April 19, 2006 — The Timken Co. increased its estimate for 2006 first quarter earnings per diluted share to approximately $0.70, up from $0.63 per diluted share for the same period a year ago. Excluding the impact of special items, the company estimates 2006 first quarter earnings per diluted share of $0.71, compared to $0.64 for last year's first quarter.

The company’s revised estimate compares favorably with its previous first quarter 2006 estimate of $0.55 to $0.60 per diluted share, excluding special items. The difference between reported and adjusted earnings is due primarily to manufacturing rationalization charges.

"We are seeing continued strong demand from industrial markets. This has translated into better-than-expected first quarter performance in our steel business. The steel group benefited from a combination of strength in aerospace and energy-related markets, high capacity utilization and productivity and a lower-than-expected increase in natural gas costs," said James W. Griffith, Timken President and CEO.

As a result of its first quarter performance, the company has increased its earnings estimate for the full year to $2.80 to $2.95 per diluted share, excluding special items. The company's prior earnings estimate for 2006 was $2.65 to $2.80 per diluted share, excluding special items.