Timken Q1 sales $1.19B (-5.7% YoY), GAAP EPS $1.46; raises FY2024 guidance

TIMKEN CO

2024-Q1 EPS reported $1.46 revenue$1,190,300,000

Net income $103.5M vs $122.3M YoY; adjusted net income $125.7M or $1.77 adjusted EPS.
Engineered Bearings segment sales down 10.9% to $802.5M; Industrial Motion sales up 7.1% to $387.8M.
Full-year 2024 outlook raised: now expects EPS $5.10-$5.40, adjusted EPS $6.00-$6.30.
Adjusted EBITDA margin 20.7% in Q1; net debt-to-adjusted EBITDA ratio 2.1x.
CEO succession: Tarak Mehta to join in September, succeeding Richard Kyle; Kyle to retire.

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 first quarter of 2024 results: revenue $1.19 billion, net income $103.5 million or $1.46 per diluted share, EPS $1.46 per diluted share. Guidance raised.

Period: the first quarter of 2024
Revenue: $1.19 billion
Net income: $103.5 million or $1.46 per diluted share
EPS: $1.46 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

shall be expressly set forth by specific reference in such a filing. --- EX-99.1 (EX-99.1) --- Timken Reports First-Quarter 2024 Results; Raises Full-Year Outlook • Sales of $1.19 billion, down 5.7 percent from last year • First-quarter earnings per share of $1.46; adjusted EPS of $1.77 • Strong margin performance in the quarter, with net income margin of 8.7

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Source: SEC EDGAR

accession 0000098362-24-000048

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