Timken (NYSE:TKR) Updates FY24 Earnings Guidance

Timken (NYSE:TKR) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $6.00 to $6.20 for the period, compared to the consensus earnings per share estimate of $6.21. The company issued revenue guidance of -4 to -3% yr/yr or $4.578 billion to $4.626 billion, compared to the consensus revenue estimate of $4.62 billion. Timken also updated its FY 2024 guidance to 6.000-6.200 EPS.

Timken Price Performance

Shares of NYSE TKR traded down $3.05 during trading hours on Friday, hitting $81.45. 632,330 shares of the stock were exchanged, compared to its average volume of 529,101. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.02 and a current ratio of 2.95. The company has a market cap of $5.71 billion, a PE ratio of 15.52, a price-to-earnings-growth ratio of 1.81 and a beta of 1.46. The company’s fifty day simple moving average is $82.97 and its two-hundred day simple moving average is $84.49. Timken has a 1-year low of $65.71 and a 1-year high of $94.71.

Timken (NYSE:TKR) last posted its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.03. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. Timken had a net margin of 7.52% and a return on equity of 16.36%. The firm’s revenue for the quarter was down 7.1% on a year-over-year basis. During the same quarter last year, the business posted $2.01 EPS. On average, sell-side analysts predict that Timken will post 6.15 EPS for the current year.

Wall Street Analysts Forecast Growth

TKR has been the topic of a number of research analyst reports. Stifel Nicolaus raised their target price on shares of Timken from $92.00 to $100.00 and gave the company a buy rating in a research report on Wednesday, May 1st. KeyCorp raised their target price on shares of Timken from $95.00 to $104.00 and gave the company an overweight rating in a research report on Thursday, May 23rd. Raymond James initiated coverage on shares of Timken in a research report on Friday, June 28th. They issued a market perform rating on the stock. Finally, Loop Capital raised their target price on shares of Timken from $78.00 to $87.00 and gave the company a hold rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $87.91.

Insider Activity

In related news, CFO Philip D. Fracassa sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $89.76, for a total value of $897,600.00. Following the completion of the transaction, the chief financial officer now directly owns 105,541 shares of the company’s stock, valued at approximately $9,473,360.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 8.70% of the company’s stock.

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.