Timken Raises Earnings Outlook
04/02/2004 -
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Timken Raises Earnings Outlook
April 2, 2004 — The Timken Co. announced increased earnings expectations for the first quarter and full year based on improved company operations.
The company expects earnings per diluted share of $0.25 to $0.30 for the first quarter of 2004 and $1.00 to $1.10 for the year, excluding special items. Previous estimates were $0.15 to $0.20 per diluted share for the first quarter and $0.85 to $1.00 for the year, excluding special items.
Sales have been strong in several Industrial Group segments, including construction and agriculture. The Automotive Group performance reflects continued manufacturing improvements and strong sales. The Steel Group is also benefiting from increased demand by industrial customers. Changes to the company's surcharge provisions to offset increases in scrap prices are also proving effective.
"While we had planned for our end markets to improve during the year, we are pleased to see this occurring earlier than expected. We remain confident that as the economic recovery continues to materialize, our rationalization efforts and the Torrington acquisition have positioned us well to leverage an upturn," said James W. Griffith, President and CEO.
The Timken Co. is a leading global manufacturer of highly engineered bearings and alloy steels and a provider of related products and services with operations in 29 countries. A Fortune 500 company, Timken recorded 2003 sales of $3.8 billion and employed approximately 26,000 at year-end.
