Timken (NYSE:TKR) Issues FY24 Earnings Guidance

Timken (NYSE:TKR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $5.55-5.65 for the period, compared to the consensus estimate of $6.06. The company issued revenue guidance of ~$4.58 billion, compared to the consensus revenue estimate of $4.58 billion. Timken also updated its FY 2024 guidance to 5.550-5.650 EPS.

Timken Price Performance

Shares of NYSE TKR traded down $0.43 during trading on Friday, hitting $76.57. The company had a trading volume of 14,226 shares, compared to its average volume of 482,041. The firm has a market capitalization of $5.37 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 1.94 and a beta of 1.43. The stock has a fifty day simple moving average of $82.56 and a two-hundred day simple moving average of $83.82. The company has a quick ratio of 1.64, a current ratio of 3.00 and a debt-to-equity ratio of 0.71. Timken has a fifty-two week low of $70.15 and a fifty-two week high of $94.71.

Timken (NYSE:TKR) last announced its quarterly earnings data on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.15). The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Timken had a net margin of 7.41% and a return on equity of 14.82%. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.55 EPS. On average, research analysts expect that Timken will post 5.62 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on TKR shares. Oppenheimer dropped their price target on Timken from $102.00 to $97.00 and set an “outperform” rating for the company in a research report on Wednesday. Evercore ISI lowered their price target on shares of Timken from $94.00 to $87.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. KeyCorp cut their price objective on shares of Timken from $104.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday. Citigroup initiated coverage on shares of Timken in a report on Monday, October 14th. They issued a “neutral” rating and a $90.00 target price on the stock. Finally, DA Davidson cut their price target on shares of Timken from $103.00 to $99.00 and set a “buy” rating for the company in a report on Wednesday. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $89.60.

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.