{"id":483013,"date":"2021-04-28T06:54:18","date_gmt":"2021-04-28T10:54:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/timken-reports-record-first-quarter-2021-results-raises-full-year-outlook\/"},"modified":"2021-04-28T06:54:18","modified_gmt":"2021-04-28T10:54:18","slug":"timken-reports-record-first-quarter-2021-results-raises-full-year-outlook","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/timken-reports-record-first-quarter-2021-results-raises-full-year-outlook\/","title":{"rendered":"Timken Reports Record First-Quarter 2021 Results; Raises Full-Year Outlook"},"content":{"rendered":"
\n

– Posted record sales of $1.03 billion, up 11 percent from last year<\/h2>\n

– Delivered strong earnings per diluted share of $1.47 on a GAAP basis, with record adjusted earnings per diluted share of $1.38<\/h2>\n

– Raises earnings outlook on strengthening markets; now expects 2021 earnings per diluted share of $5.00-$5.30 on a GAAP basis, with adjusted EPS of $5.15 to $5.45<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n NORTH CANTON, Ohio<\/span>, April 28, 2021<\/span> \/PRNewswire\/ —\u00a0<\/b>The Timken Company (NYSE: TKR; www.timken.com<\/a>), a global industrial leader in engineered bearings and power transmission products,\u00a0<\/b>today reported first-quarter 2021 sales of\u00a0$1.03\u00a0billion, up 11 percent from the same period a year ago. The increase was driven by organic growth across most end-market sectors led by renewable energy and off-highway, as well as the benefit of currency translation and the Aurora Bearing acquisition. First quarter sales were up 15 percent from the fourth quarter.<\/p>\n

\n

\n
\n \"The
\n <\/a>\n <\/p>\n<\/p><\/div>\n

Timken posted net income of\u00a0$113.3\u00a0million or $1<\/span>.47\u00a0per diluted share in the first quarter, versus net income of\u00a0$80.7\u00a0million or\u00a0$1.06\u00a0per diluted share for the same period a year ago. The year-over-year increase was primarily driven by higher volume, favorable manufacturing performance and lower selling, general and administrative (SG&A) expenses, partially offset by unfavorable mix and higher material and logistics costs. The current period also benefited from a lower tax rate driven by discrete tax benefits. <\/p>\n

Excluding special items (detailed in the attached tables), adjusted net income in the first quarter was\u00a0$106.7\u00a0million or\u00a0a record $1<\/span>.38\u00a0per diluted share, versus adjusted net income of $84<\/span>.7\u00a0million or\u00a0$1.11\u00a0per diluted share for the same period in 2020. <\/p>\n

During the quarter, Timken returned $50.1 million<\/span> of cash to shareholders with the payment of its 395th consecutive quarterly dividend and the repurchase of 350 thousand shares of company stock. The company ended the first quarter with net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) at 1.9 times. <\/p>\n

“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,”\u00a0said Richard G. Kyle<\/span>, Timken president and chief executive officer. “Our strong operational execution and diverse, market-leading portfolio are delivering record results, while\u00a0we continue to invest in our long-term profitable growth.” <\/p>\n

\n
\n First-Quarter 2021 Segment Results<\/i>
\n <\/b>\n <\/p>\n

\n Process Industries<\/b>\u00a0sales of\u00a0$520.9\u00a0million increased 14.1 percent from the same period a year ago. The increase was driven mainly by organic growth in the renewable energy, distribution and general industrial sectors and the benefit of currency translation, offset partially by lower marine revenue. <\/p>\n

EBITDA for the quarter was\u00a0$131.0\u00a0million or\u00a025.1\u00a0percent of sales, compared with EBITDA of\u00a0$107.5\u00a0million or\u00a023.5\u00a0percent of sales for the same period a year ago. The increase in EBITDA was driven primarily by higher volume, favorable manufacturing performance, lower SG&A expenses and the benefit of currency, partially offset by unfavorable mix and higher material and logistics costs. <\/p>\n

