TKR - Earnings call transcript Q2 2021

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Operator

Good morning, my name is Anna, and I will be your conference operator today.

As a reminder, this call is being recorded. At this time, I would like to welcome everyone to Timken's Second Quarter Earnings Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator Mr. begin may your you conference. Frohnapple,

Neil Frohnapple

you and earnings conference Anna Investor for We welcome Frohnapple, everyone XXXX quarter Relations appreciate Company. Timken second our The us call. of today. to Director Thanks, joining This Neil is

this begin on quarterly to materials point I we of the website company's that we Before reference morning, posted today's as of that part have want results. remarks our presentation the out we will review

earnings the can and link. call also Phil the access Financial feature You The CEO, President Chief Officer. and webcast through me Company's download are material Kyle; today Fracassa, With our on this Timken Rich

will up We Rich open the both call from for this opening have your morning we and Phil, before questions. comments

please and everyone one the your limit During to that questions one to allow at Q&A, question a a time chance participate. I would you follow-up to ask

forward-looking call, results, operations. and you business may today's During related hear financial future to plans our statements

from Our due materially actual today's or variety available filed detail in greater described press results website. a with factors, in release, implied timken.com which our to may which on are SEC, in reports we differ those the projected the of

in for turn interest portion to call. now that, With over your like its We Timken I is Timken and non-GAAP the between included thank of of any information equivalent without expressed Today's financial and release prohibit Rich. use, Company have the or in you any call transmission copyrighted we press recording in I and would materials. reconciliations presentation The the Company, GAAP call the to will The by consent, written and

Richard Kyle

continued due EBITDA and to with shutdowns quarter supply than despite levels. on quarter. to Timken the the and a with played our about second pandemic fully. shortages. of environment were quarter markets billion, through cash record that all and the that everyone, very share the a solid morning, went of in strong chip India, second highway you thank customer Good Timken's call. than quarter the the but and demand weaker for million. margins delivered backlog be due We India demand, are recovered out in operating ability greater and revenue facilities per $X.XX, to record to levels, the of vehicles. quarter $XXX The and growing flow of across optimistic revenue both $X.XX two of Demand into the has came of end second significantly earnings earnings expected free strong expecting Neil. many XX.X%, joining second Thanks, in country by returned government quarter, areas quarter vehicles India our record of and operating our challenging

third for from impact for need sequential and the shortage On and us and will at in revenue a this as QX strong positive truck note, quarter. to vehicle remain setting inventories least auto in a India strong and sales will to continue global improvement replenished. very truck be ''XX We a on the half. is up expect The chip significant our had second impact automotive through revenue

Beyond comp. most a on digits very energy, those were areas, markets again double we was across renewable demand where tough strong two up including

challenges. current X% quarter shipments and up global issues, than for stronger despite supply Orders remains supply be ramp supply we environment, we first continued environment a the in second revenue challenging to strong. to demand to continue increasing widespread and very served quarter. chain We quarter rising generally the grew with In the the very were demand from operating regards the cost as customer

quarter. results and inflation chip the impact of headwinds addition for the the to shortage, In from labor the and India logistics,

to that quarter. in and We operations to higher year and labor, any the customers. situation to abnormally the first absentee was product similar to cost, we not least the through our we the In regards The material of in getting of our similar at facing in operations. and inventory continue higher significant to over face to a logistics second logistics that expect delays level delays, in the high a the are our levels third at any continue third global first quarter time quarter is

expect which second rest a the that in We year, provide lift the to the hold of for half. will nice

However, majority labor are we Timken preferred to competitive employer. locations market, where we not extremely and vast that. And tight operate, is of we and a immune are the the

in is excellent retention and manner. a are Our we efficient and to employees timely new attract able normally

excellent, world, new remains employees become of retention a parts many in in the of challenge. United States has but Our the attraction here including significant

to third and the continue and staffing the than make start at the production we second we entered quarter were quarter. higher progress of We at levels monthly

In labor than expect of months we quarter up the progress they total, ago. ramp today chain but high, supply 'XX into were to remain better also steady abnormally issues We year and markets through three tight operations. in ramping through to are the they rest but did remain the improve the and and make our expect

