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 Trading Down 2.8 %

Timken stock traded down $2.22 during mid-day trading on Thursday, reaching $76.99. 749,863 shares of the company traded hands, compared to its average volume of 484,207. The firm’s 50 day moving average price is $82.70 and its 200 day moving average price is $83.87. Timken has a 52-week low of $70.15 and a 52-week high of $94.71. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.95 and a quick ratio of 1.64. The firm has a market capitalization of $5.40 billion, a price-to-earnings ratio of 16.46, a P/E/G ratio of 1.90 and a beta of 1.43.

Timken (NYSE:TKR) last released its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.15). The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Timken had a return on equity of 16.36% and a net margin of 7.52%. Timken’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.55 earnings per share. On average, analysts anticipate that Timken will post 6.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

About Timken

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.