The Timken Company Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 05, 2024 at 11:51 am
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The Timken Company reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 1,091.2 million compared to USD 1,082 million a year ago. Net income was USD 58.7 million compared to USD 97.2 million a year ago. Basic earnings per share from continuing operations was USD 0.84 compared to USD 1.34 a year ago. Diluted earnings per share from continuing operations was USD 0.83 compared to USD 1.32 a year ago.
For the full year, sales was USD 4,769 million compared to USD 4,496.7 million a year ago. Net income was USD 394.1 million compared to USD 407.4 million a year ago. Basic earnings per share from continuing operations was USD 5.52 compared to USD 5.54 a year ago. Diluted earnings per share from continuing operations was USD 5.47 compared to USD 5.48 a year ago.
The Timken Company designs and manages a portfolio of engineered bearings and industrial motion products and provides related services. Its Engineered Bearings segment features a range of product designs serving original equipment manufacturers (OEMs) and end-users. Its portfolio features Timken, GGB, and Fafnir brands and serves customers across industries, including wind energy, agriculture, construction, food and beverage, metals and mining, automotive and truck, aerospace, rail and more. The Industrial Motion segment includes a portfolio of engineered products, including industrial drives, automatic lubrication systems, linear motion products and systems, chains, belts, couplings, filtration systems and industrial clutches and brakes. Its portfolio features brands, such as Philadelphia Gear, Cone Drive, Spinea, Rollon, Nadella, Groeneveld, BEKA, Des-Case, Diamond, Drives, Timken Belts, Lovejoy, PT Tech, and Lagersmit. It also offers specialty filtration products, augers and others.