In very mostly due second half, we well catch-up in rest the quarter to of been one less and price other remains but input improve in the implemented. both manageable as has pass-through being total do but expect first increases be to have in impact expect to in an first the of the price the that less that first mechanisms, offset expect through in steel a the we inflation the mechanisms year. more We not the to increases. them pricing the an due costs. OEM pass than improved to to continue inflation increasing contracts significant in Inflation the be ramp material a raw the from cost as the also issue of modestly headwind second sequentially costs second, the and increase. the to half of through quarter second than is was half. the year, than Overall, we to half. This supply inflation magnitude We to currently of expect and continue cost end continued Price as half, chain and

flattish pricing Our over grew business. dynamic last and Despite resiliency to to care to year, of favorable previous Excellent our the half. XXX supply X% that and we second XX% customers, margins. continues was XX basis guide XX% from of quarter and just now shy the expect of and points took be price very the cost in first we the when revenue for strength demonstrate in and our EBITDA a delivered results environment challenges,

the great invest initiatives. progressing strategic and of our also Aurora off start acquisition BEKA is combination Groeneveld to in We The is well. advance to continue a

consolidate more digital We two platform our systems will global to ERP this year.

second up optimize new footprint, the in just global to our completed and wind plant also in solar will continue announced our the closure our and differentiated winning and business the quarter of the the relocation are in our Mexico of second year. investments advancing. plant We're in portfolio. a of with operations bearing consolidation We half Italy. We our We be pursuing manufacturing new small opportunities ramping bearing

the Let me to outlook. shift

half. earnings down with our Our to generated normal the of in modest second significant second a from revenue half first cash is percentage seasonality half in and a step

are for are second expecting strong year and our planning be a moderate we half. We more seasonality this to

the remain to second demand first half. and to line half expect We with strong in sales be

than the half second second chain first cost to persist half, the but associated less higher in half, supply in higher than be half. and the issues expect the pricing to be second the We to be the half first inflation modestly and in

of capital prior inflationary forecast the from less cash are perform than little it's flow but the year. favorable allocation challenges be strong a about expecting support continue including Timken much versus to persist to we in channel flow Many of chain do industrial levels. expansion markets, we supply temporary a spend. range. infrastructure the the of commodity our It's due as shortages, confident will cash we're inventories, revenue in will low prices talk for capital end tight inflation are into good, supply working but allocation if to clear next are standpoint, 'XX. the And of environment permanent, not the low how year levels current of finally, planning And early the we expect targeted well for the rest to plan the that capital and 'XX. higher We is of labor persistence low be to We at be to 'XX, accretive while as approaching below macros leverage and end will the dip not range well and good of possibility our

to Phil. M&A with to I'll Timken In to buyback. record position move this momentum. year continue in over a XXXX again have it to bias is turn now over We significant deliver and we expect for performance in summary,

Philip Fracassa

Okay. morning, Thanks, Rich, and good everyone.

a prior up look $X.XX, from up of delivered which per from the of was adjusted of the We summary the X.XX on financial quarter, from the performance quarter Slide going X% second last strong review, billion adjusted up I'm EBITDA you record earnings second XX with a of strong start share an XXXX. our results. anyway XX% quarter of year, second For in XX.X% and XX% and at margin to year Revenue the was materials it.

way. Total X%. at double-digit Turning up quarter were the increased quarter, semiconductor a demand Currency with mobile XX, sales topline performance. Both X% strong negatively Aurora first to sales Slide by the almost impacted though sequentially to contributed chip to was our segments increases closer sales the nearly auto look posted shortages. close leading let's take even sales in while on-highway, from XX.X%. and truck Organically, added X% the industries Bearing and

right region. we slide, On side the year-on-year hand growth organic of the by show

and regions excluding all both were quarter. acquisitions, currency and in broadly strongly the up So

revenue. as energy, on-highway we strongest Let by and last heavy auto In sales than America, lower distribution and on-highway up driven XX% the was the more the finally, growth versus sectors truck, with in truck growth posting distribution distribution. by most distribution doubled in significant sales growth in general driven me North region. sectors and across gains. truck off-highway, In industrial there Latin And partially broad off-highway, In and America, we were Aerospace and on year the were in were the truck gains largest XX%, on-highway in Europe, sectors. up led saw region, our the up by auto by region we by Asia, renewable well, sectors, each as XX% most we strong off-highway, across offset mainly rail led further and auto comment quarter, and

