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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
11/15/201309:10:30Caxton Associates LP 3Q 13F: Largest Eliminations
11/15/201309:10:28Caxton Associates LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:10:27Caxton Associates LP 3Q 13F: Holdings As Of Sep 30
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:39:34Kingdon Capital Management 3Q 13F: Holdings As Of -2-
11/15/201308:39:34Kingdon Capital Management 3Q 13F: Largest Purchases
11/15/201308:39:33Kingdon Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep -2-
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201307:07:21Two Sigma Investments 3Q 13F: Holdings As Of Sep 30
11/15/201307:07:21Two Sigma Investments 3Q 13F: Holdings As Of Sep -2-
11/15/201306:57:24Millennium Management 3Q 13F: Holdings As Of Sep -2-
11/15/201306:57:23Millennium Management 3Q 13F: Holdings As Of Sep 30
11/15/201306:39:13CR Intrinsic Investors 3Q 13F: Largest Purchases
11/15/201306:39:13CR Intrinsic Investors 3Q 13F: Holdings As Of Sep -2-
11/15/201306:39:13CR Intrinsic Investors 3Q 13F: Holdings As Of Sep 30
11/15/201306:39:13CR Intrinsic Investors 3Q 13F: Largest Purchases -2-
11/14/201307:21:26GAMCO Asset Management Inc. 3Q 13F: Largest Purchases
11/14/201307:21:26GAMCO Asset Management Inc. 3Q 13F: Largest -2-

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