Timken acquires assets of Aurora Bearing for undisclosed amount » 07:0212/0112/01/20
The Timken has acquired…
The Timken has acquired the assets of Aurora Bearing. Aurora manufactures rod ends and spherical plain bearings, which serve a diverse range of industrial sectors, including aerospace and defense, racing, off-highway equipment and packaging. Its sales This transaction advances Timken's strategy, which is focused on growing its leadership position in engineered bearings while diversifying the company's portfolio into adjacent products and markets. Other terms of the transaction were not disclosed.
|Over a week ago|
ABB unit draws interest from industry suitors, Reuters reports » 14:4011/1911/19/20
ABB, TKR, RBC, RXN
ABB's (ABB) clutch…
ABB's (ABB) clutch and transmission manufacturer Dodge has already drawn interest from potential suitors before the Swiss engineering group said it was exiting the business, Reuters' Arno Schuetze and John Revill report, citing people familiar with the matter. Dodge is one of three units put up for sale, along with ABB's power conversion and turbocharger divisions, the authors note. Sever industry peers considered buying Dodge before it was formerly put on the selling block, and are anticipated to be in the running when ABB begins its auction in early 2021, the authors say, citing the sources. The unit has drawn interest from Timken (TKR), Regal Beloit (RBC), and Rexnord (RXN), the authors note. Reference Link
Timken price target raised to $85 from $68 at KeyBanc » 06:4011/1311/13/20
KeyBanc analyst Steve…
KeyBanc analyst Steve Barger raised the firm's price target on Timken to $85 from $68 and keeps an Overweight rating on the shares. The analyst thinks recent positive news for COVID-19 vaccines will result in improving investor sentiment for Industrials. While timing remains unclear, current estimates suggest broad vaccine distribution in early- mid 2021, he says. The analyst thinks longer-cycle Aerospace, Non-Residential Construction, and Energy could improve at a faster rate than anticipated just weeks ago.
|Over a month ago|
Timken initiated with a Buy at Citi » 06:4111/0211/02/20
Citi analyst Timothy…
Citi analyst Timothy Thein initiated coverage of Timken with a Buy rating and $75 price target, which implies 30% total return potential. The company provides leverage to a global industrial capex upcycle, upside from a "proven" capital allocation strategy and opportunity for further re-rating potential as its valuation discount narrows over time, Thein tells investors in a research note.
Timken reports Q3 EPS $1.13, consensus 90c » 07:5210/2910/29/20
Reports Q3 revenue…
Reports Q3 revenue $894.6M, consensus $817.12M. "We are pleased with our performance in the third quarter," said Richard G. Kyle, Timken president and chief executive officer. "Our markets continued to recover from the April trough, and with our strong execution, revenue exceeded our expectations and approached last year's level. Additionally, our strategy to diversify our portfolio and increase our presence in sectors like renewable energy is contributing to our top-line performance in 2020. I am proud of how our Timken associates have shown resilience through the global pandemic. We continue to keep our operations safe, serve customers, deliver solid financial results and position the company for long-term success."
Timken business awarded up to $140M contract to supply reduction gears » 08:5610/2110/21/20
Timken and the Navy…
Timken and the Navy recently announced that Fincantieri Marinette Marine, or FMM, will build its new Constellation class of guided-missile frigates and FMM has chosen Timken's Philadelphia Gear business to supply the main reduction gears. Philadelphia Gear will design the elements of the ship's propulsion system at its technical center in King of Prussia, Pennsylvania and manufacture and assemble them at its marine center of excellence in Santa Fe Springs, California. FMM's contract with the Navy includes options for up to 10 frigates. These options, if exercised, could bring the cumulative value of Timken's contract to more than $140M over its life. The nearly 500-foot-long ships will have multi-mission capabilities, across the air, anti-submarine, surface, and electronic warfare spectrum of operations.
|Over a quarter ago|
Timken reports Q2 adj. EPS $1.02, consensus 34c » 06:5808/0308/03/20
Reports Q2 revenue…
Reports Q2 revenue $803.5M, consensus $722.13M. "We performed very well in the quarter despite the unprecedented impact from the COVID-19 pandemic, generating strong operating margins and cash flow, and delivering solid earnings per share," said Richard Kyle, Timken president and CEO. "The company responded quickly to the pandemic by taking decisive actions to protect employees and other stakeholders, adapt to rapid changes in customer demand, reduce costs and bolster liquidity. The advances we have made over the past several years have transformed Timken into a more resilient and higher performing company, as evidenced by our second-quarter and year-to-date results."
Timken reports Q1 adj. EPS $1.11, consensus $1.07 » 06:5705/0105/01/20
Reports Q1 revenue…
Reports Q1 revenue $923.4M, consensus $917.84M. "First quarter revenue and profitability improved meaningfully from the fourth quarter of 2019 as we expected, despite the impact from the COVID-19 pandemic," said Richard Kyle, Timken president and CEO. "The Timken team responded quickly to the pandemic, prioritizing the health and safety of our global associates and stakeholders. We have also taken significant short-term cost-reduction actions across the enterprise to mitigate the impact of COVID-19 on our second-quarter performance. We are confident in our ability to successfully manage through the challenges that lie ahead."
Evercore ISI to hold a conference » 07:5103/0303/03/20
AEIS, CMI, GTES, TKR, URI
12th Annual Industrial…
12th Annual Industrial Conference will be held in New York on March 3.
Gabelli to hold a symposium » 08:0602/2702/27/20
AME, BMI, CR, FLC, FLS, GDI, GGG, GRC, IEX, ITT, LAND, MWA, NPO, RXN, TKR, WTS, XYL
30th Annual Pump, Valve…
30th Annual Pump, Valve & Water Systems Symposium will be held in New York on February 27.