Timken (NYSE:TKR) Releases 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 5.550-5.650 for the period, compared to the consensus estimate of 6.060. The company issued revenue guidance of $4.6 billion-$4.6 billion, compared to the consensus revenue estimate of $4.6 billion. Timken also updated its FY24 guidance to $5.55-5.65 EPS.

Timken Stock Performance

TKR stock opened at $76.99 on Friday. The stock has a market cap of $5.40 billion, a P/E ratio of 16.01, a P/E/G ratio of 1.94 and a beta of 1.43. The firm has a 50 day simple moving average of $82.56 and a 200 day simple moving average of $83.82. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.64 and a current ratio of 3.00. Timken has a 52 week low of $70.15 and a 52 week high of $94.71.

Timken (NYSE:TKR) last released its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.15). Timken had a net margin of 7.41% and a return on equity of 14.82%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the business earned $1.55 EPS. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. Research analysts anticipate that Timken will post 5.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

TKR has been the topic of several recent analyst reports. DA Davidson reduced their target price on shares of Timken from $103.00 to $99.00 and set a “buy” rating on the stock in a research note on Wednesday. KeyCorp dropped their price objective on Timken from $104.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday. Citigroup assumed coverage on Timken in a research note on Monday, October 14th. They issued a “neutral” rating and a $90.00 price target for the company. Oppenheimer lowered their price target on Timken from $102.00 to $97.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Evercore ISI lowered their price target on Timken from $94.00 to $87.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus 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.