Timken (NYSE:TKR) Announces Quarterly Earnings Results, Misses Expectations By $0.15 EPS

Timken (NYSE:TKR) released its quarterly earnings results on Tuesday. The industrial products company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.15), Briefing.com reports. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 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 1.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.55 EPS. Timken updated its FY 2024 guidance to 5.550-5.650 EPS and its FY24 guidance to $5.55-5.65 EPS.

Timken Stock Performance

Timken stock traded down $0.52 during mid-day trading on Thursday, reaching $78.69. The company’s stock had a trading volume of 41,052 shares, compared to its average volume of 480,925. The firm has a market cap of $5.52 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 1.90 and a beta of 1.43. The business has a 50 day moving average price of $82.70 and a 200-day moving average price of $83.87. The company has a current ratio of 2.95, a quick ratio of 1.64 and a debt-to-equity ratio of 0.72. Timken has a twelve month low of $70.15 and a twelve month high of $94.71.

Wall Street Analysts Forecast Growth

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