
The Timken Company shareholders' equity3,184.6
2,826.5
Noncontrolling interest161.1
157.6
Total Equity3,345.7
2,984.1
Total Liabilities and Equity$6,676.8
$6,411.0
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
December 31,Twelve Months Ended
December 31,(Dollars in millions)2025202420252024Cash Provided by (Used in)
OPERATING ACTIVITIES
Net Income$65.9
$75.1
$317.3
$375.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization59.2
56.2
230.1
221.8
Impairment charges0.1
1.5
0.1
3.5
Stock-based compensation expense7.6
9.2
28.3
25.9
Pension and other postretirement expense12.7
0.4
18.4
5.3
Pension and other postretirement benefit contributions and payments(3.6)
(3.2)
(38.7)
(26.1)
Changes in operating assets and liabilities:
Accounts receivable67.7
74.3
3.7
(14.2)
Unbilled receivables23.2
21.6
3.4
3.3
Inventories(16.3)
22.1
(3.1)
9.6
Accounts payable(3.5)
(20.4)
18.0
(37.1)
Accrued expenses4.3
(18.2)
27.6
(7.1)
Income taxes(28.2)
(34.5)
(46.3)
(63.5)
Other, net(5.8)
(5.5)
(4.5)
(21.0)
Net Cash Provided by Operating Activities$183.3
$178.6
$554.3
$475.7
INVESTING ACTIVITIES
Capital expenditures$(42.6)
$(53.6)
$(148.2)
$(170.0)
Acquisitions, net of cash received—
0.3
—
(167.4)
Proceeds from divestitures, net of cash divested, and disposals of property, plant and equipment1.8
0.1
4.5
17.9
Investments in short-term marketable securities, net(0.3)
(1.3)
(4.5)
15.2
Other, net(0.1)
(0.1)
(0.1)
(0.3)
Net Cash Used in Investing Activities$(41.2)
$(54.6)
$(148.3)
$(304.6)
FINANCING ACTIVITIES
Cash dividends paid to shareholders$(24.4)
$(23.9)
$(98.3)
$(96.1)
Purchase of treasury shares(11.7)
(9.1)
(57.4)
(40.5)
Proceeds from exercise of stock options0.8
0.1
1.9
5.6
Payments related to tax withholding for stock-based compensation(0.1)
—
(10.0)
(10.0)
Net proceeds (payments) from credit facilities33.1
(77.1)
32.8
(533.2)
Net (payments) proceeds on long-term debt(226.4)
(30.6)
(289.5)
254.9
Proceeds on sale of shares in Timken India Limited—
—
—
232.3
Other, net(1.6)
—
(16.6)
(7.8)
Net Cash Used in Financing Activities$(230.3)
$(140.6)
$(437.1)
$(194.8)
Effect of exchange rate changes on cash2.1
(23.2)
22.9
(22.0)
Decrease in Cash, Cash Equivalents and Restricted Cash$(86.1)
$(39.8)
$(8.2)
$(45.7)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period451.5
413.4
373.6
419.3
Cash, Cash Equivalents and Restricted Cash at End of Period$365.4
$373.6
$365.4
$373.6
Reconciliations of Adjusted Net Income to GAAP Net Income and Adjusted Earnings Per Share to GAAP Earnings Per Share:(Unaudited)
The following reconciliation is provided as additional relevant information about the Company's performance deemed useful to investors. Management believes that the non-GAAP measures of adjusted net income and adjusted diluted earnings per share are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting adjusted net income and adjusted diluted earnings per share is useful to investors as these measures are representative of the Company's core operations.
