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TIMKEN Timken Reports Record First - Quarter 2021 Results ; Raises Full - Year Outlook • Posted record sales of $ 1.03 billion , up 11 percent from last year Delivered strong earnings per diluted share of $ 1.47 on a GAAP basis , with record adjusted earnings per diluted share of $ 1.38 • Raises earnings outlook on strengthening markets ; now expects 2021 earnings per diluted share of $ 5.00- $ 5.30 on a GAAP basis , with adjusted EPS of $ 5.15 to $ 5.45 NORTH CANTON , Ohio : April 28 , 2021 The Timken Company ( NYSE : TKR ; www.timken.com ) , a global industrial leader in engineered bearings and power transmission products , today reported first - quarter 2021 sales of $ 1.03 billion , up 11 percent from the same period a year ago . The increase was driven by organic growth across most end- market sectors led by renewable energy and off - highway , as well as the benefit of currency translation and the Aurora Bearing acquisition . First quarter sales were up 15 percent from the fourth quarter . Timken posted net income of $ 113.3 million or $ 1.47 per diluted share in the first quarter , versus net income of $ 80.7 million or $ 1.06 per diluted share for the same period a year ago . The year - over - year increase was primarily driven by higher volume , favorable manufacturing performance and lower selling , general and administrative ( SG & A ) expenses , partially offset by unfavorable mix and higher material and logistics costs . The current period also benefited from a lower tax rate driven by discrete tax benefits . Excluding special items ( detailed in the attached tables ) , adjusted net income in the first quarter was $ 106.7 million or a record $ 1.38 per diluted share , versus adjusted net income of $ 84.7 million or $ 1.11 per diluted share for the same period in 2020 . During the quarter , Timken returned $ 50.1 million of cash to shareholders with the payment of its 395th consecutive quarterly dividend and the repurchase of 350 thousand shares of company stock . The company ended the first quarter with net debt to adjusted earnings before interest , taxes , depreciation and amortization ( EBITDA ) at 1.9 times . " We posted an outstanding first quarter , achieving double - digit revenue growth , margin expansion and record adjusted earnings per share despite supply chain challenges and cost headwinds , " said Richard G. Kyle , Timken president and chief executive officer . " Our strong operational execution and diverse , market - leading portfolio are delivering record results , while we continue to invest in our long - term profitable growth . " First - Quarter 2021 Segment Results Process Industries sales of $ 520.9 million increased 14.1 percent from the same period a year ago . The increase was driven mainly by organic growth in the renewable energy , distribution and general industrial sectors and the benefit of currency translation , offset partially by lower marine revenue . EBITDA for the quarter was $ 131.0 million or 25.1 percent of sales , compared with EBITDA of $ 107.5 million or 23.5 percent of sales for the same period a year ago . The increase in EBITDA was driven primarily by higher volume , favorable manufacturing performance , lower SG & A expenses and the benefit of currency , partially offset by unfavorable mix and higher material and logistics costs . 1