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Jun 30, 2023
Timken Q2 2023 Earnings Report
Reported strong second-quarter results with record sales and double-digit earnings growth.
Key Takeaways
Timken reported strong Q2 2023 results, achieving record sales of $1.27 billion, a 10.3% increase year-over-year. The company's EPS was $1.73, with an adjusted EPS of $2.01. They have updated their 2023 outlook, now expecting an EPS of $5.70-$6.10, with adjusted EPS of $6.90-$7.30.
Record sales of $1.27 billion, up 10 percent from last year
Second-quarter EPS of $1.73; adjusted EPS of $2.01
Net income margin of 9.8 percent; adjusted EBITDA margin of 20.7 percent
Repurchased 1.3 million shares during the quarter
Revenue by Segment
Forward Guidance
Timken is updating its 2023 outlook, with full-year earnings per diluted share now forecasted to be in the range of $5.70 to $6.10 and adjusted earnings per diluted share in the range of $6.90 to $7.30. The company is now planning for 2023 revenue to be up approximately 8 percent in total at the midpoint from 2022.
Positive Outlook
- Updated outlook to reflect current order trends
- Macro drivers remain constructive across most of the markets
- Timken is on track to deliver all-time record results in 2023
- Focus on advancing proven strategy
- Focus on driving profitable growth and resilient performance
Challenges Ahead
- Continued near-term economic uncertainty
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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