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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; [email protected]

Stock News for Timken (TKR)
01/19/201709:15:00Timken to Announce Fourth-Quarter and Full-Year 2016 Financial...
12/01/201608:30:00Timken Expands Product Lines, Updates Catalogs for Housed Units...
11/11/201610:50:00Timken Declares Quarterly Dividend of 26 Cents Per Share
11/01/201616:37:00Timken Acquires EDT Corp., Further Expanding Its Portfolio Of...
11/01/201607:54:39Initial Statement of Beneficial Ownership (3)
10/27/201615:12:32Quarterly Report (10-q)
10/27/201606:57:39Current Report Filing (8-k)
10/27/201606:51:00Timken Reports Third-Quarter 2016 Results
10/25/201613:00:00Timken to Participate in Goldman Sachs Industrials Investor Conference
10/05/201611:30:00Timken to Announce Third-Quarter 2016 Financial Results on October...
09/13/201616:32:46Current Report Filing (8-k)
09/13/201611:00:00Shelly M. Chadwick Named Vice President - Finance and Chief Accounting...
08/29/201616:40:35Statement of Changes in Beneficial Ownership (4)
08/24/201616:48:16Statement of Changes in Beneficial Ownership (4)
08/05/201614:59:52Statement of Changes in Beneficial Ownership (4)
08/02/201611:01:00Timken Declares Quarterly Dividend of 26 Cents Per Share
07/28/201613:55:14Quarterly Report (10-q)
07/28/201607:47:15Current Report Filing (8-k)
07/28/201606:51:00Timken Reports Second-Quarter 2016 Results
07/08/201608:16:00Mathew W. Happach Named President of Lovejoy, Inc.

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