We're a global company with more than a century of experience serving industrial markets.

We have a strong and established position in North America and a growing position in other regions of the world, with an emphasis on the emerging markets.

We've built our reputation by designing products that solve our customers' most difficult challenges.

And while bearings remain the legacy of our business and the core of all that we do, in recent years, we've expanded our portfolio through acquisition and innovation. Today, our enhanced portfolio includes adjacent products that allow us to serve customers more fully.

These power transmission products include gears and drives, automatic lubrication systems, couplings, belts and chain, and linear motion systems.

Like our bearings, these products improve the performance and reliability of industrial machinery, on and off-highway vehicles, and applications like wind turbines, solar panels, and aircraft.

We are a supplier of choice for leading original equipment manufacturers, and we help us reach end-users around the world. Our growing portfolio, technical innovation, problem-solving approach, and industry-leading customer service are advancing our leadership position and driving unprecedented financial performance.

Timken's business is organized around two operating segments: mobile industries and process industries.

Mobile industries serve customers in the oil, heavy truck, and aerospace sectors, while process industries serve customers in the general and heavy industrial space, like metals and oil and gas, and also renewable energy like wind and solar.

This segment also includes our industrial distribution and services business. While both segments run double-digit EBIT margins, those margins are higher in process industries because we have higher distribution and aftermarket revenue in this segment.

We focus on the premium end of the market, where we can differentiate and where the barriers to entry are the highest.

We're not the biggest bearing company in the world, and quite frankly, we don't want to be.

We believe the diversity of our portfolio and business is a differentiating strength.

Our size allows us to be selective in the applications and market sectors where we participate, but still, it provides ample headroom for us to be able to continue to grow and expand margins. One of our biggest advantages is our end market mix.

We serve a diverse and fragmented set of industrial markets, as well as newer and higher growth markets like renewable energy and robotics.

We believe this mix is one of the most attractive in the industrial space.

Going forward, we'll keep looking to enter new markets wherever it makes sense in order to drive value.

Another advantage is our split of sales between engineered bearings and adjacent power transmission products and services.

With our long history in bearings, it's no surprise that these still account for two-thirds of our total sales.

But our power transmission product lines are catching up, especially thanks to recent acquisitions like Beca Lubrication, Rolon, and Kone Drive, which are all highly complementary to our portfolio. Also important is our split of revenue between original equipment and aftermarket.

We focus on having a large global installed base so that we can service our customers with replacement parts through the life cycle of the equipment.

This gives us recurring revenue at higher margins than traditional OEM revenue.

We're focused on growing our industrial leadership position.

To do that, our strategy is threefold.

The first element is growth.

We want to grow profitably and faster than our underlying markets, and we're doing that by being the leader in product technology, innovation, and customer service. The second element is operational excellence.

We continuously focus on improving our operating efficiency to expand margins and help facilitate growth.

We've also developed a systematic approach to streamlining and modernizing our manufacturing footprint and integrating acquisitions.

The third and final element is capital deployment.

We're generating strong cash flow, and we're going to deploy our capital to drive the highest possible returns for shareholders by investing in organic growth through CapEx and R&D, by making acquisitions to expand our reach, and by continuing to return capital to shareholders through our attractive dividend and ongoing share buybacks, and all while in the markets we serve. Our customers consistently turn to us for our knowledge and reliability, and we're working closely with them to engineer the next generation of industrial equipment.

We're a trusted business partner, and wherever we do business, we operate with ethics and integrity.

We've built a portfolio of strong brands.

Our product technology is cutting edge, and our innovation pipeline is expanding.

Our management team and our associates are delivering results globally, and we have the track record to back it up. Our strategy is working, and we're focused on winning with customers and delivering strong financial performance that endures.

We're advancing Timken as a global industrial leader, and we've never been stronger or better positioned to deliver profitable growth and shareholder value for years to come.