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TIMKEN • Timken Reports Strong Second - Quarter 2021 Results Posted record sales of $ 1.06 billion , up 32 percent from last year Delivered earnings per diluted share of $ 1.36 on a GAAP basis , with adjusted earnings per diluted share of $ 1.37 Generated strong cash from operations of $ 147 million and free cash flow of $ 116 million Maintains earnings outlook ; expects 2021 GAAP earnings per diluted share of $ 5.00 to $ 5.30 and adjusted earnings per diluted share of $ 5.15 to $ 5.45 - NORTH CANTON , Ohio : August 2 , 2021 The Timken Company ( NYSE : TKR ; www.timken.com ) , a global industrial leader in engineered bearings and power transmission products , today reported second - quarter 2021 sales of $ 1.06 billion , up 32.3 percent from the same period a year ago . The increase was driven by strong organic growth across most end - market sectors , as well as the benefit of currency translation and the Aurora Bearing acquisition . Second - quarter sales were up nearly 4 percent from the first quarter of 2021 . Timken posted net income of $ 104.8 million or $ 1.36 per diluted share in the second quarter , versus net income of $ 61.9 million or $ 0.82 per diluted share for the same period a year ago . The year - over - year increase was primarily driven by the impact of higher volume , favorable manufacturing performance and the benefit of currency , partially offset by higher selling , general and administrative ( SG & A ) expenses , higher material and logistics costs and unfavorable mix . The current period also benefited from lower restructuring and pension remeasurement charges and a lower tax rate versus last year . Excluding special items ( detailed in the attached tables ) , adjusted net income in the second quarter was $ 106.1 million or $ 1.37 per diluted share , versus adjusted net income of $ 77.0 million or $ 1.02 per diluted share for the same period in 2020 . Net cash from operations for the second quarter was $ 147.1 million , and free cash flow was $ 116 million . The company ended the second quarter with net debt to adjusted earnings before interest , taxes , depreciation and amortization ( EBITDA ) at 1.7 times . In addition , Timken raised its quarterly dividend by 3 percent to $ 0.30 per share and paid its 396th consecutive quarterly dividend in June . " Timken achieved record revenue in the second quarter , " said Richard G. Kyle , Timken president and chief executive officer . " While the strong demand created supply chain and logistics challenges globally , we successfully navigated the situation and grew revenue by four percent above our record first quarter . We served our customers well , continued to win new business and delivered solid operating performance . Markets strengthened further as we moved through the quarter , as evidenced by the increase in our backlog . " 1