TimkenSteel management projects revenue to increase by 20-25% for full year 2014 over The Timken Company’s Steel Segment’s 2013 revenue, driven by strong demand in the energy and industrial sectors. In addition, management expects that the strength of the balance sheet will enable the company to grow the business, consider share repurchases and take additional steps to generate value for shareholders. The company is targeting a dividend payout ratio of 20-30%, and expects an initial quarterly dividend of $0.13 to $0.15 per share, subject to board approval.
Additional guidance includes:
- Targeted debt/EBITDA of 1.5x to 2.0 times,
- Full-year 2014 expected capital expenditures of $165 million to $175 million, and
- Expected 2015 incremental stand-alone costs to be $40 million to $45 million, including costs transferred from The Timken Company
Source: Press Release, IR Presentation