Excluding special items (detailed in the attached tables), adjusted EBITDA in the quarter was\u00a0$135.7\u00a0million or\u00a026.0\u00a0percent of sales, compared with\u00a0$111.5\u00a0million or\u00a024.4 percent of sales in the first quarter last year. <\/p>\n

\n Mobile Industries<\/b>\u00a0sales of\u00a0$504.5 million increased 8.1 percent compared with the same period a year ago. The increase was driven mainly by organic growth in the off-highway, heavy truck and automotive sectors and the favorable impact of currency translation, partially offset by lower revenue in the rail and aerospace sectors. <\/p>\n

EBITDA for the quarter was\u00a0$79.6 million or\u00a015.8\u00a0percent of sales, compared with EBITDA of\u00a0$75.1 million or\u00a016.1\u00a0percent of sales for the same period a year ago. The increase in EBITDA reflects higher volume and lower SG&A expenses, partially offset by unfavorable mix and higher material and logistics costs. <\/p>\n

Excluding special items (detailed in the attached tables), adjusted EBITDA in the quarter was\u00a0$80.1\u00a0million or\u00a015.9\u00a0percent of sales, compared with\u00a0$76.0\u00a0million or\u00a016.3 percent of sales in the first quarter last year.<\/p>\n

\n
\n 2021 Outlook <\/i>
\n <\/b>\n <\/p>\n

Timken now anticipates 2021 earnings per diluted share to range from $5.00<\/span> to $5.30<\/span> 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<\/span> to $5.45<\/span>, 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.<\/p>\n

“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.”<\/p>\n

\n
\n Conference Call Information<\/i>
\n <\/b>\n <\/p>\n

Timken will host a conference call today at 11\u00a0a.m. Eastern Time to review its financial results. Presentation materials will be available online in advance of the call for interested investors and securities analysts.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n Conference Call:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\n <\/p>\n<\/td>\n

\n

\n Wednesday, April 28, 2021<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 11:00 a.m. Eastern Time<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n Live Dial-In: 800-458-4121<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n Or +1 323-209-6672<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n (Call in 10 minutes prior to be included.)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Conference ID: Timken’s 1Q Earnings Call<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Or Click to Join: https:\/\/tmkn.biz\/3dvEorg<\/a><\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Conference Call Replay:\u00a0 <\/span>\n <\/p>\n<\/td>\n

\n

\n Replay Dial-In available through<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n May 12, 2021:<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 888-203-1112 or 719-457-0820<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Replay Passcode: 7139853<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Live Webcast:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n http:\/\/investors.timken.com<\/a>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n
\n About The Timken Company<\/i>
\n <\/b>\n <\/p>\n

The Timken Company\u00a0(NYSE: TKR;\u00a0www.timken.com<\/a>) designs a growing portfolio of engineered bearings and power transmission products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward.\u00a0Timken posted $3.5 billion<\/span> in sales in 2020 and employs more than 17,000 people globally, operating from 42 countries. Timken is recognized among America’s Most Responsible Companies<\/a>\u00a0by Newsweek, the World’s Most Ethical Companies<\/a>\u00ae\u00a0by Ethisphere and America’s Best Employers<\/a>\u00a0by Forbes. <\/p>\n

\n Certain statements in this release (including statements regarding the company’s forecasts, estimates, plans and expectations) that are not historical in nature are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the company’s future financial performance, including information under the heading “2021 Outlook,” are forward-looking. <\/i>\n <\/p>\n

