Timken (NYSE:TKR) Issues FY 2024 Earnings Guidance

Timken (NYSE:TKR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 6.000-6.300 for the period, compared to the consensus estimate of 6.050. The company issued revenue guidance of $4.6 billion-$4.7 billion, compared to the consensus revenue estimate of $4.6 billion.

Timken Stock Performance

Shares of NYSE:TKR traded up $2.52 during trading on Tuesday, hitting $89.22. The stock had a trading volume of 1,408,924 shares, compared to its average volume of 500,149. Timken has a 12-month low of $65.71 and a 12-month high of $95.08. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 1.18 and a beta of 1.54. The company has a quick ratio of 0.96, a current ratio of 1.79 and a debt-to-equity ratio of 0.66. The stock has a 50-day simple moving average of $85.43 and a two-hundred day simple moving average of $79.59.

Timken (NYSE:TKR) last announced its quarterly earnings data on Monday, February 5th. The industrial products company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.15. Timken had a return on equity of 19.57% and a net margin of 8.26%. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period last year, the business posted $1.22 earnings per share. The company’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities research analysts expect that Timken will post 6.02 earnings per share for the current fiscal year.

Timken Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 6th. Investors of record on Tuesday, February 20th were given a dividend of $0.33 per share. The ex-dividend date was Friday, February 16th. This represents a $1.32 dividend on an annualized basis and a yield of 1.48%. Timken’s payout ratio is 24.18%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on TKR shares. The Goldman Sachs Group lifted their price objective on Timken from $78.00 to $87.00 and gave the stock a neutral rating in a research report on Tuesday, February 6th. Evercore ISI cut Timken from an outperform rating to an in-line rating and set a $84.00 target price for the company. in a research note on Tuesday, February 20th. DA Davidson started coverage on Timken in a research note on Tuesday, January 23rd. They set a buy rating and a $92.00 target price for the company. Morgan Stanley began coverage on Timken in a research report on Monday, January 8th. They set an equal weight rating and a $74.00 price objective for the company. Finally, StockNews.com downgraded Timken from a buy rating to a hold rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Timken presently has an average rating of Hold and an average price target of $85.90.

Timken Company Profile

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.