NORTH CANTON, Ohio,
Sept. 15, 2021 /PRNewswire/
-- 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.
About The Timken Company
The Timken Company (NYSE:
TKR; www.timken.com) designs a growing portfolio of
engineered bearings and power transmission products. With more than
a century of knowledge and innovation, we continuously improve the
reliability and efficiency of global machinery and equipment to
move the world forward. Timken posted $3.5 billion in sales in 2020 and employs more
than 17,000 people globally, operating from 42 countries. Timken is
recognized among America's Most Responsible Companies by
Newsweek, the World's Most Ethical Companies® by Ethisphere
and America's Best Employers, America's Best Employers for New
Graduates and America's Best Employers for Women by
Forbes.
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
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
finalization of the company's financial statements for the third
quarter of 2021; 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; changes in the
financial health of the company's customers, which may have an
impact on the company's revenues, earnings and impairment charges;
fluctuations in material and energy costs; logistical issues
associated with port closures or congestion, delays or increased
costs; the impact of changes to the company's accounting methods;
political risks associated with government instability; recent
world events that have increased the risks posed by international
trade disputes, tariffs and sanctions; weakness in global or
regional economic conditions and capital markets; the company's
ability to satisfy its obligations under its debt agreements and
renew or refinance borrowings on favorable terms; fluctuations in
currency valuations; changes in the expected costs associated with
product warranty claims; the ability to achieve satisfactory
operating results in the integration of acquired companies,
including realizing any accretion, synergies, and expected cashflow
generation within expected timeframes or at all; the impact on
operations of general economic conditions; fluctuations in customer
demand; the impact on the company's pension obligations and assets
due to changes in interest rates, investment performance and other
tactics designed to reduce risk; the introduction of new disruptive
technologies; unplanned plant shutdowns; the effects of
government-imposed restrictions meant to address climate change;
unanticipated litigation, claims, investigations or assessments;
the company's ability to maintain positive relations with unions
and works councils; negative impacts to the company's business,
results of operations, financial position or liquidity as a result
of COVID-19 or other epidemics and associated governmental measures
such as restrictions on travel and manufacturing operations; and
the company's ability to complete and achieve the benefits of
announced plans, programs, initiatives, acquisitions and capital
investments. Additional factors are discussed in the company's
filings with the Securities and Exchange Commission, including the
company's Annual Report on Form 10-K for the year ended
Dec. 31, 2020, quarterly reports on
Form 10-Q and current reports on Form 8-K. Except as required by
the federal securities laws, the company undertakes no obligation
to publicly update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise.
Media Relations:
Scott
Schroeder
234.262.6420
scott.schroeder@timken.com
Investor Relations:
Neil
Frohnapple
234.262.2310
neil.frohnapple@timken.com
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SOURCE The Timken Company