\n The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: the finalization of the company’s financial statements for the first quarter of 2021; the company’s ability to respond to the changes in its end markets that could affect demand for the company’s products or services; unanticipated changes in business relationships with customers or their purchases from the company; changes in the financial health of the company’s customers, which may have an impact on the company’s revenues, earnings and impairment charges; fluctuations in material and energy costs; the impact of changes to the company’s accounting methods; political risks associated with government instability; recent world events that have increased the risks posed by international trade disputes, tariffs and sanctions; weakness in global or regional economic conditions and capital markets; the company’s ability to satisfy its obligations under its debt agreements and renew or refinance borrowings on favorable terms; fluctuations in currency valuations; changes in the expected costs associated with product warranty claims; the ability to achieve satisfactory operating results in the integration of acquired companies, including realizing any accretion within expected timeframes or at all; the impact on operations of general economic conditions; fluctuations in customer demand; the impact on the company’s pension obligations and assets due to changes in interest rates, investment performance and other tactics designed to reduce risk; the introduction of new disruptive technologies; unplanned plant shutdowns; the effects of government-imposed restrictions meant to address climate change; unanticipated litigation, claims, investigations or assessments; the company’s ability to maintain positive relations with unions and works councils; negative impacts to the company’s business, results of operations, financial position or liquidity as a result of COVID-19 or other epidemics and associated governmental measures such as restrictions on travel and manufacturing operations; and the company’s ability to complete and achieve the benefits of announced plans, programs, initiatives, acquisitions and capital investments. Additional factors are discussed in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2020<\/span>, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.<\/i>\n <\/p>\n

\n Media Relations:
<\/b>
\n Scott Schroeder<\/span>
\n
234.262.6420
scott.schroeder@timken.com<\/a><\/p>\n

\n Investor Relations:
<\/b>
\n Neil Frohnapple<\/span>
\n
234.262.2310
neil.frohnapple@timken.com<\/a><\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n The Timken Company<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n CONDENSED CONSOLIDATED STATEMENTS OF INCOME<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Dollars in millions, except share data) (Unaudited) <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Three Months Ended
March 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2020<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net sales<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,025.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 923.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Cost of products sold<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 726.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 644.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Gross Profit<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 299.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 278.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Selling, general & administrative expenses <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 144.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 153.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Impairment and restructuring charges<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Operating Income <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 150.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 121.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Non-service pension and other postretirement income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Other income, net<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Interest expense, net<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (14.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (15.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Income Before Income Taxes<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 141.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 113.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Provision for income taxes<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 25.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 29.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net Income<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 116.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 84.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Less: Net income attributable to noncontrolling interest<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net Income Attributable to The Timken Company<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 113.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 80.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net Income per Common Share Attributable to The Timken Company Common Shareholders<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0\u00a0\u00a0\u00a0Basic Earnings per share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.49<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.07<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0\u00a0\u00a0\u00a0Diluted Earnings per share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.47<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.06<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Average Shares Outstanding<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 75,820,157<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 75,461,254<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Average Shares Outstanding – assuming dilution<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 77,264,641<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 76,308,556<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n BUSINESS SEGMENTS <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Unaudited) <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Three Months Ended
March 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (Dollars in millions)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2020<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Mobile Industries<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net sales<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 504.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 466.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Earnings before interest, taxes, depreciation and amortization (EBITDA) (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 79.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 75.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n EBITDA Margin (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 15.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 16.1<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Process Industries<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net sales<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 520.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 456.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Earnings before interest, taxes, depreciation and amortization (EBITDA) (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 131.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 107.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n EBITDA Margin (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 25.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 23.5<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Unallocated corporate expense<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (11.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (11.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Corporate pension and other postretirement benefit related expense (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (0.9)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Acquisition-related gain (3)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Consolidated<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net sales<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,025.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 923.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Earnings before interest, taxes, depreciation and amortization (EBITDA) (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 198.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 171.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n EBITDA Margin (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 19.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 18.6<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup> EBITDA is a non-GAAP measure defined as operating income plus other income (expense) and excluding depreciation and amortization. EBITDA Margin is a non-GAAP measure defined as EBITDA as a percentage of net sales. EBITDA and EBITDA Margin are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. \u00a0Management believes that reporting EBITDA and EBITDA Margin is useful to investors as these measures are representative of the core operations of the segments and Company, respectively. <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (2)<\/sup> Corporate pension and other postretirement benefit related expense primarily represent actuarial (losses) and gains that resulted from the remeasurement of plan assets and obligations as a result of changes in assumptions or experience. The Company recognizes actuarial (losses) and gains in connection with the annual remeasurement in the fourth quarter, or if specific events trigger a remeasurement. Refer to the Retirement Benefit Plans and Other Postretirement Benefit Plans footnotes within the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q for additional discussion.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (3)<\/sup> The acquisition-related gain represents measurement period adjustments to the bargain purchase price gain on the acquisition of the assets of Aurora Bearing Company (“Aurora”) that closed on November 30, 2020.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n<\/tr>\n
\n

