Timken reports 9% rise in 2022 sales
The Timken Company, a global supplier of engineered bearings and industrial motion products, reported record sales of $4.5 billion in its 2022 Annual Report, a 9 percent increase versus 2021.
"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."
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