Timken Company reported its third-quarter 2024 results, with sales reaching $1.13 billion, representing a 1.4% decrease from the same period last year. The company's third-quarter earnings per share (EPS) were $1.16, with adjusted EPS at $1.23. Net income for the quarter was $81.8 million, compared to $87.9 million for the same period a year ago. Adjusted net income in the third quarter was $87.0 million, down from $111.2 million in 2023.
The company's cash from operations was $123 million, with free cash flow at $88 million. Timken updated its full-year 2024 outlook, now expecting EPS of $4.65-$4.75, with adjusted EPS of $5.55-$5.65.
In the third quarter of 2024, the segment results showed a 4.5% decrease in engineered bearings sales, reaching $740.7 million, while industrial motion sales increased by 5.2% to $386.1 million compared to the same period a year ago.
Timken's President and CEO, Tarak Mehta, expressed the company's commitment to improving reliability and efficiency for customers, generating strong earnings and cash flow for shareholders, and accelerating profitable growth through customer-centric innovation.
The company's 2024 outlook has been revised, with a forecasted revenue decrease of approximately 4% from 2023. Timken is taking actions to strengthen the company for 2025 and beyond, focusing on reducing costs near-term while advancing the company for the long-term.
Timken, a global technology leader in engineered bearings and industrial motion, employs over 19,000 people globally and operates in 45 countries. The market has reacted to these announcements by moving the company's shares -6.0% to a price of $78.41. For more information, read the company's full 8-K submission here.
