timken co (TKR) Key Developments
The Timken Company Board Approves an Amendment to the Company's Amended Regulations
Aug 13 15
The Timken Company announced that on August 13, 2015, the Board of the Company approved an amendment to the Company's Amended Regulations to give holders in the aggregate of 25% of outstanding common shares the power to call a special meeting of shareholders. This amendment will be submitted to shareholders for approval at the Company's 2016 Annual Meeting of Shareholders.
the Timken Company Declares Quarterly Dividend, Payable on Sept. 3, 2015
Aug 13 15
The board of directors of The Timken Company declared a quarterly cash dividend of 26 cents per share. The dividend is payable on Sept. 3, 2015, to shareholders of record as of Aug. 24, 2015.
The Timken Company Elects James F. Palmer as Director
Aug 13 15
The board of directors of The Timken Company elected James F. Palmer, retired CFO of Northrop Grumman Corp., a director of the company for a term that will expire at its May 2016 annual meeting. During his 45-year career in finance, Palmer acquired extensive experience in leading change, transforming and restructuring complex businesses, mergers and acquisitions, capital markets and capital deployment. For the eight years prior to his retirement in 2015, Palmer served as corporate vice president and chief financial officer of Northrop Grumman Corporation.
The Timken Company Presents at Jefferies 11th Annual Industrials Conference, Aug-10-2015 02:00 PM
Aug 4 15
The Timken Company Presents at Jefferies 11th Annual Industrials Conference, Aug-10-2015 02:00 PM. Venue: Grand Hyatt, 109 E. 42nd Street, New York, New York, United States. Speakers: Philip D. Fracassa, Chief Financial Officer and Executive Vice President, Richard G. Kyle, Chief Executive Officer, President and Director.
The Timken Company Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairment Charges for the Second Quarter Ended June 30, 2015; Provides Earnings Guidance for the Full Year of 2015
Jul 30 15
The Timken Company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company's net sales were $728.0 million against $789.2 million a year ago. Excluding currency, sales were off roughly 3% as experienced lower demand in many of end markets, including aerospace, agriculture, automotive and industrial distribution. Operating income was $73.2 million against $91.4 million a year ago. Earnings before interest and taxes were $74.3 million against $89.9 million a year ago. Income from continuing operations before income taxes was $66.6 million against $85.2 million a year ago. Income from continuing operations was $37.7 million or $043 diluted per share against $57.6 million or $0.61 diluted per share a year ago. Net income attributable to The Timken Company was $36.7 million or $0.43 diluted per share against $62.7 million or $0.68 diluted per share a year ago. Net cash provided by operating activities was $88.5 million against $75.9 million a year ago. Capital expenditures were $23.8 million against $29.4 million a year ago. Net income adjustments were $49.1 million or $0.57 per share against $59.4 million or $0.65 per share a year ago. Earnings before interest and taxes, after adjustments, were $80.4 million against $96.1 million a year ago. Adjusted EBIT was negatively impacted by currency and lower volume index, offset partially by lower material costs and the impact of cost-reduction efforts in both manufacturing and SG&A.
For the six months, the company's net sales were $1,450.5 million against $1,526.0 million a year ago. Operating loss was $74.2 million against operating income of $163.8 million a year ago. Loss before interest and taxes was $74.5 million against earnings before interest and taxes of $182.7 million a year ago. Loss from continuing operations before income taxes was $89.5 million against income from continuing operations before income taxes $173.5 million a year ago. Loss from continuing operations was $97.1 million or $1.14 diluted per share against income from continuing operations of $117.9 million or $1.26 diluted per share a year ago. Net loss attributable to The Timken Company was $98.5 million or $1.14 diluted per share against net income of $146.2 million or $1.58 diluted per share a year ago. Net cash provided by operating activities was $105.5 million against $116.1 million a year ago. Capital expenditures were $43.5 million against $48.5 million a year ago. Net income attributable to the company after adjustments was $93.4 million or $1.07 per share against $105.8 million or $1.15 per share a year ago. Earnings before interest and taxes, after adjustments, were $153.4 million against $171.3 million a year ago. Net debt was $381.9 million.
For the quarter, the company's impairment charges were $0.6 million against $0.8 million a year ago.
For 2015, the company expects year-over-year revenue to be down approximately 7% to 8%, which includes 5% from currency declines. The segment outlook for full-year 2015 has also been adjusted with: Mobile Industries' sales expected to be down 8 to 9%. Without the impact of currency, sales are expected to be down 3 to 4% reflecting lower shipments in aerospace and agriculture, partially offset by organic growth in rail. Process Industries' sales expected to be down 6 to 7%. Excluding currency, sales are expected to be down 1 to 2%, as growth in wind energy and military marine, and the benefit of acquisitions are more than offset by weaker demand in industrial aftermarket and heavy industries. Timken expects 2015 earnings per diluted share to range from $0.30 to $0.40, which includes $1.80 of non-cash pension settlement charges and $0.20 per share of impairment and other restructuring charges, partially offset by $0.20 of income associated with discrete tax accrual adjustments. Excluding these items, the company expects 2015 adjusted earnings per diluted share to range from $2.10 to $2.20. The company expects to maintain year-to-date adjusted rate of 31.5% for the remainder of 2015. This rate reflects geographic mix of earnings and greater utilization of foreign tax credits. The company expects adjusted EBIT margins in the range of 11% at the corporate level, including a negative currency impact of around 100 basis points. For 2015, the company expects strong free cash flow of roughly $190 million after CapEx spending at around 4% of sales. This represents over 100% of estimated adjusted net income for the year.