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Jun 30, 2021
Timken Q2 2021 Earnings Report
Reported record sales and solid operating performance.
Key Takeaways
Timken reported strong second-quarter 2021 results with record sales of $1.06 billion, up 32 percent from last year. The company delivered earnings per diluted share of $1.36 on a GAAP basis, with adjusted earnings per diluted share of $1.37. They also generated strong cash from operations of $147 million and free cash flow of $116 million.
Posted record sales of $1.06 billion, up 32 percent from last year
Delivered earnings per diluted share of $1.36 on a GAAP basis, with adjusted earnings per diluted share of $1.37
Generated strong cash from operations of $147 million and free cash flow of $116 million
Maintains earnings outlook; expects 2021 GAAP earnings per diluted share of $5.00 to $5.30 and adjusted earnings per diluted share of $5.15 to $5.45
Timken
Timken
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. Excluding special items, the company expects 2021 adjusted earnings per diluted share of $5.15 to $5.45. The company now expects 2021 revenue to be up approximately 19 percent at the midpoint in total versus 2020.
Positive Outlook
- Customer demand remains extremely strong across most sectors
- Planning for the industrial expansion to continue through 2022
- Expect to deliver record revenue in 2021
- Expect to deliver record earnings per share in 2021
- Move into 2022 with significant market and operational momentum
Challenges Ahead
- Supply chain pressures are likely to persist through the rest of the year
- Other cost pressures are likely to persist through the rest of the year