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Timken 4Q Loss Narrows Amid Cost Cuts, Higher Prices

DOW JONES NEWSWIRES Timken Co.'s (TKR) fourth-quarter loss narrowed as the company benefited from better pricing, cost cutting and lower material expenses. The maker of bearings and specialty steel products also projected 2010 earnings of 85 cents to $1.15 a share and sees sales rising 5% to 10%, driven by stronger steel shipments as customers are expected to rebuild inventory levels. Analysts surveyed by Thomson Reuters expected earnings of $1.07 per share on sales of $3.37 billion, or up 9%. Timken has been cutting costs amid an industrywide slump in steel demand among its key buyers, including the automotive, construction and industrial-equipment sectors. Late last year, the company completed the sale of its needle roller bearings business to Japan's JTEKT Corp. (6473.TO), receiving $330 million from the transaction. On Tuesday, Timken reported a loss of $20.2 million, or 21 cents a share, compared with a year-earlier loss of $36.2 million, or 37 cents a share. Excluding write-downs in the latest quarter and other impacts, earnings surged to 40 cents from 7 cents. Revenue tumbled 29% to $774.6 million. Wall Street expected earnings of 8 cents on revenue of $727 million. Gross margin grew to 22.4% from 16.2%. Sales in the bearings and transmission group, its largest business, were down 18% although profit jumped 50%. Sales also fell in all of its other units. Shares closed Monday at $24.10 and were inactive in premarket trading. -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

Stock News for Timken (TKR)
DateTimeHeadline
05/25/201617:20:06Statement of Changes in Beneficial Ownership (4)
05/12/201613:15:32Initial Statement of Beneficial Ownership (3)
05/11/201616:23:36Statement of Changes in Beneficial Ownership (4)
05/11/201616:18:46Statement of Changes in Beneficial Ownership (4)
05/10/201617:11:53Current Report Filing (8-k)
05/10/201617:11:00Statement of Changes in Beneficial Ownership (4)
05/10/201617:11:00Statement of Changes in Beneficial Ownership (4)
05/10/201617:10:33Statement of Changes in Beneficial Ownership (4)
05/10/201617:10:33Statement of Changes in Beneficial Ownership (4)
05/10/201617:10:06Statement of Changes in Beneficial Ownership (4)
05/10/201617:09:42Statement of Changes in Beneficial Ownership (4)
05/10/201617:09:14Statement of Changes in Beneficial Ownership (4)
05/10/201617:08:48Statement of Changes in Beneficial Ownership (4)
05/10/201610:16:00Timken Declares Quarterly Dividend of 26 Cents Per Share
04/27/201608:00:56Current Report Filing (8-k)
04/27/201606:41:00Timken Reports First-Quarter 2016 Results
04/06/201608:00:00Timken to Announce First-Quarter 2016 Financial Results on April...
04/04/201616:34:13Current Report Filing (8-k)
03/22/201616:30:00The Timken Company's Annual Meeting of Shareholders to be Held...
03/08/201608:12:00Timken to Present at the Bank of America Merrill Lynch Global...

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