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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
Timken
Timken
Timken Revenue by Segment
Revenue by Segment
Engineered Bearings Revenue
CapyFin.comIndustrial Motion Revenue
CapyFin.com 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