Timken reports record Q2 sales $1.15B, adjusted EPS $1.67, raises FY2022 guidance

TIMKEN CO

2022-Q2 EPS reported $2.98 revenue$2,278,300,000

Record Q2 sales $1.15B, up 8.5% YoY (organic +11%), led by industrial distribution and off-highway.
Record Q2 GAAP EPS $1.42; all-time record adjusted EPS $1.67, vs $1.37 a year ago.
Raises 2022 EPS outlook: GAAP $5.15-$5.45, adjusted $5.50-$5.80; revenue up ~7% at midpoint.
Free cash flow $37.4M, returned $67.2M via dividends and buybacks; dividend raised 3% to $0.31.
Completed acquisition of Spinea on May 31; net debt/EBITDA 2.0x.

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