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Sep 30, 2020
Timken Q3 2020 Earnings Report
Reported third-quarter sales of $895 million with earnings per diluted share of $1.16 on a GAAP basis.
Key Takeaways
Timken reported third-quarter sales of $894.6 million, a decrease of 2.1 percent compared to the same period last year. Earnings per diluted share were $1.16 on a GAAP basis, and adjusted EPS was $1.13. The company generated $153.6 million in cash from operations and $124.4 million in free cash flow.
Third-quarter sales were $895 million, down 2.1 percent from last year.
Earnings per diluted share were $1.16 on a GAAP basis, with adjusted EPS of $1.13.
Generated strong cash from operations of $154 million and free cash flow of $124 million in the quarter.
Markets continued to recover from the April trough, with revenue exceeding expectations and approaching last year’s level.
Forward Guidance
The company expects markets to remain relatively stable with normal seasonality through the end of the year and is focused on finishing 2020 strong. The company is not providing full year 2020 sales and earnings guidance at this time.
Positive Outlook
- Solid demand across most markets.
- Strong balance sheet.
- Strong cash flow.
- Well positioned heading into 2021.
- Focused on strategy to deliver long-term profitable growth.
Challenges Ahead
- There remains a fair amount of uncertainty surrounding the pandemic.
- Markets to remain relatively stable with normal seasonality through the end of the year.
- Not providing full year 2020 sales and earnings guidance at this time.
- Decline from the prior year was driven by lower demand in most end markets
Historical Earnings Impact
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Avg. Return Before/After Earnings
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