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Mar 31, 2024
Timken Q1 2024 Earnings Report
Timken's first quarter results were reported with sales of $1.19 billion and EPS of $1.46.
Key Takeaways
Timken reported first-quarter 2024 sales of $1.19 billion, down 5.7 percent from the same period a year ago. The company posted net income in the first quarter of $103.5 million or $1.46 per diluted share. Adjusted EPS was $1.77. The company is increasing its full-year 2024 outlook, with earnings per diluted share now forecasted to be in the range of $5.10 to $5.40 and adjusted earnings per diluted share in the range of $6.00 to $6.30.
Sales of $1.19 billion, down 5.7 percent from last year
First-quarter earnings per share of $1.46; adjusted EPS of $1.77
Strong margin performance in the quarter, with net income margin of 8.7 percent and adjusted EBITDA margin of 20.7 percent
Raises full-year 2024 outlook; now expects EPS of $5.10-$5.40, with adjusted EPS of $6.00-$6.30, on improved organic revenue
Timken
Timken
Timken Revenue by Segment
Revenue by Segment
Engineered Bearings Revenue
CapyFin.comIndustrial Motion Revenue
CapyFin.com Forward Guidance
Timken is increasing its full-year 2024 outlook, with earnings per diluted share now forecasted to be in the range of $5.10 to $5.40 and adjusted earnings per diluted share in the range of $6.00 to $6.30. The company now expects revenue to be down 2 to 4 percent in total from 2023.
Positive Outlook
- Improved mix
- Strong operational execution
- Higher margins
- Higher earnings per share as compared to our prior outlook
- Reflects improvement across multiple end-market sectors
Challenges Ahead
- Lower expectations for wind energy
- Unfavorable foreign currency translation
- Macroeconomic environment remains uncertain in many areas
- Revenue to be down 2 to 4 percent in total from 2023
- Organic sales decreased
Revenue & Expenses
Visualization of income flow from segment revenue to net income