NORTH CANTON, Ohio, March 20, 2023 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial motion products, has issued its 2022 Annual Report, which celebrates a century since the company was first listed on the New York Stock Exchange and details its strategy to continue to scale as a high-performing diversified industrial leader.
"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."
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and industrial motion 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 $4.5 billion in sales in 2022 and employs more than 19,000 people globally, operating from 46 countries. Timken has been recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere, and America's Best Large 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; and the impact on operations of general economic conditions. 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, 2022 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.
iSee page 44 of The Timken Company 2022 Proxy Statement for a list of the 18 companies in the 2022 peer group.
SOURCE The Timken Company