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Mar 31, 2021
Timken Q1 2021 Earnings Report
Reported record sales and earnings per share, driven by organic growth and strategic acquisitions.
Key Takeaways
Timken reported record first-quarter results with sales of $1.03 billion, up 11% year-over-year. GAAP EPS was $1.47, and adjusted EPS was a record $1.38. The company raised its full-year outlook due to strengthening markets and strong operational execution.
Posted record sales of $1.03 billion, up 11 percent from last year.
Delivered strong earnings per diluted share of $1.47 on a GAAP basis, with record adjusted earnings per diluted share of $1.38.
Increased was driven by organic growth across most end-market sectors led by renewable energy and off-highway, as well as the benefit of currency translation and the Aurora Bearing acquisition.
Raises earnings outlook on strengthening markets; now expects 2021 earnings per diluted share of $5.00-$5.30 on a GAAP basis, with adjusted EPS of $5.15 to $5.45
Forward Guidance
Timken anticipates 2021 earnings per diluted share to range from $5.00 to $5.30 for the full year on a GAAP basis and expects 2021 adjusted earnings per diluted share of $5.15 to $5.45. The company now expects 2021 revenue to be up approximately 18 percent at the midpoint in total versus 2020.
Positive Outlook
- Reflect the robust and improving market conditions.
- Strong operational execution
- Outgrowth initiatives are contributing to positive 2021 outlook
- Continue to win new business with differentiated products and engineering innovation.
- Anticipate strong margin performance again this year
Challenges Ahead
- Supply chain challenges
- Other cost challenges
- Unfavorable mix
- Higher material costs
Historical Earnings Impact
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Avg. Return Before/After Earnings
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