(Dollars in millions, except share data)Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
EPS2024
EPS
2025
EPS
2024
EPSNet Income Attributable to The Timken Company$62.3
$0.89
$71.2
$1.01
$288.4
$4.11
$352.7
$4.99
Adjustments: (1)
Acquisition intangible amortization$20.0
$19.3
$79.1
$78.0
Impairment, restructuring and reorganization charges (2)8.8
6.3
21.8
19.1
Corporate pension and other postretirement benefit related expense (income) (3)10.8
(1.3)
10.8
(1.3)
Acquisition-related charges (4)—
2.2
—
13.0
Gain on sale of certain assets (5)(0.8)
—
(2.6)
(14.7)
Tax indemnification and related items—
(1.1)
—
(1.1)
CEO transition expenses (6)2.3
1.0
20.8
3.7
Property losses and related expenses (7)—
0.1
—
1.2
Noncontrolling interest of above adjustments (8)0.1
—
4.9
(0.2)
Provision for income taxes (9)(23.1)
(16.2)
(48.7)
(41.0)
Total Adjustments:18.1
0.25
10.3
0.15
86.1
1.22
56.7
0.80
Adjusted Net Income Attributable to The Timken Company$80.4
$1.14
$81.5
$1.16
$374.5
$5.33
$409.4
$5.79
(1) Adjustments are pre-tax, with the net tax provision listed separately.(2) Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants; (iii) severance related to cost reduction initiatives; (iv) impairment of assets; and (v) related depreciation and amortization. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges. However, management believes these actions are not representative of the Company's core operations.(3) Corporate pension and other postretirement benefit related expense (income) represents actuarial losses and (gains) that resulted from the remeasurement of plan assets and obligations as a result of changes in assumptions or experience. The Company recognizes actuarial gains and losses in connection with the annual remeasurement in the fourth quarter, or if specific events trigger a remeasurement. Refer to the Retirement Benefit Plans and Other Postretirement Benefit Plans footnotes within the Company's annual reports on Form 10-K and quarterly reports on Form 10-Q for additional discussion.(4) Acquisition-related charges represent deal-related expenses associated with completed transactions and any resulting inventory step-up impact.(5) Represents the net gain resulting from the sale of certain assets. Gain on sale of certain assets included a $13.8 million gain in the third quarter of 2024 related to the sale of the Gaffney, South Carolina plant.(6) On August 22, 2025, the Company announced the appointment of Lucian Boldea as President and Chief Executive Officer ("CEO"), effective September 1, 2025, and that Richard G. Kyle would retire from the role of interim President and CEO. On March 31, 2025, the Company announced that Tarak B. Mehta, President and CEO of the Company would be departing from the Company, effective immediately, and Mr. Kyle would be serving as interim President and CEO. CEO transition expenses primarily relate to the cost of the settlement agreement with Mr. Mehta in connection with his departure, net of the impact for stock awards forfeited, the acceleration of certain stock compensation awards issued to Mr. Kyle, and other one-time costs associated with the transition in 2025. During 2024, the Company announced that Mr. Kyle, President and CEO of the Company would be retiring from his position as CEO as of February 15, 2025, and that Mr. Mehta would be appointed President and CEO on September 5, 2024. CEO transition expenses for 2024 relate to the acceleration of certain stock compensation awards for Mr. Kyle and other one-time costs associated with the transition in 2024.(7) Represents property loss and related expenses incurred during the periods presented resulting from a fire that occurred during the second quarter of 2024 at one of the Company's plants in Slovakia.(8) Represents the noncontrolling interest impact of the adjustments listed above, as well as the reversal of uncertain tax positions related to Timken India Limited.(9) Provision for income taxes includes the net tax impact on pre-tax adjustments (listed above), the impact of discrete tax items recorded during the respective periods as well as other adjustments to reflect the use of one overall effective tax rate on adjusted pre-tax income in interim periods. Reconciliation of EBITDA to GAAP Net Income, EBITDA Margin to Net Income as a Percentage of Sales, and EBITDA Margin, After Adjustments, to Net Income as a Percentage of Sales, and EBITDA, After Adjustments, to Net Income:(Unaudited)
The following reconciliation is provided as additional relevant information about the Company's performance deemed useful to investors. Management believes consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP measure that is useful to investors as it is representative of the Company's performance and that it is appropriate to compare GAAP net income to consolidated EBITDA. Management also believes that adjusted EBITDA, adjusted EBITDA margin and EBITDA margin are useful to investors as they are representative of the Company's core operations and are used in the management of the business, including decisions concerning the allocation of resources and assessment of performance.
