NORTH CANTON, Ohio,
March 14, 2024 /PRNewswire/ -- The
Timken Company (NYSE: TKR; www.timken.com), a global leader in
engineered bearings and industrial motion products, has released
its 2023 Annual Report, marking another year of revenue growth,
expanded margins and record adjusted earnings per share.
"As the company celebrates its 125th anniversary in 2024, our
customer-focused innovations are more critical and relevant than
ever in addressing the new needs and challenges of a diverse global
customer base and end-market mix," said Richard G. Kyle,
Timken president and chief executive officer. "This year's strong
financial performance reinforces that the company has additional
runway for profitable growth, driven by our market leading
Engineered Bearings and Industrial Motion product platforms,
customer-centric innovation, proven business model, long-term
strategy and management's record of excellent execution."
The 2023 Annual Report summarizes Timken's financial results for
the year and highlights recent accomplishments, including:
- Record revenue of $4.8 billion,
an increase of 6 percent year over year
- Strong earnings per share on a GAAP basis and record adjusted
earnings per share
- Expansion and further diversification of the company's product
portfolios through six strategic acquisitions – Nadella, Des-Case,
Rosa Sistemi, Lagersmit, American Roller Bearing and IMECH
- Resegmentation of the business into Engineered Bearings and
Industrial Motion, creating two industry-leading product
portfolios
- The return of $345 million in
cash to shareholders through dividends and the repurchase of 3.16
million shares of stock
- The 10th consecutive year of higher annual dividends
and 406 straight quarters of dividend payments
"Our strategy is working, and we are confident in the long-term
growth and demand for Timken products and technologies," Kyle said.
"We are well-positioned to continue to scale and perform at a high
level through a wide variety of market conditions."
About The Timken Company
The Timken
Company (NYSE: TKR; www.timken.com) designs a growing
portfolio of engineered bearings and industrial motion products.
With more than a century of knowledge and innovation, we
continuously improve the reliability and efficiency of global
machinery and equipment to move the world forward. Timken posted
$4.8 billion in sales in 2023 and
employs more than 19,000 people globally, operating from 45
countries. Timken has been recognized among America's Most
Responsible Companies and America's Greatest Workplaces for
Diversity by Newsweek, the World's Most Ethical
Companies® by Ethisphere and America's Most
Innovative Companies by Fortune.
Safe Harbor
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 longevity and 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: the company's ability to respond to the changes in its
end markets that could affect demand for the company's products or
services; unanticipated changes in business relationships with
customers or their purchases from the company; and the impact on
operations of general economic conditions. 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, 2023, 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.com
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SOURCE The Timken Company