Timken Co. Files 10-Q for Q2 2024

TL;DR

TIMKEN Q2 2024 10-Q FILED. FINANCIALS OUT.

AI Summary

The Timken Company filed its 10-Q for the period ending June 30, 2024. The company reported its financial results for the second quarter and the first half of the year. Key financial data and operational updates are detailed within the filing, reflecting the company's performance and strategic activities.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for The Timken Company, crucial for understanding its current market position and future outlook.

Risk Assessment

Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial and operational information that can significantly impact stock price.

Key Numbers

• 20240630 — Period End Date (End of the reporting period for this 10-Q filing.)
• 20240731 — Filing Date (Date the 10-Q was officially submitted to the SEC.)
• 2024-01-01 to 2024-06-30 — Year-to-Date Period (The first six months of the fiscal year 2024 covered by the report.)
• 2023-01-01 to 2023-12-31 — Full Fiscal Year 2023 (Reference period for comparison with current year's performance.)
• 2023-12-20 — Lagersmit Acquisition Date (Date of a specific acquisition mentioned in the filing.)

Key Players & Entities

• TIMKEN CO (company) — Filer
• 20240630 (date) — Period of Report
• 20240731 (date) — Filed as of Date
• 0000098362 (company) — Central Index Key
• BALL & ROLLER BEARINGS [3562] (industry) — Standard Industrial Classification
• OH (location) — State of Incorporation
• 4500 MT. PLEASANT ST. NW (address) — Business Address
• NORTH CANTON (location) — Business City
• 44720-5450 (zip_code) — Business Zip
• (234) 262-3000 (phone_number) — Business Phone

FAQ

Filing Documents

• tkr-20240630.htm (10-Q) — 1870KB
• tkr63024exhibit311.htm (EX-31.1) — 8KB
• tkr63024exhibit312.htm (EX-31.2) — 9KB
• tkr63024exhibit32.htm (EX-32) — 6KB
• tkr-20240630_g1.jpg (GRAPHIC) — 330KB
• 0000098362-24-000102.txt ( ) — 11441KB
• tkr-20240630.xsd (EX-101.SCH) — 63KB
• tkr-20240630_cal.xml (EX-101.CAL) — 122KB
• tkr-20240630_def.xml (EX-101.DEF) — 302KB
• tkr-20240630_lab.xml (EX-101.LAB) — 779KB
• tkr-20240630_pre.xml (EX-101.PRE) — 559KB
• tkr-20240630_htm.xml (XML) — 1992KB

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 31

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 53

Controls and Procedures

Item 4. Controls and Procedures 53 II. PART II.

Legal Proceedings

Item 1. Legal Proceedings 54 Item1A. Risk Factors 54

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54

Other Information

Item 5. Other Information 55

Exhibits

Item 6. Exhibits 55 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in millions, except per share data) Net sales $ 1,182.3 $ 1,272.3 $ 2,372.6 $ 2,535.1 Cost of products sold 808.7 866.9 1,601.4 1,712.9 Selling, general and administrative expenses 184.1 184.9 374.8 371.7 Amortization of intangible assets 19.0 17.3 39.0 30.8 Impairment and restructuring charges 3.3 2.5 5.6 31.4 Operating Income 167.2 200.7 351.8 388.3 Interest expense ( 34.6 ) ( 28.3 ) ( 66.8 ) ( 52.4 ) Interest income 5.1 1.9 7.9 3.4 Non-service pension and other postretirement (expense) income ( 1.0 ) — ( 2.0 ) 0.1 Other income, net 1.2 2.3 0.3 5.4 Income Before Income Taxes 137.9 176.6 291.2 344.8 Provision for income taxes 35.9 47.1 78.6 89.6 Net Income 102.0 129.5 212.6 255.2 Less: Net income attributable to noncontrolling interest 5.8 4.3 12.9 7.7 Net Income Attributable to The Timken Company $ 96.2 $ 125.2 $ 199.7 $ 247.5 Net Income per Common Share Attributable to The Timken Company Common Shareholders Basic earnings per share $ 1.37 $ 1.74 $ 2.84 $ 3.43 Diluted earnings per share $ 1.36 $ 1.73 $ 2.82 $ 3.39 See accompanying Notes to the Consolidated Financial Statements. Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in millions) Net Income $ 102.0 $ 129.5 $ 212.6 $ 255.2 Other comprehensive loss, net of tax: Foreign currency translation adjustments ( 29.3 ) ( 27.9 ) ( 80.0 ) ( 0.2 ) Pension and postretirement liability adjustments ( 1.5 ) ( 1.6 ) ( 3.0 ) ( 3.1 ) Change in fair value of derivative financial instruments ( 0.8 ) ( 0.3 ) 0.3 ( 1.1 ) Other comprehensive loss, net of tax ( 31.6 ) ( 29.8 ) ( 82.7 ) ( 4.4 ) Comprehensive income, net of tax 70.4 99.7 129.9 250.8 Less: comprehensive income attributable to nonc

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View this 10-Q filing on SEC EDGAR