Timken Raises 2nd-Quarter, Full-Year Earnings Estimates
07/22/2008 - The Timken Co. is raising its estimate for second-quarter 2008 earnings to approximately $0.92 per diluted share, a solid improvement over the company’s previous earnings estimates.
The Timken Co. is raising its estimate for second-quarter 2008 earnings to approximately $0.92 per diluted share.
Excluding the impact of special items, the company estimates second-quarter earnings of approximately $0.96 per diluted share, reflecting a significant increase over the company’s previous earnings estimate of $0.73 to $0.83 per share, excluding special items. The company said the difference between reported and adjusted earnings per diluted share is due primarily to manufacturing rationalization, impairment and restructuring charges, net of tax.
According to Timken, second-quarter performance benefited from the company’s ability to capitalize on strong industrial markets, with higher volume, improved mix and better execution more than offsetting the impact of declining automotive demand.
“We continue to build momentum as we shift the company’s profile toward attractive global industrial market sectors where demand remains at historically high levels,” said James W. Griffith, Timken’s President and CEO. “As we improve our ability to leverage this strong demand with business process improvements, better execution and new capacity, we expect to achieve record earnings in 2008.”
The company also increased its full-year 2008 earnings estimate to $2.95 to $3.10 per diluted share, excluding special items, up from its previous estimate of $2.75 to $2.95 per share. Timken expects continued strong global industrial demand to more than offset weakness in North American automotive markets.
Timken will release its second-quarter financial results on July 30.
Timken supplies innovative friction management and power transmission products and services. With sales of $5.2 billion in 2007, operations in 27 countries and approximately 25,000 employees, Timken is Where You Turn™ for better performance.
