Timken Issues 2023 Annual Report, Highlighting Record Results
The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial motion products, has released its 2023 Annual Report, marking another year of revenue growth, expanded margins and record adjusted earnings per share.
"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 Richard G. Kyle, Timken president and chief executive officer. "This year's strong financial performance reinforces that the company has additional runway for profitable growth, driven by our market leading Engineered Bearings and Industrial Motion product platforms, customer-centric innovation, proven business model, long-term strategy and management's record of excellent execution."
The 2023 Annual Report summarizes Timken's financial results for the year and highlights recent accomplishments, including:
Record revenue of $4.8 billion, an increase of 6 percent year over year
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 – Nadella, Des-Case, Rosa Sistemi, Lagersmit, American Roller Bearing and IMECH
Resegmentation of the business into Engineered Bearings and Industrial Motion, creating two industry-leading product portfolios
The return of $345 million in cash to shareholders through dividends and the repurchase of 3.16 million shares of stock
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."
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