NORTH CANTON, Ohio, May 5, 2023 /PRNewswire/ -- The board of directors of The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial motion products, today approved a 6 percent increase in the company's quarterly cash dividend, raising it to 33 cents per share. The dividend is payable on May 30, 2023, to shareholders of record as of May 16, 2023.
"We are pleased to announce another increase to our quarterly dividend," said Richard G. Kyle, Timken president and chief executive officer. "Today's announcement reflects our consistently strong financial performance over time and our confidence in the company's outlook. It also demonstrates our commitment to consistently growing the dividend as a critical element of our disciplined capital allocation strategy."
Timken has paid a dividend on its common shares every quarter since its original listing on the New York Stock Exchange (NYSE) in 1922. The upcoming dividend represents 404 consecutive quarters, one of the longest-running dividend streaks among NYSE-listed companies.
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, America's Most Innovative Companies by Fortune and America's Best Large Employers, Best Employers for New Graduates and Best Employers for Women by Forbes.
SOURCE The Timken Company