\n
\n CONDENSED CONSOLIDATED BALANCE SHEETS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (Dollars in millions)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (Unaudited) <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n March 31,
2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n December 31,
2020<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n ASSETS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cash and cash equivalents <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 302.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 320.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Restricted cash<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Accounts receivable, net<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 712.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 581.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Unbilled receivables<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 113.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 110.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Inventories, net<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 864.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 841.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Other current assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 150.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 145.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total Current Assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2,143.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,000.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Property, plant and equipment, net<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,020.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,035.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Operating lease assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 113.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 118.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Goodwill and other intangible assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,741.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,789.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Non-current pension assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 87.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 96.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total Assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 5,106.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,041.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n LIABILITIES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Accounts payable<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 362.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 351.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Short-term debt, including current portion of long-term debt<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 178.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 130.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Short-term operating lease liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 26.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Income taxes<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 24.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Accrued expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 324.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 322.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total Current Liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 916.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 848.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Long-term debt<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,423.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,433.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Accrued pension benefits<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 157.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 163.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Accrued postretirement benefits<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 52.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Long-term operating lease liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 70.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 75.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Other non-current liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 235.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 254.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total Liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2,856.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,816.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n EQUITY<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n The Timken Company shareholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2,175.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,152.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Noncontrolling Interest<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 74.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 72.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total Equity<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2,250.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,225.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total Liabilities and Equity<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 5,106.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,041.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Unaudited) <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Three Months Ended
March 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (Dollars in millions)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2020<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash Provided by (Used in)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n OPERATING ACTIVITIES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net Income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 116.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 84.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Adjustments to reconcile net income to net cash provided by operating activities:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 43.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Stock-based compensation expense<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 6.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Pension and other postretirement income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (1.0)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Pension and other postretirement benefit contributions and payments<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (2.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Changes in operating assets and liabilities:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Accounts receivable<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (138.9)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (47.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Unbilled receivables<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (2.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (8.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Inventories<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (33.3)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Accounts payable<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 19.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Accrued expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 17.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (34.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Income taxes<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Other, net<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 5.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net Cash Provided by Operating Activities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 31.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 56.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n INVESTING ACTIVITIES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Capital expenditures<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (29.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (31.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Investments in short-term marketable securities, net<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (10.0)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net Cash Used in Investing Activities <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (39.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (31.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n FINANCING ACTIVITIES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cash dividends paid to shareholders<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (23.8)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (22.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Purchase of treasury shares<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (26.3)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (42.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Proceeds from exercise of stock options<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 14.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Payments related to tax withholding for stock-based compensation<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (17.8)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (10.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net proceeds from credit facilities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 49.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 237.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net payments on long-term debt<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (2.3)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net Cash (Used in) Provided by Financing Activities <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (6.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 166.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Effect of exchange rate changes on cash<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3.9)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (13.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (18.0)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 177.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Cash, Cash Equivalents and Restricted Cash at Beginning of Period<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 321.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 216.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Cash, Cash Equivalents and Restricted Cash at End of Period<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 303.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 394.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Reconciliations of Adjusted Net Income to GAAP Net Income and Adjusted Earnings Per Share to GAAP Earnings Per Share:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n The following reconciliation is provided as additional relevant information about the Company’s performance deemed useful to investors.\u00a0 Management believes that the non-GAAP measures of adjusted net income and adjusted diluted earnings per share are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting adjusted net income and adjusted diluted earnings per share is useful to investors as these measures are representative of the Company’s core operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Dollars in millions, except share data)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Three Months Ended
