'As the company celebrates its 125th anniversary in 2024, our customer-focused innovations are more critical and relevant than ever in addressing the new needs and challenges of a diverse global customer base and end-market mix,' said
The 2023 Annual Report summarizes Timken's financial results for the year and highlights recent accomplishments, including: Record revenue of
Strong earnings per share on a GAAP basis and record adjusted earnings per share
Expansion and further diversification of the company's product portfolios through six strategic acquisitions -
Resegmentation of the business into Engineered Bearings and Industrial Motion, creating two industry-leading product portfolios
The return of
The 10th consecutive year of higher annual dividends and 406 straight quarters of dividend payments
'Our strategy is working, and we are confident in the long-term growth and demand for Timken products and technologies,' Kyle said. 'We are well-positioned to continue to scale and perform at a high level through a wide variety of market conditions.'
About
Safe Harbor
Certain statements in this release (including statements regarding the company's forecasts, estimates, plans and expectations) that are not historical in nature are 'forward-looking' statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the company's future longevity and financial performance are forward-looking. The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: the company's ability to respond to the changes in its end markets that could affect demand for the company's products or services; unanticipated changes in business relationships with customers or their purchases from the company and the impact on operations of general economic conditions. Additional factors are discussed in the company's filings with the
Contact:
Tel: 234.262.6420
Email: scott.schroeder@timken.com
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