Timken Q2 2024: sales $1.18B (-7.1%), EPS $1.36; FY2024 EPS outlook $5.00-$5.20

TIMKEN CO

2024-Q2 EPS reported $2.82 revenue$2,372,600,000

Net income $96.2M ($1.36 EPS) vs $125.2M ($1.73) YoY; adjusted EPS $1.63 vs $2.01.
Sales $1.18B, down 7.1% total (-7.7% organic); renewable energy weakness in China drove decline.
Engineered Bearings sales $783.4M (-8.6%); Industrial Motion $398.9M (-3.9%); both segments saw margin compression.
FY2024 outlook: revenue down 3-4%; adjusted EPS $6.00-$6.20; GAAP EPS $5.00-$5.20.
CEO succession: Tarak Mehta to become president and CEO in early September 2024.

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