Timken Co. Reports Q1 2024 Results

TL;DR

<b>Timken Co. filed its Q1 2024 10-Q report, detailing financial performance and business operations for the period ending March 31, 2024.</b>

AI Summary

TIMKEN CO (TKR) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Timken Co. reported Q1 2024 results for the period ending March 31, 2024. The company's fiscal year ends on December 31. Timken Co. is incorporated in Ohio. The company's business and mailing address is 4500 Mt. Pleasant St. NW, North Canton, OH 44720-5450. The filing covers the period from January 1, 2024, to March 31, 2024.

Why It Matters

For investors and stakeholders tracking TIMKEN CO, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data for Timken Co., crucial for assessing recent performance and making informed investment decisions. Understanding the company's financial health and operational segments as presented in this report is key to evaluating its market position and future prospects in the ball and roller bearings industry.

Risk Assessment

Risk Level: low — TIMKEN CO shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine disclosure of financial information.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and any changes in debt levels to assess the company's financial trajectory.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-04-30 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• 3562 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• TIMKEN CO (company) — Filer name
• TKR (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-04-30 (date) — Filed as of date
• OH (location) — State of incorporation
• NORTH CANTON (location) — Business address city
• 4500 MT. PLEASANT ST. NW (address) — Business address street
• BALL & ROLLER BEARINGS (industry) — Standard Industrial Classification

FAQ

Industry Context

Timken Co. operates in the ball and roller bearings industry, a sector critical for various industrial applications.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular disclosure of financial information by public companies.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 performance against historical data and industry benchmarks.
3. Track any future acquisitions or divestitures mentioned in the filing.

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Filing Documents

• tkr-20240331.htm (10-Q) — 1403KB
• tkr33124exhibit101.htm (EX-10.1) — 51KB
• tkr33124exhibit102.htm (EX-10.2) — 55KB
• tkr33124exhibit103.htm (EX-10.3) — 57KB
• tkr33124exhibit104.htm (EX-10.4) — 69KB
• tkr33124exhibit105.htm (EX-10.5) — 36KB
• tkr33124exhibit106.htm (EX-10.6) — 45KB
• tkr33124exhibit311.htm (EX-31.1) — 8KB
• tkr33124exhibit312.htm (EX-31.2) — 9KB
• tkr33124exhibit32.htm (EX-32) — 6KB
• tkr-20240331_g1.jpg (GRAPHIC) — 330KB
• 0000098362-24-000053.txt (&nbsp;) — 10023KB
• tkr-20240331.xsd (EX-101.SCH) — 57KB
• tkr-20240331_cal.xml (EX-101.CAL) — 117KB
• tkr-20240331_def.xml (EX-101.DEF) — 274KB
• tkr-20240331_lab.xml (EX-101.LAB) — 715KB
• tkr-20240331_pre.xml (EX-101.PRE) — 521KB
• tkr-20240331_htm.xml (XML) — 1461KB

Financial Statements

Item 1. Financial Statements 1

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 47

Controls and Procedures

Item 4. Controls and Procedures 47 II. PART II.

Legal Proceedings

Item 1. Legal Proceedings 48 Item1A. Risk Factors 48

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48

Other Information

Item 5. Other Information 49

Exhibits

Item 6. Exhibits 49 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS THE TIMKEN COMPANY AND SUBSIDIARIES Consolidated Statements of Income (Unaudited) Three Months Ended March 31, 2024 2023 (Dollars in millions, except per share data) Net sales $ 1,190.3 $ 1,262.8 Cost of products sold 792.7 846.0 Selling, general and administrative expenses 190.7 186.8 Amortization of intangible assets 20.0 13.5 Impairment and restructuring charges 2.3 28.9 Operating Income 184.6 187.6 Interest expense ( 32.2 ) ( 24.1 ) Interest income 2.8 1.5 Non-service pension and other postretirement (expense) income ( 1.0 ) 0.1 Other (expense) income, net ( 0.9 ) 3.1 Income Before Income Taxes 153.3 168.2 Provision for income taxes 42.7 42.5 Net Income 110.6 125.7 Less: Net income attributable to noncontrolling interest 7.1 3.4 Net Income Attributable to The Timken Company $ 103.5 $ 122.3 Net Income per Common Share Attributable to The Timken Company Common Shareholders Basic earnings per share $ 1.47 $ 1.69 Diluted earnings per share $ 1.46 $ 1.67 See accompanying Notes to the Consolidated Financial Statements. Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended March 31, 2024 2023 (Dollars in millions) Net Income $ 110.6 $ 125.7 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments ( 50.7 ) 27.7 Pension and postretirement liability adjustments ( 1.5 ) ( 1.5 ) Change in fair value of derivative financial instruments 1.1 ( 0.8 ) Other comprehensive (loss) income, net of tax ( 51.1 ) 25.4 Comprehensive income, net of tax 59.5 151.1 Less: comprehensive income attributable to noncontrolling interest 6.7 3.7 Comprehensive income attributable to The Timken Company $ 52.8 $ 147.4 See accompanying Notes to the Consolidated Financial Statements. 1 Table of Contents Consolidated Balance Sheets (Unaudited) (Dollars in millions) March 31, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 421.9

View Full Filing

View this 10-Q filing on SEC EDGAR