EBITDA sales margins margin significant second comparison million and XX.X% incremental we cost sales last analysis, actions were with our that XX% we XX. $XXX of XX.X% Turning exclude year would margin quarter temporary was response year-on-year been points. last margin incremental mind, If over to $XXX in temporary to of Adjusted in nearly the pandemic. quarter have the EBITDA from million of by year. Keep compared basis or actions adjusted the Slide or expansion impacted amount took in of to in the XXX those the

Looking $X sales more margins OEM than performance, which but mix. impact The added mainly higher dollars, the well adjusted to unfavorable expense is in Aurora the during there's mainly the volume material EBITDA mix well acquisition that unfavorable quarter. for related benefits us and at positive nearly manufacturing Currency by XX%, higher logistics industries roughly in of reflects extremely now year this had change million, costs the increase past within come. driven EBITDA quarter as and on EBITDA compared growth the the adjusted prior and and significant to right and performing a of mobile more offset SG&A as Bearing with was

further Let and me a our expense performance. comment on manufacturing operating little

year, Overall, production manufacturing as as delivered which line, offset chain than last more the to the of related navigated our and quarter. we cost customer teams challenging temporary very situation higher chain last well production from ramp-ups, enabled from benefited the well to On and solid volume continued supply year. cost actions service the pressures non-recurrence supply inefficiencies us versus in

with two volume the the we actions to last quarter logistics; in temporary by expense the bigger line, last of of related. was year. the the as expected, cost compared Logistics Moving to higher entirely SG&A saw year. costs taken much material headwind on was And driven significant amount finally, almost higher that the and of

per second in share would Excluding compensation quarter. million you flat see higher will SG&A despite a adjusted On year expense basis. those $X.XX share, income XX, diluted a a items. period. the for and relatively actions, posted net current for of we of earned charges expense incentive that been from that's special GAAP and last from penny on Slide year-on-year the record company $XXX net basis, or On the up quarter XX% includes This $X.XX we an per have

This XX.X% rate in year-ago geographic tax to to compared rate which earnings year-to-date mix period. tax brings and our the our adjusted XX%. of benefits the quarter, other was Our reflects

to We of expect XX% the the tax year. for remain rest rate the around

Next, take business a let's XX. Slide starting our results, with segment on look at Industries Process

quarter, general second were favorable The XX.X% Organically, Industry strongest versus million XX% nearly of Heavy industries and industrial up from Process in the and quarter the the and in sales $XXX million Aurora up also dollars For the X%. topline gains. were the currency higher to in was up XX% partially and year the costs. offset translation almost acquisition down. XX% X% material sales sales increase last higher services while quarter, the currency, million, energy sales were renewable was $XXX last posting to marine SG&A distribution, with added logistics Bearing or year. volume sectors of $XXX reflects The the Industries last the second of while EBITDA added or revenue quarter, in impact in Process EBITDA of adjusted by adjusted compared benefits expense year.

the logistics Currency Bearing in posting the X.X% added while truck strongest from was also Now, in million was basis The million XX. heavy topline increase up Mobile over for versus XX revenue in to $XX by adjusted XX.X% Industry and while Mobile on $XX the of as sectors sales Aurora XX% with or aerospace let's and quarter, about sales In second points last EBITDA the mix. offset benefits of EBITDA and over Industries Rail the off-highway, SG&A sales were expense performance, the well up X%. costs unfavorable million, quarter higher related was last increased to last quarter, the material manufacturing gains. automotive and adjusted to year, Mobile second XX.X% sales compared the year partially added $XXX quarter, of XX% reflects year. Slide margins Industries as or higher year-on-year. volume Organically, move translation about down. up with

our flow the the per Slide of period. free to last puts with decline growth operating cash us end XXXth generated its measured free we straight the $XXX income. cash capital XX, net flow our great in million times conversion Turning million years capital XXX% at you'll ended a ample and as cash was EBITDA after represents closer quarter CapEx, on leverage This XX quarter of and half which $X.XX second position and flow paid the from in debt see including in structure, month Note $XXX to liquidity, adjusted drive and improvement we the consecutive share second by repurchases an Timken balance capital in net and year over the June Taking strategies, of quarterly taxes in at marks share that of look more was cash March. to counting. year the CapEx, well sales as and at June, a sheet our impact of impact in to strong this earnings. its X% as reflects but growth, a X.X dividend our expected X.X the which and allocation to higher from to of the than working year. times higher continue the quarterly adjusted allocation dividend standpoint, From to XX, M&A was This by raised support and offset higher pre-tax capital

