Timken Raises Quarterly Dividend to 34 Cents Per Share, Marking 11 Years of Increases
NORTH CANTON, Ohio, May 3, 2024 /PRNewswire/ -- The board of directors of The Timken Company (NYSE: TKR; www.timken.com), a global technology leader in engineered bearings and industrial motion, today approved a 3 percent increase in the company's quarterly cash dividend, raising it to 34 cents per share. The dividend is payable on May 28, 2024, to shareholders of record as of May 14, 2024.
"We're proud to extend Timken's annual dividend increases to 11 straight years," said Richard G. Kyle, Timken president and chief executive officer. "Our board's commitment to growing the dividend over time with earnings reflects the confidence we have in our long-term strategy, and today's increase is a direct result of our ability to consistently deliver strong and growing financial results. Steadily growing the dividend remains an important part of our disciplined capital allocation strategy."
Timken has paid a dividend on its common shares every quarter since its original listing on the New York Stock Exchange (NYSE) in 1922. The upcoming dividend represents 408 consecutive quarters, one of the longest-running dividend streaks among NYSE-listed companies.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com), a global technology leader in engineered bearings and industrial motion, designs a growing portfolio of next-generation products for diverse industries. For 125 years, Timken has used its specialized expertise to innovate and create customer-centric solutions that increase reliability and efficiency. Timken posted $4.8 billion in sales in 2023 and employs more than 19,000 people globally, operating from 45 countries. Timken is one of the World's Most Innovative Companies, according to Fast Company, and has been recognized among America's Most Responsible Companies and America's Greatest Workplaces for Diversity by Newsweek, the World's Most Ethical Companies® by Ethisphere and America's Most Innovative Companies by Fortune.
Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com
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SOURCE The Timken Company
