Timken Ups Outlook
Timken announced increased earnings expectations for the first quarter and full year, based on strong industrial market demand, price increases, raw material surcharges and increased productivity.
The company estimates earnings per diluted share of $0.57 to $0.62 for the first quarter of 2005 and $2.05 to $2.20 for the full year, excluding special items. The company’s previous estimates were $0.38 to $0.43 per diluted share for the first quarter and $1.70 to $1.85 for the full year, excluding special items.
Said James W. Griffith, president and CEO: “The strength of the global industrial market is continuing into 2005, and the company continues to leverage this volume and improve earnings performance. The recent slowdown in North American light vehicle production has been more than offset by strong industrial markets. We are seeing stronger-than-expected sales volume within our Steel Group, especially in the general industrial, oil and aerospace end markets. Annual contracts with Steel Group customers have provided for price increases and improved surcharge mechanisms.”
The company will announce its 2005 first quarter financial results on April 19, 2005, prior to the opening of the New York Stock Exchange.
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