July 18, 2006 — The Timken Co. announced estimated 2006 second quarter earnings per diluted share of approximately $0.79, up from $0.73 per diluted share for the same period a year ago.

Excluding the impact of special items, the company estimates 2006 second quarter earnings per diluted share of $0.89, up from the previous estimate of $0.75 to $0.80 per diluted share and above last year's second quarter earnings of $0.77 per diluted share. Timken says the difference between reported and adjusted earnings is due primarily to restructuring and rationalization charges and the impact from asset dispositions.

"We are pleased to deliver another strong quarter for our shareholders," said James W. Griffith, Timken President and CEO. "Our better-than-expected results reflect the continued strength of our industrial markets as well as improved execution. Steel Group performance, in particular, was very good in the second quarter, due to both market demand and productivity gains. Second-quarter results also benefited from lower pension and retiree medical expenses."

Timken continues to expect improved performance in the second half of 2006, and is increasing its earnings estimate for the full year to $3.00 to $3.15 per diluted share, excluding special items. The company's prior earnings estimate for 2006 was $2.80 to $2.95 per diluted share, excluding special items. The company attributes its improved outlook to second quarter 2006 performance and a better outlook for the remainder of the year.