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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
09/01/201508:20:00Timken Completes Acquisition of Belts Business, Further Expanding...
08/13/201516:34:51Statement of Changes in Beneficial Ownership (4)
08/13/201516:30:58Initial Statement of Beneficial Ownership (3)
08/13/201516:27:04Current Report Filing (8-k)
08/13/201511:09:00Timken Declares Quarterly Dividend of 26 Cents Per Share
08/13/201511:08:00Timken Board of Directors Elects James F. Palmer, Retired CFO...
08/10/201511:32:29Automatic Shelf Registration Statement of Securities of Well-known...
08/04/201509:12:00Timken to Present at Jefferies Industrials Conference
08/03/201512:02:50Current Report Filing (8-k)
08/03/201509:00:00Timken to Acquire Carlstar Belts Business, Further Expanding...
07/30/201518:02:42Quarterly Report (10-q)
07/30/201508:54:11Current Report Filing (8-k)
07/30/201507:21:00Timken Reports Second-Quarter Results, Updates Outlook
07/13/201517:04:00Timken to Announce Second Quarter 2015 Financial Results on July...
06/29/201513:49:57Annual Report of Employee Stock Plans (11-k)
06/29/201513:37:12Annual Report of Employee Stock Plans (11-k)
06/29/201513:27:21Annual Report of Employee Stock Plans (11-k)
06/24/201507:30:00Timken Researchers Address Critical Issue for Wind Turbine Operators
06/23/201516:52:53Current Report Filing (8-k)
06/03/201513:54:00Timken to Present at Stifel Industrials Investor Conference

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