Timken Provides Update on 2021 Performance
The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products, today announced that it expects lower sales and earnings in the second half of 2021, compared to the company's prior expectations. Timken's results are being impacted by unabating customer and supply chain disruptions and related manufacturing inefficiencies, as well as continued inflationary pressures across the enterprise.
Underlying customer demand and end-market momentum remain strong across most sectors, and the company expects a robust industrial market environment for the remainder of 2021 and throughout 2022. Timken is working to mitigate the impact of the supply chain challenges and inflationary pressures through improved operational efficiencies and pricing. The company continues to implement price increases and expects significant price realization in 2022.
Given the unpredictability of the current environment, Timken is withdrawing its full year 2021 financial outlook, which was last updated on August 2, 2021. The company will provide further updates when it reports financial results for the third quarter of 2021.
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