Timken Co. has record first quarter, raises full

Jul 30, 2023

JACKSON TWP. − Timken Co. reported a record first quarter in sales and earnings per share and has raised its full-year outlook.

"It was an excellent quarter, and 2023 is on track to be another excellent year," Timken President and CEO Rich Kyle said during a conference call Wednesday morning.

Timken Co., a separate company from TimkenSteel, is a global manufacturer of industrial bearings and motion products.

More:After 120 years, Timken Co. is ingrained in Canton, Ohio

For the first quarter that ended March 31, Timken posted a profit of $122.3 million, a record $1.67 per share. It's a 3.46% gain compared with $118.2 million, or $1.56 per share, in 2022.

Total sales increased 12.3% to $1.26 billion compared with $1.12 billion a year ago. Bearing sales, led by the renewable energy and distribution or rail sectors, increased by 16.6% from this period last year to $900.7 million. Industrial motion sales, driven by automatic lubrication systems, increased 2.8% to $362.1 million.

As a result of the strong first quarter and the Nadella Group acquisition completed in early April, Timken predicts a better 2023 than initially expected. The company increased its projected earnings per share to range between $5.90 to $6.40 for the full year. The adjusted earnings per share are expected to range between $7 and $7.50.

"We now expect operating margins to increase in 2023, reflecting favorable price-cost and better operational execution," Kyle said in a news release. "While uncertainty remains elevated for the second half, our backlog is high and customer demand is strong."

Highlights of the quarterly results and updated outlook include:

Reach Kelly at 330-580-8323 or [email protected] Twitter: @kbyerREP