NORTH
CANTON, Ohio, March 20,
2023 /PRNewswire/ -- The Timken Company (NYSE:
TKR; www.timken.com), a global leader in engineered bearings
and industrial motion products, has issued its 2022 Annual
Report, which celebrates a century since the company was first
listed on the New York Stock Exchange and details its strategy to
continue to scale as a high-performing diversified industrial
leader.
"Timken remains a strong investment and is performing at a high
level because of our diversification, technical sales model and
best-in-class customer service provided by our global team of
problem solvers," said Richard G. Kyle, president and chief
executive officer. "Our company is poised to capitalize on new
opportunities in a world that values the sustainable solutions
delivered by our engineering expertise."
Timken's annual report summarizes the company's 2022 financial
results and other recent accomplishments, including:
- Record sales of $4.5 billion, a 9
percent increase versus 2021.
- Record earnings per share on a GAAP and adjusted basis.
- Top-quartile performance from 2017 to 2021 when compared with
its peer groupi, outperforming them across key financial
metrics.
- The acquisitions of Spinea and GGB Bearings, further scaling
Timken's presence in attractive products and market sectors.
- Approximately $300
million of cash returned to shareholders through dividends and
share repurchases.
- The ninth consecutive year of higher annual dividends and 402
consecutive quarters of dividends paid.
"Going forward, we are focused on further scaling the
enterprise, accelerating the execution of our profitable growth
strategy and continuing to achieve strong financial performance,"
Kyle said. "Our objective is to profitably outgrow the industries
in which we participate today while continuing to shift to
higher-growth market sectors and technologies of tomorrow."
About The Timken Company
The Timken
Company (NYSE: TKR; www.timken.com) designs a
growing portfolio of engineered bearings and industrial motion
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 $4.5 billion in sales in 2022
and employs more than 19,000 people globally, operating from 46
countries. Timken has been recognized among America's Most
Responsible Companies by Newsweek, the World's Most Ethical
Companies® by Ethisphere, and America's Best Large
Employers, Best Employers for New Graduates and Best Employers
for Women by Forbes.
Safe Harbor
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 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;
and the impact on operations of general economic conditions.
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, 2022 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
iSee page 44 of The Timken Company 2022 Proxy
Statement for a list of the 18 companies in the 2022 peer
group.
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SOURCE The Timken Company