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Sep 30, 2022
Timken Q3 2022 Earnings Report
Reported strong results with double-digit organic revenue growth and solid year-over-year margin expansion.
Key Takeaways
Timken reported strong third-quarter results with sales of $1.14 billion, up nearly 10 percent in total and 14 percent organically from last year. The company posted net income of $87.0 million or $1.18 per diluted share. Timken is raising its 2022 outlook to reflect strength in market demand as well as improving performance.
Sales of $1.14 billion, up nearly 10 percent in total and 14 percent organically from last year
Third-quarter earnings per diluted share of $1.18 on a GAAP basis, with adjusted EPS of $1.52
Net cash from operations for the third quarter was $145.2 million, and free cash flow was $97.9 million
Raises adjusted earnings outlook; now expects 2022 GAAP earnings per diluted share of $5.15 to $5.30 and adjusted EPS of $5.80 to $5.95
Forward Guidance
Timken now anticipates 2022 earnings per diluted share to range from $5.15 to $5.30 for the full year on a GAAP basis. Excluding special items, the company is increasing its 2022 adjusted earnings outlook to a range of $5.80 to $5.95 per share, which represents around 25 percent growth versus 2021 at the midpoint. The company now expects 2022 revenue to be up approximately 9 percent in total at the midpoint from 2021.
Positive Outlook
- Strength in market demand
- Improving performance
- Positive momentum as we approach 2023
- Improving operational execution in a dynamic environment
- Confident in ability to create value with the GGB Bearings acquisition
Historical Earnings Impact
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Avg. Return Before/After Earnings
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