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Tuesday, May 7, 3:58 PM Timken Company (TKR) declares $0.23/share quarterly dividend, in line with previous. Forward yield 1.63%. For shareholders of record May 17. Payable June 04. Ex-div date May 15. (PR) Comment! [Dividends]
Tuesday, May 7, 11:03 AM 53% of voting shareholders supported CalSTRS and Relational Investors' proposal to spinoff Timken's (TKR +2.8%) steel business, an idea the company has repeatedly criticized for undervaluing synergies and being generally "misguided" (I, II, III). The proposal received the support of proxy advisory firm Glass Lewis & Co. last month and many believe the combined market cap of the two separate firms (bearings and steel) would be greater than that of the conglomerate. The proposal is non-binding and TKR says it will "evaluate" shareholders' views and "take steps" within 45 days. All 12 board members were re-elected. Comment! [On the Move]
Friday, April 26, 7:39 AM Timken (TKR) sends a letter to shareholders after proxy advisory firm Glass Lewis & Co. sides with CalSTRS and Relational Investors in the battle to split the company. "The simple fact is that our integrated business model is working," TKR says. The firm's "tremendous competitive advantage in the marketplace" stems from "deep synergies between [the] Steel and Bearings & Power Transmission businesses." Every vote is important, TKR stresses. Comment!
Thursday, April 25, 11:24 AM Proxy advisory firm Glass Lewis & Co. says CalSTRS and Relational Investors' proposal to spinoff Timken's (TKR +0.2%) steel business (I, II, III) "provides a … compelling quantitative case, backed by cogent and thoroughly explained analyses," while TKR's own analysis applies "questionable methodologies." The firm recommends shareholders vote for the proposal. (See also: TKR says integrated business model sustains margins) Comment!
Wednesday, April 24, 8:04 AM More on Timken's (TKR) Q1: Weak end market demand (particularly in oil and gas) contributed to a 23% Y/Y decrease in revenue and higher manufacturing costs hurt profits which already faced tough compares from Q1 2012. Orders improved as the quarter wore on leading the company to reaffirm its FY outlook ($3.75-4.05 per share). The obligatory plug for keeping the company's conglomerate structure intact: despite low levels of capacity utilization, double-digit operating margins were sustained thanks to the company's "integrated business model" and focus on "driving efficiencies across our business" (read: synergies). Comment! [Earnings]
Wednesday, April 24, 7:36 AM Timken (TKR): Q1 EPS of $0.8 beats by $0.01. Revenue of $1.1B misses by $0.07B. (PR) Comment! [Earnings, Breaking News]
Wednesday, April 24, 12:05 AM Notable earnings before Wednesday’s open: ABB, ABX, ASH, ATI, AVY, BA, BYD, CFR, CKSW, COR, CP, CS, CVE, DPS, EDU, ELN, EMN, ERIC, F, FDML, GD, GLW, GRA, HCBK, HES, ICON, LAD, LL, LLY, LO, MDCO, MSI, MTH, NDAQ, NOC, NS, NVS, NYCB, OC, OCR, OSIS, PG, PLD, PX, RES, ROK, S, SO, SVU, TEL, TKR, TMO, TROW, TUP, USG, VLY, VMED, WAB, WHR, WLP, WM, WYN Comment! [Earnings]
Tuesday, April 23, 5:30 PM Notable earnings before Wednesday’s open: ABB, ABX, ASH, ATI, AVY, BA, BYD, CFR, CKSW, COR, CP, CS, CVE, DPS, EDU, ELN, EMN, ERIC, F, FDML, GD, GLW, GRA, HCBK, HES, ICON, LAD, LL, LLY, LO, MDCO, MSI, MTH, NDAQ, NOC, NS, NVS, NYCB, OC, OCR, OSIS, PG, PLD, PX, RES, ROK, S, SO, SVU, TEL, TKR, TMO, TROW, TUP, USG, VLY, VMED, WAB, WHR, WLP, WM, WYN Comment! [Earnings]
Tuesday, April 16, 4:06 PM No surprise here: CalSTRS will vote against all members of Timken's (TKR) Nominating and Corporate Governance Committee and against John M Timken Jr. at the company's shareholders meeting next month. CalSTRS decision stems from the ongoing dispute (I, II, III) between it and Relational Investors on one side and TKR on the other regarding a proposed spinoff of the company's steel business, something TKR calls "misguided." The plan is clearly "the best way to eliminate the conglomerate discount" the market assigns to TKR's shares, CalSTRS said Tuesday. 1 Comment
Monday, April 15, 5:25 PM Timken (TKR) sends letter to shareholders after comments from CalSTRS and Relational Investors. TKR says spinoff proposal "demonstrates fundamental lack of understanding of the integrated strategy driving the company's success." Research and operating strengths are "leveraged and shared" across segments. TKR also highlights comments from the Street which seem to support keeping the company's conglomerate structure intact. Comment!
Monday, April 15, 10:48 AM The latest salvo in the Timken (TKR -2.8%) spinoff battle: CalSTRS and Relational Investors say shareholders are "deprived of true value"; conglomerate structure only benefits "family-dominated Board"; TKR "has dramatically underperformed" peers in both the specialty steel and bearings businesses; TKR "cherry-picks metrics" and relies for comparison on "inappropriate peer groups." TKR contends lost synergies and transaction charges show the proposal to spinoff its steel business is "misguided." Comment!
Friday, April 12, 9:44 AM Timken (TKR -0.7%) acquires electric motor repair outfit Smith Services for an undisclosed sum. Smith had sales of $17M last year. TKR says the purchase adds "additional industrial service capabilities." Meanwhile, Relational Investors and CalSTRS say a proposal to spinoff TKR's steel business poses no downside risks and is in fact not binding which is why, they say, shareholders should vote 'yes.' Comment! [M&A]
Tuesday, April 2, 4:20 PM Timken (TKR) falls more than 1% for the second day in a row after the company sends letter to shareholders encouraging them to vote against a proposal to spinoff the firm's steel business. In the letter, Timken says CalSTRS and Relational Investors' plan to split the company is "misguided" and would only create "illusory short-term gains through financial engineering." Comment!
Monday, April 1, 1:21 PM Timken (TKR -1.3%) says a plan to spinoff its steel business proposed by CalSTRS and Relational Investors (who, between them, own 7.28% of the company's shares) is flawed. The company claims the proposal fails to account for $200M in transaction charges and $60-80M in "lost annual synergies." Timken has launched a website explaining why investors should vote against the proposed split. Comment!
Thursday, January 24, 8:29 AM Timken (TKR): Q4 EPS of $0.78 beats by $0.16. Revenue of $1.08B in-line. (PR) Comment! [Earnings, Breaking News]
Thursday, January 24, 12:10 AM Notable earnings after Thursday’s close: CPHD, CRUS, ED, EGHT, ETFC, FLEX, INFA, JBHT, JNPR, KLAC, MSFT, MXIM, QLGC, RMBS, RMD, SBUX, SCSS, SXL, SYNA, T, TKR, TPX, VRSN 1 Comment [Earnings]

TKR Timken Co.

TKR

Timken Co.