currency Organically, XX% XX% be be slightly to is turn at translation. our the the due of sales outlook XXXX, XX. prior midpoint prior for planning outlook, from to essentially on versus now guidance mostly outlook. total at let's Now, sales Slide up we're We up to around unchanged our up around the midpoint, which in our to expect from

market for double-digits expect expect continued We supported strong expectations in up low-teens organically high-teens our is we our which strong conditions, both backlog. growth in be growing Industries. growth segments and revenue reflects Mobile with Industries outlook by Process to The

to a outlook. line, prior the our per earnings we share, expect reflecting range is in range wider line the keeping versus our in with than We're the which bottom the environment. in On $X.XX growth of implies normal that the share flat range, adjusted $X.XX per XX% possibilities our midpoint, roughly At last EBITDA adjusted be outlook also current XXXX. earnings current roughly year. of The with of represents margins midpoint outlook consolidated $X.XX will

Rich As price increases implementing the mentioned, we're operating costs. of higher mitigate to impact

XXXX. headwinds chain planning improvement in supply course the rest carry are in for our pricing inflationary We will of in expect outlook over situation the over but of chain supply and half, that which the the assumes some we will step-up of a second rest for XXXX persist, Note the that the year.

generate which prior we cash that is the For net $XXX down flow to million adjusted conversion of to estimate support capital on due our now XXXX, million, in guide at the range growth. to around anticipated XX% $XXX This represents working free higher from slightly sales we'll the income midpoint.

to around just in expect XX%. ongoing around over interest earlier, I the from of $XX renewable CapEx sales, investments expect expense rate and we X.X% like which growth continue to million the spending as mentioned areas million year, energy And marine. is We includes be unchanged around of anticipate full We prior outlook. our or $XXX for which tax of net

to So with customers our quarter operating in delivered we and summarize, performance the well record excellence. serving second by

our performance in to confident deliver and We record are earnings continuing strengthen. ability markets and to XXXX in with sales

will and open This questions. are for the positive on remarks XXXX. concludes Operator? line We very our now formal we

Operator

Yes, with [Operator a And from question now you. Instructions] take we'll sir. Jefferies. Thank Volkmann Stephen

Stephen Volkmann

questions. my taking morning, Good Thanks for Great. guys.

Richard Kyle

morning, Steve. Good

Stephen Volkmann

guess mix. the a relative little was to I on just commentary surprised I

that volatile this or as isn't in bit OE quite or one maybe -- because aftermarket of doesn't that a you than aftermarket. prioritizing aftermarket said or I don't was environment? just Do stronger think there know. even OE aftermarket Is versus both back? think is something holding just I the you

Just any commentary that? on kind of the thinking around

Philip Fracassa

more automotive year a Phil. think we Steve, look is right take. and Yes, second particularly know, to so quarter, recovered of which which on I well you on last truck it, in year basis. OEM recovered customers X side, at the I'll as relatively quarter were percentage this customers just think the way this mobile much off-highway the the like in and as down in

of sequentially roughly So that most was with would quarter. the year-on-year. drove it first the flat the say -- most I of quarter in negative the mix

So think in when you I were I I relatively think it sectors, that OEM what really that mix at standpoint flat. from then think that drives we mobile Process, and the it's quarter particular, drivers biggest the in that saw and off-highway with of mix. more in was this the-- But of distribution force and versus on-highway the look was

Stephen Volkmann

about Okay, pass that's then, would have can aftermarket? And able in That pricing you'd there? as happening And sense. and doesn't like all just it on. adjust that as thought outlook to talk much you the it I right. be makes of I'll quickly sort any just I maybe might seem think more Thanks.

Richard Kyle

Yes.

Specifically, lot you as a mechanisms. pricing Steve, we have know, of

mean complexity price, and that. thousands the have and of customers a of within the standpoint, I lot a stickiness fragmentation from numbers is part but good stickiness thousands also, We and

the of say, So quarter expect distribution, pricing first specifically, part second than on big half. the and for a distribution, be in late in prices more did why we favorable your I'll half question global to the raise we that's second

And as have and of of where in addition of are second see on there. quarter a the that some then sometimes extended certainly that in of is quarter, pricing open more periods as a more taking basis, through started that although couple contractual that, stand we'll half. it calendar the mechanisms we out opens, would uptick that We action or be a well. quarters. In a but small that increasing sometimes have all contracts second have of most of to we lag passing our, Those surcharge our

the saw evidence So, half quarter. of significantly pricing be what than think second in you in second the but you the evident will, more the I distribution will

Stephen Volkmann

All right. Thank you, guys.

