Timken (NYSE:TKR) Announces Quarterly Earnings Results, Beats Expectations By $0.27 EPS

Timken (NYSE:TKR - Get Free Report) issued its quarterly earnings data on Tuesday. The industrial products company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.27, Briefing.com reports. Timken had a return on equity of 19.57% and a net margin of 8.26%. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter last year, the company posted $2.09 earnings per share. The business's quarterly revenue was down 5.7% compared to the same quarter last year. Timken updated its FY 2024 guidance to 6.000-6.300 EPS.

Timken Price Performance

Shares of NYSE:TKR traded down $1.74 during trading on Wednesday, hitting $87.48. 738,183 shares of the stock were exchanged, compared to its average volume of 507,237. The company has a fifty day moving average price of $85.62 and a two-hundred day moving average price of $79.72. The company has a market cap of $6.16 billion, a PE ratio of 16.08, a P/E/G ratio of 1.20 and a beta of 1.54. The company has a current ratio of 1.79, a quick ratio of 0.96 and a debt-to-equity ratio of 0.66. Timken has a 12-month low of $65.71 and a 12-month high of $95.08.

Timken Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 6th. Stockholders of record on Tuesday, February 20th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Friday, February 16th. Timken's dividend payout ratio (DPR) is 24.18%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TKR. StockNews.com lowered Timken from a "buy" rating to a "hold" rating in a report on Wednesday, February 21st. Evercore ISI lowered Timken from an "outperform" rating to an "in-line" rating and set a $84.00 price target on the stock. in a report on Tuesday, February 20th. The Goldman Sachs Group raised their price target on Timken from $78.00 to $87.00 and gave the stock a "neutral" rating in a report on Tuesday, February 6th. DA Davidson began coverage on Timken in a report on Tuesday, January 23rd. They set a "buy" rating and a $92.00 price target on the stock. Finally, Loop Capital raised their price target on Timken from $78.00 to $87.00 and gave the stock a "hold" rating in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $86.73.

About Timken

The Timken Company designs, manufactures, and sells engineered bearings and industrial motion products, and related services in the United States and internationally. The company's Engineered Bearings segment provides various bearing products, including tapered, spherical, and cylindrical roller bearings; plain bearings, metal-polymer bearings, and rod end bearings; radial, angular, and precision ball bearings; thrust and specialty ball bearings; journal bearings; and housed or mounted bearings.