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TIMKEN Timken Reports Third - Quarter 2021 Results Sales of $ 1.04 billion , up 16 percent from last year Earnings per diluted share of $ 1.14 on a GAAP basis ; adjusted earnings per diluted share of $ 1.18 Backlog and orders remain strong ; Company expects robust demand environment and significant price realization in 2022 NORTH CANTON , Ohio : November 1 , 2021 The Timken Company ( NYSE : TKR ; www.timken.com ) , a global industrial leader in engineered bearings and power transmission products , today reported third - quarter 2021 sales of $ 1.04 billion , up 16 percent from the same period a year ago , and 13 percent higher than the previous record third quarter . The increase was driven by organic growth across most end - market sectors led by industrial distribution and off - highway , higher pricing and the benefit of currency translation and acquisitions . Timken posted net income of $ 88.1 million or $ 1.14 per diluted share in the third quarter , versus net income of $ 88.8 million or $ 1.16 per diluted share for the same period a year ago . The slight year - over - year decline was primarily driven by higher operating costs and the net unfavorable impact of pension remeasurement and restructuring charges , which were mostly offset by the impact of higher volume and related manufacturing utilization , positive price / mix , a lower tax rate and favorable currency . Excluding special items ( detailed in the attached tables ) , adjusted net income in the third quarter was $ 91.0 million or $ 1.18 per diluted share , a record for the third quarter , versus adjusted net income of $ 86.4 million or $ 1.13 per diluted share for the same period in 2020 . Net cash from operations for the third quarter was $ 105.8 million , and free cash flow was $ 62.7 million . During the quarter , Timken returned $ 53.1 million of cash to shareholders with the payment of its 397th consecutive quarterly dividend and the repurchase of 400 thousand shares of company stock . Timken also completed the acquisition of Intelligent Machine Solutions ( iMS ) , which expands the company's growing linear motion portfolio . Timken ended the third quarter with a strong balance sheet ; financial leverage as measured by net debt to adjusted earnings before interest , taxes , depreciation and amortization ( EBITDA ) was 1.6 times as of September 30 , 2021 . " In the third quarter , Timken responded to the strong market demand and achieved double - digit revenue growth compared to the prior year despite the challenging operating environment , " said Richard G. Kyle , Timken president and chief executive officer . " While our performance was impacted by supply chain disruptions , inflation and higher costs to serve customers , we stayed focused on winning new business and advancing our strategic initiatives . " 1