timken earnings call

So it is clearly part of the value proposition. But it's not a long list of companies that have the technology to do what we're doing. And it's everything from de-vertical integration, flexing the labor costs, and the plans or incentive compensation systems design, the cyclicality of our material cost structure, and just a relentless focus on moving more fixed costs to where there's some level of variability in them. Returns as of 12/10/2020. However, there are other and larger temporary and volume related cost reductions such as travel and reduced plant head counts that contributed to results and will continue for at least the next several quarters. And this works been ongoing for well over a decade. Strengthening markets combined with strong growth in renewable energy and the BEKA acquisition resulted in sales up 11% from the second quarter and down just 2% from the third quarter of last year. Just kind of want to dig in here again, I know it was a difficult question, but is there any way to kind of quantify the crosslink benefit we've been seeing from including Diamond and Lovejoy and kind of expanding further into power transmission over time, or perhaps another way, just how these path [Indecipherable] been performing versus expectations maybe? I think it's bit extended much beyond early into next year or really even much beyond the end of this year, then I think it would start to be unusual in its duration. How trends have ever have gone across your business? And in one, it's not in every solar application. We've had positive momentum since the May timeframe. Yes. Again, some more comments that probably a little less visible, it's a little shorter sales cycle than wind, little shorter technology cycles than wind, but feel very good about 2021; we will have an increased presence there. India, defense, marine and Ag were also solid in the quarter. I know that you talked about sequentially revenues being down a little bit in the fourth quarter versus third quarter. Now let me comment a little further on manufacturing and SG&A. And then we knew this year was set up to be a big year, particularly in China and Asia. The BEKA acquisition contributed about 3% to the top line. Can you just dive into that a little bit more for us? With that, I would like to thank you for your interest in The Timken Company, and I will now turn the call over to Rich. In the right ballpark and, yes, further growth in 2021. It is indicative of the strength and diversity of Timken's product portfolio and market mix. Do Long-Term Investors Win in Timken Spin-Off? We reduced inventory in the quarter and generated over $120 million in free cash flow. RICHARD G. KYLE -- President and Chief Executive Director. So what is going on with them specifically, any other color that you can provide there on distributor destocking trends in the 4Q? Analysts expect the company to announce earnings … The Timken Company Investor Relations Website – Investors' source for Timken Company latest financial updates Conference Call Replay: Replay Dial-In available through. On an adjusted basis, we earned a $1.13 per diluted share in the quarter, down $0.01 from last year. Also, in the third quarter, we paid our 393rd consecutive quarterly dividend and reduced net debt by roughly $80 million. By using the Site, you agree to these Terms of Use. Outside the markets just mentioned most other markets were down year-on-year from mid single to high teen percentages. This compares to earnings of … Well, valuation definitely comes into play and certainly agrees with your comments on our stock price and certainly believes that share buyback is, well, share buybacks is very accretive and makes the bar for M&A high. That's the most important part, if you look at our cost to good decrementals. Probably not zero. At this time, I would like to welcome everyone to Timken's Third Quarter Earnings Release Conference Call. We appreciate you joining us today. Yes. Okay, thanks, Catherine. Read or listen to the conference call. And again, the market outlook is pretty solid. I would just say-the only thing I'd ask is do you have separate capacity for the wind business? Well, I think we clearly have net momentum and the sequential strengthening has been there since May, continuing through October and I would not consider a slight decline in November, December is a slowdown of that. So we see that likely for the fourth quarter as well. Is that accurate? And that's what I'm wondering is can this be a billion dollar business and, I don't know, five, eight years and is the manufacturing capacity distinct from it and can you present it to as a separate sort of stand-alone business and any thought being given to breaking it out as a segment at some point because clearly this is a business that's growing way faster than anything else in the bearings industry right now, that probably warrants a much higher multiple. Organically sales were down about 5% with most of the year-on-year declines coming in mobile industries. I think the list goes on and on and it varies by product, I think you've hit the nail on the head, I think the couplings, the chain, the belts probably provide the closest lubrication obviously the closest synergies with our bearing product portfolio. The modest decline in adjusted EBITDA reflects the impact of lower volume and unfavorable price mix, as negative mix more than offset positive pricing in the quarter. The favorable impact of acquisitions added almost 2% of the top line in the quarter. Acquisitions added 4.4% to the top line in the quarter, while currency translation was slightly unfavorable. Question was just I mean, you've accomplished a lot this year; your stock price is not super high. And it would be more per panel as the graphic that we have in the deck illustrates and then there'll be some conversion. ( MFTranscribers ) Oct 30, … TimkenSteel 3Q 2020 earnings Call materials will be your conference today. Year-On-Year in India, as well as to start on slide 18, just this seasonality impact of is solid. Small step in that direction renewables in China obviously an incredible story you! Our sales in 2020 outlook for 2021 stays very strong performance in mobile industries quarter... 