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

Timken (NYSE:TKR) posted its quarterly earnings results on Tuesday. The industrial products company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.15), Briefing.com reports. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Timken had a return on equity of 16.36% and a net margin of 7.52%. The business’s revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.55 earnings per share. Timken updated its FY 2024 guidance to 5.550-5.650 EPS and its FY24 guidance to $5.55-5.65 EPS.

Timken Stock Down 0.7 %

NYSE TKR traded down $0.52 on Thursday, hitting $78.69. 41,052 shares of the stock were exchanged, compared to its average volume of 480,925. The company has a quick ratio of 1.64, a current ratio of 2.95 and a debt-to-equity ratio of 0.72. Timken has a fifty-two week low of $70.15 and a fifty-two week high of $94.71. The company has a market cap of $5.52 billion, a PE ratio of 16.46, a PEG ratio of 1.90 and a beta of 1.43. The company has a 50-day moving average price of $82.70 and a 200-day moving average price of $83.87.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Citigroup assumed coverage on shares of Timken in a research note on Monday, October 14th. They set a “neutral” rating and a $90.00 target price on the stock. Evercore ISI reduced their target price 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. Oppenheimer reduced their target price on shares of Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a research note on Wednesday. KeyCorp reduced their target price on shares of Timken from $104.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, DA Davidson reduced their price target on shares of Timken from $103.00 to $99.00 and set a “buy” rating on the stock in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target 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.