March 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n EPS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n EPS<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Income Attributable to The Timken Company<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 113.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.47<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 80.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.06<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjustments: (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Impairment, restructuring and reorganization charges (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 5.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Corporate pension and other postretirement benefit related expense (3)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Acquisition-related (gain) charges (4)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (0.8)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Property (recoveries) losses and related expenses (5)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (2.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Noncontrolling interest of above adjustments<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Provision for income taxes (6)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (12.1)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (2.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total Adjustments:<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (6.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (0.09)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.05<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted Net Income Attributable to The Timken Company<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 106.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.38<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 84.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.11<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup> Adjustments are pre-tax, with the net tax provision listed separately.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (2)<\/sup> Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants; (iii) severance related to cost reduction initiatives and (iv) related depreciation and amortization. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges.\u00a0However, management believes these actions are not representative of the Company’s core operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (3)<\/sup> Corporate pension and other postretirement benefit related expense represents actuarial losses and (gains) that resulted from the remeasurement of plan assets and obligations as a result of changes in assumptions or experience. The Company recognizes actuarial losses and (gains) in connection with the annual remeasurement in the fourth quarter, or if specific events trigger a remeasurement. Refer to the Retirement Benefit Plans and Other Postretirement Benefit Plans footnotes within the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q for additional discussion.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (4)<\/sup> The acquisition-related (gain) charges represent measurement period adjustments to the bargain purchase gain on the acquisition of the assets of Aurora that closed on November 30, 2020, as well as acquisition transaction costs and the inventory step-up impact.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (5)<\/sup> Represents property loss and related expenses during the period presented (net of insurance recoveries received in 2020) resulting from property loss that occurred during the first quarter of 2019 at one of the Company’s warehouses in Knoxville, Tennessee and during the third quarter of 2019 at one of the Company’s warehouses in Yantai, China.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (6)<\/sup> Provision for income taxes includes the net tax impact on pre-tax adjustments (listed above), the impact of discrete tax items recorded during the respective periods as well as other adjustments to reflect the use of one overall effective tax rate on adjusted pre-tax income in interim periods.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Reconciliation of EBITDA to GAAP Net Income, EBITDA Margin to Net Income as a Percentage of Sales, and EBITDA Margin, After Adjustments, to Net Income as a Percentage of Sales, and EBITDA, After Adjustments, to Net Income:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n The following reconciliation is provided as additional relevant information about the Company’s performance deemed useful to investors. \u00a0Management believes consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP measure that is useful to investors as it is representative of the Company’s performance and that it is appropriate to compare GAAP net income to consolidated EBITDA. Management also believes that adjusted EBITDA, adjusted EBITDA margin and EBITDA margin are useful to investors as they are representative of the Company’s core operations and are used in the management of the business, including decisions concerning the allocation of resources and assessment of performance.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Dollars in millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Three Months Ended
March 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Percentage
to
Net Sales<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n Percentage
to
Net Sales<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 116.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 11.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 84.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.1<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Provision for income taxes<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 25.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 29.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 14.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 17.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (0.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 43.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 42.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Consolidated EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 198.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 19.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 171.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.6<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjustments:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Impairment, restructuring and reorganization charges (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Corporate pension and other postretirement benefit related expense (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Acquisition-related (gain) charges (3)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (0.8)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Property (recoveries) losses and related expenses (4)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (2.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0Total Adjustments<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 5.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 0.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 5.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.6<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 203.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 19.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 177.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.2<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup> Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants; and (iii) severance related to cost reduction initiatives. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges.\u00a0However, management believes these actions are not representative of the Company’s core operations.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (2)<\/sup> Corporate pension and other postretirement benefit related expense represents actuarial losses and (gains) that resulted from the remeasurement of plan assets and obligations as a result of changes in assumptions or experience. The Company recognizes actuarial losses and (gains) in connection with the annual remeasurement in the fourth quarter, or if specific events trigger a remeasurement. Refer to the Retirement Benefit Plans and Other Postretirement Benefit Plans footnotes within the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q for additional discussion.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (3)<\/sup> The acquisition-related (gain) charges represent measurement period adjustments to the bargain purchase gain on the acquisition of the assets of Aurora that closed on November 30, 2020, as well as acquisition transaction costs and the inventory step-up impact.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (4)<\/sup> Represents property loss and related expenses during the period presented (net of insurance recoveries received in 2020) resulting from property loss that occurred during the first quarter of 2019 at one of the Company’s warehouses in Knoxville, Tennessee and during the third quarter of 2019 at one of the Company’s warehouses in Yantai, China.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Reconciliation of segment EBITDA Margin, After Adjustments, to segment EBITDA as a Percentage of Sales and segment EBITDA, After Adjustments, to segment EBITDA:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n The following reconciliation is provided as additional relevant information about the Company’s Mobile Industries and Process Industries segment performance deemed useful to investors. Management believes that non-GAAP measures of adjusted EBITDA and adjusted EBITDA margin for the segments are useful to investors as they are representative of each segment’s core operations and are used in the management of the business, including decisions concerning the allocation of resources and assessment of performance.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Mobile Industries<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Three Months Ended
