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Mar 31, 2022
Timken Q1 2022 Earnings Report
Reported record first-quarter results with strong revenue and earnings.
Key Takeaways
Timken reported record first-quarter 2022 sales of $1.125 billion, up 9.7 percent from the same period a year ago. The increase was primarily driven by growth across most end-market sectors led by industrial distribution and off-highway, and the impact of higher pricing. Net income in the first quarter was $118.2 million or a record $1.56 per diluted share.
Record sales of $1.125 billion, up approximately 10 percent from last year
Record first-quarter earnings per diluted share of $1.56 on a GAAP basis, with all-time record quarterly adjusted EPS of $1.61
Repurchased 1.5 million shares during the quarter
Maintains earnings outlook; expects 2022 GAAP earnings per diluted share of $4.85-5.25, with adjusted EPS of $5.00-5.40
Timken
Timken
Forward Guidance
Timken is maintaining its 2022 earnings outlook, with full-year earnings per diluted share in the range of $4.85 to $5.25 on a GAAP basis and adjusted earnings per diluted share in the range of $5.00 to $5.40. The company has modestly adjusted its revenue outlook and now anticipates 2022 revenue to be up approximately 8 percent at the midpoint in total versus 2021.
Positive Outlook
- Expect to deliver strong performance with double-digit earnings growth in 2022
- Driven by robust demand for our products
- Driven by improved operational execution
- Driven by price realization
- The diversity of our product portfolio and market mix position us well to continue capitalizing on strong industrial market demand
Challenges Ahead
- Reflects the impact from suspending operations in Russia
- Reflects an updated estimate for unfavorable currency translation