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.
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Scott Schroeder
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SOURCE The Timken Company
