Timken (NYSE: TKR) reported Q1 EPS of $2.09, $0.21 better than the analyst estimate of $1.88. Revenue for the quarter came in at $1.26 billion versus the consensus estimate of $1.22 billion.

GUIDANCE:

Timken raised FY2023 EPS to $7.00-$7.50, versus the consensus of $7.02.

The company is now planning for 2023 revenue to be up approximately 9.5 percent in total at the midpoint from 2022, an increase from its prior outlook of 6 percent growth at the midpoint.

"Timken is raising its full-year guidance to reflect the company's strong first-quarter performance, the impact of the Nadella acquisition and an improved outlook for the rest of the year," said Kyle. "We now expect operating margins to increase in 2023, reflecting favorable price-cost and better operational execution. While uncertainty remains elevated for the second half, our backlog is high and customer demand is strong."

Kyle continued, "We are confident in our ability to achieve higher performance in 2023 and beyond, as we continue to execute our strategy to advance Timken as a diversified industrial leader."

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