March 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Dollars in millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Percentage
to Net
Sales<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n Percentage
to Net
Sales<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings before interest, taxes, depreciation and amortization (EBITDA)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 79.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 75.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.1<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0Impairment, restructuring and reorganization charges (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Acquisition-related charges (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Property (recoveries) losses and related expenses (3)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (2.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 80.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 76.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.3<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Process Industries<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Three Months Ended
March 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Dollars in millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Percentage
to Net
Sales<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n Percentage
to Net
Sales<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings before interest, taxes, depreciation and amortization (EBITDA)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 131.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 25.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 107.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23.5<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0Impairment, restructuring and reorganization charges (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Acquisition-related charges (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 135.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 26.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 111.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 24.4<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup> Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants; and (iii) severance related to cost reduction initiatives. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges.\u00a0However, management believes these actions are not representative of the Company’s core operations.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (2)<\/sup> The acquisition-related charges represent the inventory step-up impact.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (3)<\/sup> Represents property loss and related expenses during the period presented (net of insurance recoveries received in 2020) resulting from property loss that occurred during the first quarter of 2019 at one of the Company’s warehouses in Knoxville, Tennessee and during the third quarter of 2019 at one of the Company’s warehouses in Yantai, China.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Reconciliation of Total Debt to Net Debt, the Ratio of Net Debt to Capital, and the Ratio of Net Debt to Adjusted EBITDA:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n These reconciliations are provided as additional relevant information about the Company’s financial position deemed useful to investors. Capital, used for the ratio of net debt to capital, is a non-GAAP measure defined as total debt less cash and cash equivalents plus total shareholders’ equity. Management believes Net Debt, the Ratio of Net Debt to Capital, Adjusted EBITDA (see below), and the Ratio of Net Debt to Adjusted EBITDA are important measures of the Company’s financial position, due to the amount of cash and cash equivalents on hand. The Company presents net debt to adjusted EBITDA because it believes it is more representative of the Company’s financial position as it is reflective of the ability to cover its net debt obligations with results from its core operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Dollars in millions) <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n March 31,
2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n December 31,
2020<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Short-term debt, including current portion of long-term debt<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 178.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 130.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Long-term debt<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,423.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,433.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Total Debt<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,602.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,564.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Less: Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (302.3)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (320.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net Debt<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,299.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,244.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Total Equity<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2,250.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,225.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Ratio of Net Debt to Capital<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 36.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 35.9<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted EBITDA for the Twelve Months Ended<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 685.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 658.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Ratio of Net Debt to Adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Reconciliation of Free Cash Flow to GAAP Net Cash Provided by Operating Activities:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Management believes that free cash flow is a non-GAAP measure that is useful to investors because it is a meaningful indicator of cash generated from operating activities available for the execution of its business strategy.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Dollars in millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n Three Months Ended March 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2020<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net cash provided by operating activities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 31.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 56.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Less: capital expenditures<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (29.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (31.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Free cash flow<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 24.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Reconciliation of EBITDA, After Adjustments, to GAAP Net Income:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n The following reconciliation is provided as additional relevant information about the Company’s performance deemed useful to investors. Management believes consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP measure that is useful to investors as it is representative of the Company’s performance and that it is appropriate to compare GAAP net income to consolidated EBITDA. Management also believes that the non-GAAP measure of adjusted EBITDA is useful to investors as it is representative of the Company’s core operations and is used in the management of the business, including decisions concerning the allocation of resources and assessment of performance.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Dollars in millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Twelve Months Ended
March 31, 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Twelve Months Ended
December 31, 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 324.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 292.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Provision for income taxes<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 99.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 103.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 65.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 67.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Interest income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (2.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 167.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 167.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Consolidated EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 654.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 627.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Adjustments:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Impairment, restructuring and reorganization charges (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 26.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 25.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Corporate pension and other postretirement benefit related expense (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 19.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Acquisition-related charges (3)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Acquisition-related gain (4)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (11.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (11.