Timken (NYSE:TKR) Updates 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 guidance of 5.550-5.650 for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

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

Timken Price Performance

Shares of NYSE TKR traded down $2.22 during trading hours on Thursday, hitting $76.99. 749,863 shares of the stock were exchanged, compared to its average volume of 484,207. The company’s fifty day simple moving average is $82.70 and its two-hundred day simple moving average is $83.87. The company has a market cap of $5.40 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 1.90 and a beta of 1.43. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.64 and a current ratio of 2.95. Timken has a 1-year low of $70.15 and a 1-year high of $94.71.

Timken (NYSE:TKR) last issued its earnings results 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). Timken had a net margin of 7.52% and a return on equity of 16.36%. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the business posted $1.55 EPS. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. On average, sell-side analysts predict that Timken will post 6.05 EPS for the current year.

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.