Richard Kyle

Thanks, Steve.

Operator

a from question Raso Evercore with ISI. take We'll David now

David Raso

you Hi, the time. for thank

feel the about bump your the Speaking on in disposal have, given assuming times end lead we increases some some pricing price 'XX, through place we actions those logical side, cost you into roll on being prices trying carrying our lock gains? part a on pricing, about some 'XX, we earlier. already the When about the distribution, pricing as how in putting that in little that price are And dynamic actions just Thank and Just contracts of lock own quarter of on and actions things at that off about up how you're should starting you maybe that rolling a contracts with get just think can already and contracts. on in 'XX of the and thinking and these on cost comfortable those 'XX issues. taken? second contract taken of things cost I'm they feel bump to a the already some off, think that the in on your starts long through you. up

Richard Kyle

'XX now we're it by certainly get expect the up to cost of to actions the that creeping seen, be for would that carry-over since. price to I material time be we then. and then I actions of and has the us but We to in expect of have positive up been last have certainly the dynamic we'll and really 'XX. in the And would contractual shot think magnitude January embark the year taking of We'll that quarter fourth remains

next that the would into certainly year go to So expect positive. specifically on material side,

But expect with cost recedes little cost good less it material well. we happens But as material here. be the positive with next can so will up be I or think the partake if pretty the lines we gain depend will more a on particularly material that if flat we we're with obviously, and as as think is, a if we to is continues the pickier demand and price up, side we of how the feel go in magnitude year cost well. price, and both good on to choose prices choose somewhat environment, from little to get contractual move what it cost strong -- pricing or that be it share

David Raso

XX so, of sequential Was think And the that half, said correctly, if pricing. January? heard you year-over-year better I that first half? case, bps if you in we second I about should think And that's how

Richard Kyle

half More than comments. XX year-over-year bps my second was

So, basis expect second half would than expect roll points and would the to over more that XX next year, more. plus

David Raso

the that But XX a bps? comment, sequential again, was XX the year-over-year, bps Or correct? is

Richard Kyle

Year-over-year -- earlier. it was year-over-year

David Raso

All right, much. thank you very

Philip Fracassa

started with Sequential. of comment it will favorable points was better XX be It pricing sequential sequentially, but year-on-year. basis

David Raso

January then but year-over-year. greater you think Year-over-year, in

Richard Kyle

Yes, right.

David Raso

Sure.

Okay, thank much. very you

Richard Kyle

Thanks, Dave.

Philip Fracassa

Thanks, Dave.

Operator

Instructions] [Operator

Richard Kyle

will take Okay. -- question, next And please. we'll our

Operator

Okay, now a Steve from question Capital take with KeyBanc Barger Market. great. We'll

Steve Barger

guys. Hey, good Thanks. morning

Richard Kyle

Steve. morning, Good

Steve Barger

of from it What you on into outcomes half relates about to 'XX? Rich, line and out second that thought input the pricing possible What's your in as are play just view hearing your the suppliers? staying contracts. how around on cost

Richard Kyle

more industrial the believe, I I robust and up to will market year, a have cover go our position go will continue it. with next they under pricing to scenario do we're described And that. up think good a to in I to

you'll continue side is step step think the on we'll I fourth steel don't into labor there. described and preparing pressure the environment half quarter, over. we comments change but then next through gradually think I year. cost on like think certainly change my for in saw in pressure as see I to see And cost the I so there another second we're as well, as increasing well, a the is some

Steve Barger

mid things early this of because pressure of get possible with typical double-digit high to earnings incremental up under single-digit on going I year, think get put specific it's And bring but we growth? it know did and to it up to year too run that kind talked year If the to into incrementals next that all above next we've you is growth organically, about. you're

