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Timken 2Q Net Up 42% On Stronger Demand; Raises Year Forecast

DOW JONES NEWSWIRES Timken Co.'s (TKR) second-quarter earnings rose 42% as stronger demand and surcharges helped drive sales growth, though margins fell slightly. The company raised its full-year earnings estimate to $4.30 to $4.50 a share on revenue growth of 25% to 30%. Its April forecast was $3.80 to $4.10 on revenue growth of 20% to 25%. "We're benefitting from an enhanced portfolio, executing well and have positioned the company to capitalize on attractive global markets," said President and Chief Executive James W. Griffith. The maker of bearings and specialty steel products has seen demand rebound sharply as key buyers in automotive, construction and industrial-equipment increase orders. Timken also has benefited from the Chinese government's stimulus spending and its heavy investments in infrastructure. Earlier this month, the company acquired parts-maker Philadelphia Gear Corp. for $200 million, a move that expands its business in the growing energy and infrastructure sectors. Timken reported a profit of $121.5 million, or $1.22 a share, up from $85.6 million, or 88 cents a share, a year earlier. Last year's earnings from continuing operations were 84 cents. Sales jumped 31% to $1.33 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of $1.14 on revenue of $1.26 billion. Gross margin edged down to 26.4% from 26.5%. Sales in the steel group, which makes steel bars and tubes, soared 49%, aided by surcharges and strong demand, particularly in the oil and gas and industrial market sectors. Mobile industries sales rose 16%, while the aerospace and defense segment reported a 1% increase. Shares closed at $45.35 and were inactive premarket. The stock has risen 48% over the past year. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

Stock News for Timken (TKR)
DateTimeHeadline
03/27/201508:32:27Proxy Statement (definitive) (def 14a)
03/16/201517:17:28Current Report Filing (8-k)
03/16/201509:00:00Timken Awards Scholarships Valued at $540,000 to 17 Children...
03/12/201516:16:52Securities Registration: Business Combination (s-4)
03/11/201506:55:00The ExOne Company Announces Appointment of Hans J. Sack as President
03/10/201507:04:03Post-Spinoff Timken Is An Undervalued Cash Cow
03/09/201514:22:00Timken Selected for Fifth Time as One of World's Most Ethical...
03/04/201512:14:00Timken to Present at Bank of America Merrill Lynch Global Industrials...
03/03/201502:03:36The Timken Company - Has The Spin-Off Really Unlocked Value?
03/02/201516:57:45Annual Report (10-k)
02/24/201515:36:12Statement of Changes in Beneficial Ownership (4)
02/23/201508:52:13Current Report Filing (8-k)
02/23/201508:00:00Richard G. Kyle Elected to Sonoco's Board of Directors
02/19/201513:11:00Timken to Present at Evercore ISI Industrial Investor Conference
02/17/201508:23:46Statement of Changes in Beneficial Ownership (4)
02/17/201508:23:46Statement of Changes in Beneficial Ownership (4)
02/13/201511:55:00Timken Declares Quarterly Dividend of 25 Cents Per Share
02/12/201508:28:18Statement of Ownership (sc 13g)
02/10/201516:51:22Statement of Changes in Beneficial Ownership (4)
02/10/201516:16:05Statement of Changes in Beneficial Ownership (4)

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