SHANGHAI, March 28, 2024 /PRNewswire/ -- Timken Corporation (NYSE: TKR;), a global leader in engineering bearings and industrial transmission products, has released its 2023 annual report. The report shows that the company once again achieved annual sales growth, profit margin growth, and record adjusted earnings per share.
Richard G. Kyle, President and CEO of Timken, said: “As we celebrate our 125th anniversary in 2024, our customer-centric innovation is more critical and important than ever before. Our innovations are designed to meet the new demands and challenges of a diverse global customer base and end market. This year's strong financial results further prove that the company has more room for profitable growth, driven by our market-leading engineering bearing and industrial transmission product platform, customer-centric innovation, proven business model, long-term strategy, and excellent management execution.”
The 2023 Annual Report summarizes Timken's annual financial results and highlights a number of recent achievements, including:
- Sales reached a record high of $4.8 billion, up 6% year over year
- Strong GAAP earnings per share with record adjusted earnings per share
- Six strategic acquisitions (Nadella, Des-Case, Rosa Sistemi, Lagersmit, American Roller Bearing, and IMECH) expanded the company's product portfolio and promoted product diversification
- Redivide the business into two major parts: engineering bearings and industrial drives to create two industry-leading product portfolios
- Returning $345 million in cash to shareholders through dividends and repurchases of 3.6 million shares
- Achieved 10 consecutive years of dividend growth and 406 consecutive quarters of dividends
“Our strategy is working, we are confident in the long-term growth of our performance and the market demand for Timken's products and technology, and we are fully prepared to continue to scale up and maintain a high level of performance in all market conditions,” Kyle said.
About Timken
The Timken Company (NYSE: TKR;) designs engineered bearings and industrial transmission products, and continues to expand its product line. With more than a century of innovation and knowledge accumulation, we continue to improve the reliability and efficiency of global machinery and equipment, and drive world progress. Timken has 2023 sales of $4.8 billion and has more than 19,000 employees in 45 countries around the world. Timken was named by “Fast Company” as one of the most innovative companies in the world, and Timken won titles such as “Newsweek” as America's Most Responsible Company and One of America's Best Diverse Workplaces, the World's Most Ethical Company by Ethical Village Association, and America's Most Innovative Company by “Fortune”.
Timken's Greater China headquarters is located in Shanghai, China, and provides engineering bearings and industrial transmission products for many industrial industries such as energy, automation, aviation, railways, automobiles, metallurgy, mining, cement, and machine tools. In Greater China, the company has more than 3,100 employees, offices at various levels in 14 major cities, and has established 5 bearing manufacturing bases, 4 manufacturing bases for industrial transmission products, 1 industrial service center and multiple logistics and engineering technology centers. Timken is committed to creating value and actively participating in the construction and sustainability of its communities to shape a better world.
Disclaimers
Certain non-historical statements in this press release (including statements about company forecasts, estimates, plans and expectations) are “forward-looking” statements under the Private Securities Litigation Reform Act of 1995. Specifically, statements relating to the company's future longevity and financial performance expectations are forward-looking. The Company hereby reminds that actual results may differ materially from those predicted or implied in forward-looking statements due to the influence of various important factors, including: the Company's ability to respond to changes in the terminal market, which may affect market demand for the Company's products or services; unexpected changes in the company's business relationships with customers or products purchased from the Company; and the impact of overall economic conditions on operations. Other factors are described in the company's filings with the US Securities and Exchange Commission, including the company's 10-K annual statements for the year ended December 31, 2023, 10-Q quarterly statements, and 8-K current statements. Except as required by federal securities laws, the Company is under no obligation to publicly update or amend any forward-looking statements due to new information, future events, or other reasons.