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Sep 30, 2023
Timken Q3 2023 Earnings Report
Timken posted solid results despite challenging business conditions, expanded adjusted EBITDA margins in both segments, and generated strong free cash flow.
Key Takeaways
Timken reported third-quarter 2023 sales of $1.14 billion, a 0.6 percent increase from the same period last year. The company posted net income of $87.9 million, or $1.23 per diluted share, compared to $87.0 million, or $1.18 per diluted share, for the same period a year ago. Adjusted EPS was $1.55, compared to $1.63 in 2022. Net cash from operations was $194.3 million, and free cash flow was $150.7 million.
Sales of $1.14 billion, up approximately 1 percent from last year
Third-quarter earnings per share of $1.23; adjusted EPS of $1.55
Strong cash from operations of $194 million; free cash flow of $151 million
Updated 2023 outlook; now expects 2023 EPS of $5.60-$5.70, with adjusted EPS of $6.85-$6.95
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 $5.60 to $5.70 and adjusted earnings per diluted share in the range of $6.85 to $6.95. The company is now planning for 2023 revenue to be up 5 to 5.5 percent in total from 2022.
Challenges Ahead
- Softer end-market demand conditions
- Expectation for continued channel inventory reductions in the fourth quarter
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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