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Gain on sale of real estate<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (0.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Property (recoveries) losses and related expenses (5)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3.3)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Tax indemnification and related items<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0Total Adjustments<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 31.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 685.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 658.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup> Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants and (iii) severance related to cost reduction initiatives. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges.\u00a0 However, management believes these actions are not representative of the Company’s core operations.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (2)<\/sup> Corporate pension and other postretirement benefit related expense represents actuarial (gains) and losses that resulted from the remeasurement of plan assets and obligations as a result of changes in assumptions or experience. The Company recognizes actuarial (gains) and losses in connection with the annual remeasurement in the fourth quarter, or if specific events trigger a remeasurement.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (3)<\/sup> The acquisition-related charges represent transaction costs and the inventory step-up impact.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (4)<\/sup> The acquisition-related gain represents a bargain purchase gain on the acquisition of the assets of Aurora that closed on November 30, 2020.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (5)<\/sup> Represents property loss and related expenses during the periods presented (net of insurance recoveries received in 2020) resulting from property loss that occurred during the first quarter of 2019 at one of the Company’s warehouses in Knoxville, Tennessee and during the third quarter of 2019 at one of the Company’s warehouses in Yantai, China.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Reconciliation of Adjusted Earnings per Share to GAAP Earnings per Share for Full Year 2021 Outlook:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n The following reconciliation is provided as additional relevant information about the Company’s outlook deemed useful to investors.\u00a0Forecasted full year adjusted diluted earnings per share is an important financial measure that management believes is useful to investors as it is representative of the Company’s expectation for the performance of its core business operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Low End
Earnings
Per Share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n High End
Earnings
Per Share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Forecasted full year GAAP diluted earnings per share<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.00<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.30<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Forecasted Adjustments:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Restructuring and other special items, net (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 0.15<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.15<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total Adjustments:<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.15<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.15<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Forecasted full year adjusted diluted earnings per share<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.15<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.45<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup> Restructuring and other special items, net do not include the impact of any potential mark-to-market pension and other postretirement remeasurement adjustments, because the amounts will not be known until incurred.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Reconciliation of Free Cash Flow to GAAP Net Cash Provided by Operating Activities for Full Year 2021 Outlook:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Forecasted full year free cash flow is a non-GAAP measure that is useful to investors because it is representative of the Company’s expectation of cash that will be generated from operating activities and available for the execution of its business strategy.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Dollars in Millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Low End Free
Cash Flow<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n High End Free
Cash Flow<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net cash provided by operating activities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 475.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 500.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Less: capital expenditures<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (150.0)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (150.0)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Free cash flow<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 325.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 350.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Reconciliations of Adjusted Net Income to GAAP Net Income and Adjusted Earnings Per Share to GAAP Earnings Per Share:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n The following reconciliation is provided as additional relevant information about the Company’s performance deemed useful to investors.\u00a0Management believes that the non-GAAP measures of adjusted net income and adjusted diluted earnings per share are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting adjusted net income and adjusted diluted earnings per share is useful to investors as these measures are representative of the Company’s core operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Dollars in millions, except share data)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Twelve Months Ended
December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n EPS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Income Attributable to The Timken Company<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 284.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3.72<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjustments: (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Impairment, restructuring and reorganization charges (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 29.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Property (recoveries) losses and related expenses (3)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (5.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Acquisition-related charges (4)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Acquisition-related gain (5)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (11.1)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Gain on sale of real estate<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (0.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Corporate pension and other postretirement benefit related expense (6)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 18.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Tax indemnification and related items<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 0.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Noncontrolling interest of above adjustments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (0.1)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0Provision for income taxes (7)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (6.0)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total Adjustments:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 28.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 0.38<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted Net Income Attributable to The Timken Company<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 313.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4.10<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup> Adjustments are pre-tax, with the net tax provision listed separately.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (2)<\/sup> Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants; (iii) severance related to cost reduction initiatives and (iv) related depreciation and amortization. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges.\u00a0 However, management believes these actions are not representative of the Company’s core operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (3)<\/sup> Represents property loss and related expenses during the periods presented (net of insurance recoveries received in 2020) resulting from property loss that occurred during the first quarter of 2019 at one of the Company’s warehouses in Knoxville, Tennessee and during the third quarter of 2019 at one of the Company’s warehouses in Yantai, China.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (4)<\/sup> The acquisition-related charges represent acquisition transaction costs and the inventory step-up impact.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (5)<\/sup> The acquisition-related gain represents a bargain purchase price gain on the acquisition of the assets of Aurora that closed on November 30, 2020.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (6)<\/sup> Corporate pension and other postretirement benefit related expense (income) represents actuarial losses and (gains) that resulted from the remeasurement of plan assets and obligations as a result of changes in assumptions or experience. The Company recognizes actuarial losses and (gains) in connection with the annual remeasurement in the fourth quarter, or if specific events trigger a remeasurement. Refer to the Retirement Benefit Plans and Other Postretirement Benefit Plans footnotes within the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q for additional discussion.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (7)<\/sup> Provision for income taxes includes the net tax impact on pre-tax adjustments (listed above), the impact of discrete tax items recorded during the respective periods as well as other adjustments to reflect the use of one overall effective tax rate on adjusted pre-tax income in interim periods.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

