Timken cuts FY23 adjusted EPS view to $6.85-$6.95 from $7.00-$7.50

Consensus $7.10. Cuts FY23 revenue view to up 5%-5.5% from up 9.5%, consensus $4.85B. “We have updated our outlook to reflect softer end-market demand conditions and our expectation for continued channel inventory reductions in the fourth quarter,” said Kyle. “We are taking steps to bring costs in line with the expected volume levels and deliver a solid finish to the year. We remain on track for 2023 to mark all-time record sales and earnings with another year of improved margins. And we remain committed to advancing our long-term strategy to scale Timken as a diversified industrial leader and consistently grow the revenue and earnings of the company.”