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Jun 30, 2022
Timken Q2 2022 Earnings Report
Reported record second-quarter results and raised full-year earnings outlook.
Key Takeaways
Timken reported record second-quarter sales of $1.15 billion, up 8.5 percent from the same period a year ago. The company posted net income in the second quarter of $105.0 million or a record $1.42 per diluted share. The company is increasing its 2022 earnings outlook, with full-year earnings per diluted share now expected to be in the range of $5.15 to $5.45 on a GAAP basis and adjusted earnings per diluted share in the range of $5.50 to $5.80.
Record sales of $1.15 billion, up 11 percent organically from last year
Record second-quarter earnings per diluted share of $1.42 on a GAAP basis, with all-time record quarterly adjusted EPS of $1.67
Net cash from operations for the second quarter was $78.3 million, and free cash flow was $37.4 million
Raises earnings outlook; now expects 2022 GAAP earnings per diluted share of $5.15 to $5.45 and adjusted EPS of $5.50 to $5.80
Forward Guidance
Timken is increasing its 2022 earnings outlook, with full-year earnings per diluted share now expected to be in the range of $5.15 to $5.45 on a GAAP basis and adjusted earnings per diluted share in the range of $5.50 to $5.80. The company has modestly adjusted its revenue outlook and now anticipates 2022 revenue to be up approximately 7 percent in total at the midpoint from 2021.
Positive Outlook
- Timken’s strong market position and earnings power are evidenced by our year-to-date results and increased full-year outlook
- We remain on track to deliver record sales and earnings for 2022 in this dynamic and inflationary environment
- We have a solid backlog
- Customer demand remains healthy
- We will remain focused on delivering best-in-class customer service, driving operational excellence across the enterprise and executing our strategy to create enduring value for shareholders
Historical Earnings Impact
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Avg. Return Before/After Earnings
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