<\/p>\n

\u00a0<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/timken-reports-record-first-quarter-2021-results-raises-full-year-outlook-301278392.html<\/a><\/p>\n

SOURCE The Timken Company<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

– Posted record sales of $1.03 billion, up 11 percent from last year – Delivered strong earnings per diluted share of $1.47 on a GAAP basis, with record adjusted earnings per diluted share of $1.38 – Raises earnings outlook on strengthening markets; now expects 2021 earnings per diluted share of $5.00-$5.30 on a GAAP basis, with adjusted EPS of $5.15 to $5.45 PR Newswire NORTH CANTON, Ohio, April 28, 2021 \/PRNewswire\/ —\u00a0The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products,\u00a0today reported first-quarter 2021 sales of\u00a0$1.03\u00a0billion, up 11 percent from the same period a year ago. The increase was driven by organic growth across most end-market sectors led by renewable energy and off-highway, … <\/p>\n

Continue reading “Timken Reports Record First-Quarter 2021 Results; Raises Full-Year Outlook”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-483013","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nTimken Reports Record First-Quarter 2021 Results; Raises Full-Year Outlook - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/timken-reports-record-first-quarter-2021-results-raises-full-year-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Timken Reports Record First-Quarter 2021 Results; Raises Full-Year Outlook - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"– Posted record sales of $1.03 billion, up 11 percent from last year – Delivered strong earnings per diluted share of $1.47 on a GAAP basis, with record adjusted earnings per diluted share of $1.38 – Raises earnings outlook on strengthening markets; now expects 2021 earnings per diluted share of $5.00-$5.30 on a GAAP basis, with adjusted EPS of $5.15 to $5.45 PR Newswire NORTH CANTON, Ohio, April 28, 2021 \/PRNewswire\/ —\u00a0The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products,\u00a0today reported first-quarter 2021 sales of\u00a0$1.03\u00a0billion, up 11 percent from the same period a year ago. 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