Timken (TKR) Tops Q1 EPS by 27c, Revenues Beat; Raises FY21 EPS Outlook Above Consensus

Timken (NYSE: TKR) reported Q1 EPS of $1.47, $0.27 better than the analyst estimate of $1.20. Revenue for the quarter came in at $1.03 billion versus the consensus estimate of $980.6 million.

"We posted an outstanding first quarter, achieving double-digit revenue growth, margin expansion and record adjusted earnings per share despite supply chain challenges and cost headwinds," said Richard G. Kyle, Timken president and chief executive officer. "Our strong operational execution and diverse, market-leading portfolio are delivering record results, while we continue to invest in our long-term profitable growth."

GUIDANCE:

Timken sees FY2021 EPS of $5.15-$5.45, versus the consensus of $4.99.

Timken now anticipates 2021 earnings per diluted share to range from $5.00 to $5.30 for the full year on a GAAP basis. Excluding special items (detailed in the attached tables), the company now expects 2021 adjusted earnings per diluted share of $5.15 to $5.45, which represents nearly 30 percent adjusted earnings growth versus 2020 at the midpoint. The company now expects 2021 revenue to be up approximately 18 percent at the midpoint in total versus 2020, which is up from the prior outlook of approximately 12 percent growth.

"We are raising our full-year outlook to reflect the robust and improving market conditions as well as our strong operational execution," said Kyle. "Our outgrowth initiatives are contributing to our positive 2021 outlook, as we continue to win new business with our differentiated products and engineering innovation. We anticipate strong margin performance again this year, despite supply chain and other cost challenges. Overall, we are on track to deliver record results and we remain focused on executing our strategy to win in the marketplace and deliver higher performance for shareholders."

For earnings history and earnings-related data on Timken (TKR) click here.

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