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Mar 31, 2023
Timken Q1 2023 Earnings Report
Reported record revenue and earnings per share for the first quarter of 2023 and raised full-year outlook.
Key Takeaways
Timken reported record first-quarter 2023 results with sales of $1.26 billion, up 12.3 percent from the same period a year ago. The company posted net income of $122.3 million or $1.67 per diluted share. Adjusted EPS was an all-time record at $2.09 per diluted share. The company raised its full-year outlook.
Record sales of $1.26 billion, up 12 percent in total and 11 percent organically from last year
Record first-quarter EPS of $1.67; with all-time record quarterly adjusted EPS of $2.09
Net income margin of 10 percent; adjusted EBITDA margin of 21 percent
Raises 2023 outlook; now expects 2023 EPS of $5.90-$6.40, with adjusted EPS of $7.00-$7.50
Revenue by Segment
Forward Guidance
Timken is increasing its 2023 outlook, with full-year earnings per diluted share now forecasted to be in the range of $5.90 to $6.40 and adjusted earnings per diluted share in the range of $7.00 to $7.50. The company is now planning for 2023 revenue to be up approximately 9.5 percent in total at the midpoint from 2022, an increase from its prior outlook of 6 percent growth at the midpoint.
Positive Outlook
- Strong first-quarter performance
- Impact of the Nadella acquisition
- Improved outlook for the rest of the year
- Expect operating margins to increase in 2023, reflecting favorable price-cost
- Expect better operational execution
Challenges Ahead
- Uncertainty remains elevated for the second half
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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