(Dollars in millions)Three Months Ended
December 31,Twelve Months Ended
December 31,
2025Percentage
to
Net Sales2024Percentage
to
Net Sales2025Percentage
to
Net Sales2024Percentage
to
Net SalesNet Income$65.9
5.9%$75.1
7.0%$317.3
6.9%$375.3
8.2%
Provision for income taxes7.9
15.7
98.7
118.9
Interest expense26.7
28.0
110.3
125.1
Interest income(2.6)
(3.6)
(10.3)
(14.9)
Depreciation and amortization59.2
56.2
230.1
221.8
Consolidated EBITDA$157.1
14.1%$171.4
16.0%$746.1
16.3%$826.2
18.1%
Adjustments:
Impairment, restructuring and reorganization charges (1)$8.4
$5.9
$20.7
$17.8
Corporate pension and other postretirement benefit related
expense (income) (2)10.8
(1.3)
10.8
(1.3)
Acquisition-related charges (3)—
2.2
—
13.0
Gain on sale of certain assets (4)(0.8)
—
(2.6)
(14.7)
CEO transition expenses (5)2.3
1.0
20.8
3.7
Property losses and related expenses (6)—
0.1
—
1.2
Tax indemnification and related items—
(1.1)
—
(1.1)
Total Adjustments20.7
1.9%6.8
0.6%49.7
1.1%18.6
0.4%Adjusted EBITDA$177.8
16.0%$178.2
16.6%$795.8
17.4%$844.8
18.5%
(1) Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants; (iii) severance related to cost reduction initiatives; and (iv) impairment of assets. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges. However, management believes these actions are not representative of the Company's core operations.
(2) Corporate pension and other postretirement benefit related expense (income) represents actuarial losses and (gains) that resulted from the remeasurement of plan assets and obligations as a result of changes in assumptions or experience. The Company recognizes actuarial gains and losses in connection with the annual remeasurement in the fourth quarter, or if specific events trigger a remeasurement. Refer to the Retirement Benefit Plans and Other Postretirement Benefit Plans footnotes within the Company's annual reports on Form 10-K and quarterly reports on Form 10-Q for additional discussion.
(3) Acquisition-related charges represent deal-related expenses associated with completed transactions and any resulting inventory step-up impact.
(4) Represents the net gain resulting from the sale of certain assets. Gain on sale of certain assets included a $13.8 million gain in the third quarter of 2024 related to the sale of the Gaffney, South Carolina plant.
(5) On August 22, 2025, the Company announced the appointment of Lucian Boldea as President and CEO, effective September 1, 2025, and that Richard G. Kyle would retire from the role of interim President and CEO. On March 31, 2025, the Company announced that Tarak B. Mehta, President and CEO of the Company would be departing from the Company, effective immediately, and Mr. Kyle would be serving as interim President and CEO. CEO transition expenses primarily relate to the cost of the settlement agreement with Mr. Mehta in connection with his departure, net of the impact for stock awards forfeited, the acceleration of certain stock compensation awards issued to Mr. Kyle, and other one-time costs associated with the transition in 2025. During 2024, the Company announced that Mr. Kyle, President and CEO of the Company would be retiring from his position as CEO as of February 15, 2025, and that Mr. Mehta would be appointed President and CEO on September 5, 2024. CEO transition expenses for 2024 relate to the acceleration of certain stock compensation awards for Mr. Kyle and other one-time costs associated with the transition in 2024.
