NORTH CANTON, Ohio - The Timken Company (NYSE: NYSE:TKR), known for its engineering bearings and industrial motion products and currently valued at $5.4 billion in market capitalization, has expanded its Board of Directors with the appointment of Kimberly K. Ryan, effective today. Ryan's election brings the total number of board members to 13. According to InvestingPro analysis, Timken maintains strong financial health with a "Good" overall rating and has consistently raised its dividend for 11 consecutive years.
Currently serving as the president and CEO of Hillenbrand, Inc. (NYSE: NYSE:HI), Ryan has been at the helm of the global industrial company since 2021. Her tenure at Hillenbrand includes leadership of Coperion, its largest business, from 2015 to 2021. Ryan's career began at Batesville, a former Hillenbrand subsidiary, in 1989, where she ascended through various roles in finance, strategy, operations, and more.
John M. Timken, Jr., Chairman of The Timken Company, praised Ryan's appointment, citing her broad industrial experience and executive leadership as valuable assets to the board. As a new board member, Ryan will contribute to the Compensation and Audit committees.
Ryan's academic background includes a bachelor's degree in business administration and accounting from Iowa State University. She is also active in the broader business community, holding positions on the National Association of Manufacturers Board of Directors and the Dean's Advisory Council at Iowa State University's Ivy School of Business.
The Timken Company, with a history spanning over 125 years, reported sales of $4.8 billion in 2023 and employs approximately 19,000 people worldwide. The company currently trades below its InvestingPro Fair Value, with a healthy current ratio of 3.0 and strong profitability metrics. For deeper insights into Timken's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, covering over 1,400 US stocks. This news is based on a press release statement.
In other recent news, Timken has seen notable changes as analysts from Citi and Evercore ISI upgraded the company's stock. Citi moved Timken from Neutral to Buy, setting a new price target of $90, citing the potential industrial rebound in 2025 and the company's attractive valuation. Evercore ISI also upgraded Timken from In Line to Outperform, with a revised price target of $91, highlighting the potential for restructuring under the new CEO.
In terms of financial performance, Timken reported a 1.4% year-over-year decline in revenue to $1.13 billion in its Q3 earnings call. Adjusted EBITDA margins also decreased to 16.9%, and earnings per share dropped from $1.55 to $1.23. These changes were attributed to lower volumes and increased logistics costs. The company revised its full-year 2024 revenue outlook to a 4% decrease and expects an adjusted EPS between $5.55 and $5.65.
Timken also closed the acquisition of CGI, strengthening its position in the medical robotics and automation sector. The company has initiated cost-reduction efforts, including facility rationalizations and workforce reductions. These recent developments reflect Timken's commitment to maintaining competitiveness and growth amidst current market uncertainties.
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