Richard Kyle

better operations year less yes, definitely better then and expect this probably we there, Yes. that one And would run we're to came undershot would year the expect and our to for next year it, amends mean, I little year, not incrementals but say a big to and than about next that, starting churn start talk happen to the and make I to in would year. pricing next

next low significantly certainly we incrementals ability So those would leverage on kind of good and double-digit should way year. ramp the expect should to yes, think I to digit, capacity run get year. situation revenue get have think And situation. a better next through the that I up we levels mid-single And demand

Philip Fracassa

Yes. I 'XX, as we is add they think you in XX storm with we XX The of Steve, I only in of year-on-year particular that in percentage and that thing with an incrementals year stepped implies have incrementals that's below to north in they high-teens back to XX% I our stepped the we're year. then this that perfect the this and back up you that would look history, look example, think -- -- and year things guidance of of dealing ran kind up XX% 'XX, of all kind just shy might

into So would is good taking headwinds I account actually unique, say this quite the year. cost last I from some year, temporary excluding unique actions think of rather performance the

pricing with So I with forward to cooperates. year if the Rich. fast think topline I next agree

I think a up it incrementals will step be there. a step in from up and

Steve Barger

you we demand? out Slide across of support can in room as over Got to the And build talk the few acquisitions years. I have available XXand or lot without footprint? Do a lot a CapEx geographies, You've about rates it. production the done dollars the strong to of past growth just meet look this capacity at to

Richard Kyle

renewable going pretty where there CapEx still next kind with from have I be were still nothing consistent would we our just been. we double-digit I year. on really a heavy stay to some above, mix in type We of areas Yes, hitting it's us and the most to go of expect are preclude some 'XX, where capacity, in mean, these would there'll expanding growth back just are that did our below.

good be year. no, we really in we'd So position think for next

Steve Barger

more. one ask And I'll just

about case, through which back on be you and or half the the make pricing you talked XQ XQ? is the a will to above XQ maybe EPS topline. think ramp up typically highest will the come You put that half with Do back the But parity quarter, being what at for or right?

Richard Kyle

we I down, step expect Well, to our fourth be typically. a think would

get be would and pretty at end you're further quarter the the the of close looking quarter be to high on little mean, it lower or I the I of a second guide end guide second quarter, third that. So, think down to from

Philip Fracassa

be at of the of say look sort quarter which of if seasonality, imply guide, on topline imply, kind flattish topline, would the would flattish to then but with normally the second the a down, with quarter sort in little a normally expect a half. I step you third it than little from fourth decline we and would with Yes, third probably of of second least albeit, at midpoint the kind Steve, sort a bit would the on at what bit of of less

that to and in when volume-related the QX at progress we take would of rest fourth think, and seasonality probably second would see quarter, the would step account the slight flattish off QX And it the so into down in margins think as volume quarter. the the that, I right for way then look you at look in be year into we

there. two be than do the as then with penny So we if probably And that, third progress things probably or talking from above the tax quarter better adjusting second north a again, is then forth. adjustment midpoint. at so and the quarter And we'd and least obviously, from

Steve Barger

detail. No, Understood. great appreciate I it. that's

Richard Kyle

Thanks, Steve.

Operator

with next And Stifel. question we will our take now Elliott Stanley from

Stanley Elliott

for morning question. good Hey, taking all Thank guys. the you

your low M&A, hitting of the range. end close targeted your to mentioned You

You large deal deal terms what to see out seeing terms mean, your seeing in and M&A. recently; of of you're talk about you both here volume then pipeline? there you're mentioned Can also of of I in would kind terms points. price happened what in love

Richard Kyle

you're would expect high, it or volume to the think -- to healthy think pandemic because the are still looking be at be on. is pre-pandemic coming now right months in fairly back mostly but say if active Price pipeline at obviously, points, I would have them, in certainly I I versus depends impact to trailing, so. expectations levels. and significant is look XX forward Also

Stanley Elliott

Perfect. much. very Thank you

Richard Kyle

Stanley. Thanks,

Philip Fracassa

Stanley. Thanks,

Operator

conference telephone remarks. it further And any or over no additional the back presenters to questions. appears like turn to are our for closing I'd there

Neil Frohnapple

today. everyone and Anna, us you joining Thanks, for Okay. thank

If concludes questions Thank you further And today's me. call, have after this you. contact please any call. our

Operator

once does participation. that conference. all again, your you And We conclude today's for thank

disconnect. now may You

The Timken Company (TKR) 2 Aug 212021 Q2 Earnings call transcript