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Jun 30, 2024
Timken Q2 2024 Earnings Report
Timken's second-quarter performance aligned with expectations, featuring solid margins and strategic advancements.
Key Takeaways
Timken reported Q2 2024 sales of $1.18 billion, a 7.1% decrease from the previous year, with a net income of $96.2 million, or $1.36 per diluted share. Adjusted EPS was $1.63. The company updated its full-year outlook, expecting EPS of $5.00-$5.20 and adjusted EPS of $6.00-$6.20.
Sales reached $1.18 billion, meeting company expectations.
Second-quarter earnings per share (EPS) were $1.36; adjusted EPS was $1.63.
Net income margin was 8.1 percent; adjusted EBITDA margin was 19.5 percent.
Full-year 2024 outlook updated, with EPS expected to be $5.00-$5.20, and adjusted EPS of $6.00-$6.20.
Timken
Timken
Timken Revenue by Segment
Revenue by Segment
Engineered Bearings Revenue
CapyFin.comIndustrial Motion Revenue
CapyFin.com Forward Guidance
Timken updated its full-year 2024 outlook, expecting revenue to be down 3 to 4 percent. Earnings per diluted share are now forecasted to be in the range of $5.00 to $5.20 and adjusted earnings per diluted share in the range of $6.00 to $6.20.
Positive Outlook
- Company delivered strong margins in both segments
- Continued to advance strategic initiatives
- Expect to generate significant free cash flow
- Focus on delivering resilient performance in 2024 through operational excellence
- Company remains well-positioned for profitable growth
Challenges Ahead
- Revenue expected to be down 3 to 4 percent in total from 2023
- Lower end-market demand
- Organically, most platforms were lower as compared to the prior year
- Renewable energy saw the most significant organic decline
- Second-quarter sales decreased 7.1 percent from last year’s record level.
Revenue & Expenses
Visualization of income flow from segment revenue to net income