(6) Represents property loss and related expenses incurred during the periods presented resulting from a fire that occurred during the second quarter of 2024 at one of the Company's plants in Slovakia. Reconciliation of Total Debt to Net Debt, the Ratio of Net Debt to Capital, and the Ratio of Net Debt to Adjusted EBITDA:(Unaudited)
These reconciliations are provided as additional relevant information about the Company's financial position deemed useful to investors. Capital, used for the ratio of net debt to capital, is a non-GAAP measure defined as total debt less cash and cash equivalents plus total shareholders' equity. Management believes Net Debt, the Ratio of Net Debt to Capital, Adjusted EBITDA (see prior page), and the Ratio of Net Debt to Adjusted EBITDA are important measures of the Company's financial position, due to the amount of cash and cash equivalents on hand. The Company presents net debt to adjusted EBITDA because it believes it is more representative of the Company's financial position as it is reflective of the ability to cover its net debt obligations with results from its core operations.
(Dollars in millions)
December 31,
2025December 31,
2024Short-term debt, including current portion of long-term debt
$38.9
$13.0
Long-term debt
1,883.1
2,049.7
Total Debt
$1,922.0
$2,062.7
Less: Cash and cash equivalents
(364.4)
(373.2)
Net Debt
$1,557.6
$1,689.5
Total Equity
$3,345.7
$2,984.1
Ratio of Net Debt to Capital
31.8%36.1%
Adjusted EBITDA for the Twelve Months Ended
$795.8
$844.8
Ratio of Net Debt to Adjusted EBITDA
2.0
2.0
Reconciliation of Free Cash Flow to GAAP Net Cash Provided by Operating Activities:(Unaudited)
Management believes that free cash flow is a non-GAAP measure that is useful to investors because it is a meaningful indicator of cash generated from operating activities available for the execution of its business strategy.
(Dollars in millions)
Three Months Ended
December 31,Twelve Months Ended
December 31,
2025202420252024Net cash provided by operating activities$183.3
$178.6
$554.3
$475.7
Less: capital expenditures(42.6)
(53.6)
(148.2)
(170.0)
Free cash flow$140.7
$125.0
$406.1
$305.7
Reconciliation of Net Sales to Organic Sales(Unaudited)
The following reconciliations are provided as additional relevant information about the Company's performance deemed useful to investors. Management believes that net sales, excluding the impact of acquisitions and foreign currency exchange rate changes, allow investors and the Company to meaningfully evaluate the percentage change in net sales on a comparable basis from period to period.
Three Months Ended
December 31, 2025
Three Months Ended
December 31, 2024
$ Change% ChangeNet sales$1,111.0
$1,073.6
$37.4
3.5%Less: Currency23.8
—
23.8
NMNet sales, excluding the impact of currency$1,087.2
$1,073.6
$13.6
1.3%
Twelve Months Ended
December 31, 2025
Twelve Months Ended
December 31, 2024
$ Change% ChangeNet sales$4,581.8
$4,573.0
$8.8
0.2%Less: Acquisitions37.6
—
37.6
NM Currency17.5
—
17.5
NMNet sales, excluding the impact of acquisitions and currency$4,526.7
$4,573.0
$(46.3)
(1.0)%
Reconciliation of Adjusted Earnings per Share to GAAP Earnings per Share for Full Year 2026 Outlook:(Unaudited)The following reconciliation is provided as additional relevant information about the Company's outlook deemed useful to investors. Forecasted full year adjusted diluted earnings per share is an important financial measure that management believes is useful to investors as it is representative of the Company's expectation for the performance of its core business operations.
Low End Earnings
Per Share
High End Earnings
Per ShareForecasted full year GAAP diluted earnings per share$4.50
$5.00
Forecasted Adjustments:
Impairment, restructuring and other special items, net (1)0.15
0.15
Acquisition-related intangible amortization expense, net0.85
0.85
Forecasted full year adjusted diluted earnings per share$5.50
$6.00
(1) Impairment, restructuring and other special items, net do not include the impact of any potential future mark-to-market pension and other postretirement remeasurement adjustments, because the amounts will not be known until incurred.
View original content to download multimedia:https://www.prnewswire.com/news-releases/timken-reports-fourth-quarter-and-full-year-2025-results-302678255.htmlSOURCE The Timken Company
Original: Timken Reports Fourth-Quarter and Full-Year 2025 Results
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