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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
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...
03/07/201608:15:00Timken Selected for Sixth Time as One of World's Most Ethical...
03/03/201616:35:29Proxy Statement - Notice of Shareholders Meeting (preliminary...
02/24/201611:11:46Securities Registration: Employee Benefit Plan (s-8)
02/18/201615:48:54Statement of Changes in Beneficial Ownership (4)
02/18/201610:00:00Timken Awards Scholarships To 17 Children of Employees Around...
02/17/201615:29:37Amended Statement of Changes in Beneficial Ownership (4/a)
02/17/201615:29:08Amended Statement of Changes in Beneficial Ownership (4/a)
02/17/201615:29:08Amended Statement of Changes in Beneficial Ownership (4/a)
02/16/201608:46:02Statement of Changes in Beneficial Ownership (4)
02/16/201608:45:32Statement of Changes in Beneficial Ownership (4)
02/16/201608:45:06Statement of Changes in Beneficial Ownership (4)
02/16/201608:45:06Statement of Changes in Beneficial Ownership (4)
02/16/201608:44:42Statement of Changes in Beneficial Ownership (4)
02/15/201617:48:00Timken Receives Gear Contract From U.S. Department of Defense

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