Timken Q2 2023: record sales $1.27B, adj EPS $2.01; updates FY adj EPS guidance to $6.90-$7.30

TIMKEN CO

2023-Q2 EPS reported $3.39 revenue$2,535,100,000

Record Q2 sales $1.27B (+10.3% YoY); net income $125.2M ($1.73 EPS), adjusted net income $146.1M ($2.01 EPS).
Engineered Bearings sales $857.2M (+7.4%), EBITDA margin 21.6%; Industrial Motion sales $415.1M (+16.8%), EBITDA margin 19.5%.
FY 2023 guidance: EPS $5.70-$6.10, adjusted EPS $6.90-$7.30; revenue growth ~8% vs 2022.
Repurchased 1.3M shares (~2% of outstanding); increased quarterly dividend by 6%.
Free cash flow $94.4M; closed Nadella acquisition and partial sale of Timken India stake.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

TIMKEN CO reported the second quarter of 2023 results: revenue $1.27 billion, net income $125.2 million or $1.73 per diluted share, EPS $1.73 per diluted share.

Period: the second quarter of 2023
Revenue: $1.27 billion
Net income: $125.2 million or $1.73 per diluted share
EPS: $1.73 per diluted share
Result: reported results

Exact text from the filing

except as shall be expressly set forth by specific reference in such a filing. --- EX-99.1 (EX-99.1) --- Timken Reports Strong Second-Quarter 2023 Results • Record sales of $1.27 billion, up 10 percent from last year • Second-quarter EPS of $1.73; adjusted EPS of $2.01 • Net income margin of 9.8 percent; adjusted EBITDA margin of 20.7 percent • Repurchased 1.3

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Source: SEC EDGAR

accession 0000098362-23-000103

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