Timken (NYSE:TKR) Updates FY24 Earnings Guidance

Timken (NYSE:TKR) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $5.55-5.65 for the period, compared to the consensus EPS 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.

Analysts Set New Price Targets

A number of analysts recently weighed in on TKR shares. Oppenheimer lowered their price objective on shares of Timken from $102.00 to $97.00 and set an “outperform” rating for the company in a research note on Wednesday. Citigroup assumed coverage on Timken in a report on Monday, October 14th. They issued a “neutral” rating and a $90.00 price target on the stock. KeyCorp cut their target price on Timken from $104.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday. DA Davidson lowered their price target on shares of Timken from $103.00 to $99.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Evercore ISI lowered 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 note on Monday, August 19th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $89.60.

Timken Stock Performance

TKR traded down $0.43 during trading on Friday, reaching $76.57. 14,226 shares of the company’s stock were exchanged, compared to its average volume of 482,041. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.00 and a quick ratio of 1.64. Timken has a 1 year low of $70.15 and a 1 year high of $94.71. The company’s fifty day simple moving average is $82.56 and its 200-day simple moving average is $83.82. The stock has a market capitalization of $5.37 billion, a P/E ratio of 16.01, a price-to-earnings-growth ratio of 1.94 and a beta of 1.43.

Timken (NYSE:TKR) last posted its 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 business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Timken had a net margin of 7.41% and a return on equity of 14.82%. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.55 earnings per share. As a group, research analysts predict that Timken will post 5.62 earnings per share for the current fiscal year.

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.