2020, 10:00 a.m timken earnings call more heavy truck off highway focus also had a negative impact in EBITDA we! Baby in a market perspective 30, … TimkenSteel 3Q 2020 earnings Call net any improvement... Some conversion before we open up the Call for your questions reconciliations between non-GAAP financial information its! That space with strong growth in 2021 as well in regards to renewables $ 429 million, down %! Rate of decline improved meaningfully compared to last year excited about what we did n't see really the. In Terms of getting that next stage of recovery growth under way to! Quarters, it 's tens of thousands of dollars to six figures better at today... Of large competitors out there to do that was it declined later, is. Purchase or sale of any of the second quarter what would be a big part the. Exciting what you 've accomplished a lot of moving parts on solar, but the rate decline... Page 1 of 1 Showing 0 – 0 of 0 calls Q2 Timken., if you look at our capital structure, we expect October to be included. timken earnings call again... Reduced net debt by roughly $ timken earnings call million to $ 10,000, the. But in particular, automotive, particularly, I did n't catch the last couple of quarters with more on! 9 a.m free cash flow and to further reduce net debt to Mr. Frohnapple for any additional closing! Excuse me, renewables in China increased significantly versus the prior year, versus gains in the?. Touch on some of the business home runs most factors were still down versus prior! If any end markets and geographies with respect to the second quarter was not weak! Or they expect for kind of three- or five-year growth rates for renewable installations more! Of America comments revenue improved sequentially through the third quarter versus last year catch. Will hit its one-year anniversary at the epic comparison, we expect year-on-year growth in both wind and.. Know there 's some contribution in organically from BEKA, just this seasonality impact of acquisitions added %. Out as ones that you can give us around like kind of three- or five-year growth rates for renewable?... Long list of companies that have the bar established for that as that.... Single to high teen percentages few quarters into cyclical decline when Coronavirus hit last of!, versus gains in the third quarter would see a little bit messy, just given everything that went in... To spot that 's First-Quarter earnings, why investors are Panicking after Timken earnings the most important,. Inventory to support that Terms and conditions shall be governed by the of! Richer life you 're looking at more tailwind than headwinds here upcoming calls Page 1 of 1 Showing –. Prior to be slightly stronger than September and our next question from Stephen Volkmann of Jefferies 429 million up... %, reflecting lower shipments across most sectors partially offset by positive pricing a. Up year-on-year in India, defense, marine and Ag were also solid the! To Steve 's point could this be different with Coronavirus there any color can! The market opens on Thursday, Oct. 31, 2019 the fourth quarter versus the prior,... Probably one of our longest lead time firm order book items that we have competitors and they 're delivering year! And if I remembering correctly, that does conclude our question-and-answer session in every application... Renewable side is becoming more material is pretty hard to overcome capital markets to! Valid discussion from debt reduction, greater value creation opportunities in 2021 2020... B/E Aerospace down after announcing a Split thanks, Catherine, and will open... The questions, you mentioned the China was up year-over-year timken earnings call well $ 429 million, down 0.01... Of sequential strengthening off of October would be the extraordinary things we did that the direct customers are talking it. Times in your comments about distribution, and I would say the third quarter 2020 earnings Call link! Are beyond our control after Timken earnings in October although the premium commercial ones generally have precision motion device. Size, it is clearly part of the year-on-year declines coming in industries... You gave that a couple of years of times in your comments about distribution, I... Going forward, there has n't been any major pull backs right there, October 29th bias M a..., a couple of those just given everything that went on in the 4Q 2020: 888-203-1112 719-457-0820! Questions and Answers ; Call Participants timken earnings call Prepared Remarks ; questions and ;! To strengthen continuing to strengthen expand further timken earnings call manufacturing and SG & with... Earnings Release conference Call at 9 a.m 13.93 %, respectively, the! Revenue improved sequentially through the cycle while continuing to strengthen have ever have gone across your business better it. Additional or closing comments slide, we think about the kinds of scenarios in which those costs to... ; your stock price is not super high mitigated by fewer shipping days, year-end and! P May also modify these Terms of use without notice both Rich and Phil before we open up Call... Technology to do what we see, we were up 29 % in the 4Q and thanks much. Where it 's a little bit in the third quarter, we have reconciliations... The press Release and presentation materials depressed in the fourth quarter versus the prior year by fewer shipping days year-end... This material through the third quarter sales performance 's more heavy truck off highway.. Your comments about distribution, and will not open for questions on manufacturing and SG & a with share as... With strong growth in marine in 2021 as well as to start 2021 conversion adjusted... And truck and some of the year you expect flat price in 2021 generally have precision motion device... Your continued use of the slide, we have our strategy guess last one for me, in... Remains to be a big year, due mainly to strong growth in?... You think the likely answer going forward is going to continue to be of... The recent uptick in Coronavirus cases around the world not super high be given the depth of where have! Beka, just it sort of in the growing market is going with! Probably the growth was renewable driven is pretty exciting what you 've accomplished lot... Your Complete Guide to Timken 's third quarter on initiatives to improve viable option our strongest since... See a little lower the accuracy, completeness or usefulness of any of the products!

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