NORTH CANTON, Ohio, March 18, 2022 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products, has released its 2021 Annual Report, which describes how the company successfully navigated a highly dynamic operating environment to deliver record results. Timken's 2021 performance reflected both the resilience of its business model and the strong demand for the company's products and technology.
"Our talent, capabilities, customer-centric innovation and track record of results all contribute to the enduring value of our company," said Richard G. Kyle, president and chief executive officer. "In 2021, we continued to build on our strong foundation as a high-performing global industrial leader. We invested in our company's growth, stayed focused on our customers, drove operational excellence and advanced our role as a respected corporate citizen."
Timken's annual report details many of the company's 2021 achievements, including:
- Continued execution against its long-term strategy with investments in its digital platform and advancement of its global footprint.
- Another record year of renewable energy revenue.
- The allocation of $148 million for capital expenditures to grow and further strengthen the business.
- The return of $185 million in cash to shareholders through dividends and share repurchases.
- The eighth consecutive year of higher annual dividends.
- The 12th consecutive year of completing an acquisition, with the addition of iMS to expand its linear motion solutions in industrial robotics.
Moving forward, the company remains committed to advancing its long-term strategy. "To fully capitalize on future opportunities, we must continue to invest in our people, product portfolio, market leadership and our role as a corporate citizen," said Kyle. "We look to the future with confidence."
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and power transmission products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $4.1 billion in sales in 2021 and employs more than 18,000 people globally, operating from 42 countries. Timken is recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere, and America's Best Employers, Best Employers for New Graduates and Best Employers for Women by Forbes.
Certain statements in this release (including statements regarding the company's forecasts, estimates, plans and expectations) that are not historical in nature are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the company's future financial performance are forward-looking.
The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: the company's ability to respond to the changes in its end markets that could affect demand for the company's products or services; unanticipated changes in business relationships with customers or their purchases from the company; changes in the financial health of the company's customers, which may have an impact on the company's revenues, earnings and impairment charges; fluctuations in material and energy costs; logistical issues associated with port closures or congestion, delays or increased costs; the impact of changes to the company's accounting methods; political risks associated with government instability; recent world events that have increased the risks posed by international trade disputes, tariffs and sanctions; weakness in global or regional economic conditions and capital markets; the impact of inflation on employee expenses, shipping costs, raw material costs, energy and fuel prices, and other production costs; the company's ability to satisfy its obligations under its debt agreements and renew or refinance borrowings on favorable terms; fluctuations in currency valuations; changes in the expected costs associated with product warranty claims; the ability to achieve satisfactory operating results in the integration of acquired companies, including realizing any accretion, synergies, and expected cashflow generation within expected timeframes or at all; the impact on operations of general economic conditions; fluctuations in customer demand; the impact on the company's pension obligations and assets due to changes in interest rates, investment performance and other tactics designed to reduce risk; the introduction of new disruptive technologies; unplanned plant shutdowns; the effects of government-imposed restrictions and commercial requirements meant to address climate change; unanticipated litigation, claims, investigations or assessments; the company's ability to maintain positive relations with unions and works councils; the company's ability to compete for skilled labor; negative impacts to the company's business, results of operations, financial position or liquidity as a result of COVID-19 or other epidemics and associated governmental measures such as restrictions on travel and manufacturing operations; and the company's ability to complete and achieve the benefits of announced plans, programs, initiatives, acquisitions and capital investments Additional factors are discussed in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended Dec. 31, 2021, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE The Timken Company