Timken (TKR) Stock

Timken has reported a decrease in both revenue and profit in the third quarter compared to the previous year, due to low sales volumes.

Timken (TKR) reported quarterly earnings of $1.23 per share, which is lower than the Zacks Consensus Estimate of $1.37 per share. This is a decrease compared to earnings of $1.55 per share from the same period last year.

The Timken Company announced third-quarter sales of $1.13 billion, which is a 1.4 percent decrease compared to last year. Their earnings per share for the quarter were $1.16, with an adjusted EPS of $1.23. The company has updated its full-year 2024 forecast, now expecting an EPS between $4.65 and $4.75, and an adjusted EPS between $5.55 and $5.65.

The Timken Company's share price is expected to rise nearly 6% in the coming year due to market stabilization in Chinese wind energy, new products, and improved productivity. Timken, a leader in engineered bearings and industrial motion products, has competitive advantages and solid financial metrics. Despite short-term challenges, Timken's growth prospects are promising, with positive indicators for 2025 and beyond.

TKR completes its previously announced acquisition of CGI to boost its capabilities.

NORTH CANTON, Ohio , Sept. 10, 2024 /PRNewswire/ -- The Timken Company (NYSE: TKR;  www.timken.com ), a global technology leader in engineered bearings and industrial motion, has completed its previously announced acquisition of CGI, Inc. CGI, Inc. manufactures precision drive systems serving a broad range of automation markets with a concentration in medical robotics.

NORTH CANTON, Ohio , Aug. 7, 2024 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global technology leader in engineered bearings and industrial motion, today announced the appointment of Todd M. Leombruno to its Board of Directors.

Timken (TKR) expects adjusted EPS of $6.00-$6.20 for 2024 compared with the prior stated $6.00-$6.30.

Addition will create unmatched portfolio of precision drives NORTH CANTON, Ohio , Aug. 5, 2024 /PRNewswire/ -- The Timken Company (NYSE: TKR;  www.timken.com ), a global technology leader in engineered bearings and industrial motion, has agreed to acquire CGI Inc., a Nevada-based manufacturer of precision drive systems serving a broad range of automation markets with a concentration in medical robotics. The deal is subject to customary closing conditions, including regulatory approval, and is expected to close in the third quarter.