Timken Raises Earnings Outlook - aftermarketNews

Timken Raises Earnings Outlook

Timken announced today it has 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 now estimates earnings per diluted share of 57 to 62 cents 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 38 to 43 cents per diluted share for the first quarter and $1.70 to $1.85 for the full year, excluding special items.

Timken Raises Earnings Outlook

Canton, Ohio-based Timken has increased earnings expectations for the first quarter and full year based on an improvement in company operations. The company expects earnings per diluted share of 25 cents to 30 cents for the first quarter of 2004 and $1 to $1.10 for the year, excluding special items. The company's previous estimates were 15 cents to 20 cents per diluted share for the first quarter and 85 cents to $1 for the year, excluding special items.

CANTON, OHIO– Timken announced today it has 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 now estimates earnings per diluted share of 57 to 62 cents 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 38 to 43 cents per diluted share for the first quarter and $1.70 to $1.85 for the full year, excluding special items.

Commenting on the increase, James Griffith, president and CEO, said: “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.”

Timken will announce quarterly results on April 19.

For more information about Timken, go to: www.timken.com.

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CANTON, OH — Canton, Ohio-based Timken has increased earnings expectations for the first quarter and full year based on an improvement in company operations.

The company expects earnings per diluted share of 25 cents to 30 cents for the first quarter of 2004 and $1 to $1.10 for the year, excluding special items. The company’s previous estimates were 15 cents to 20 cents per diluted share for the first quarter and 85 cents to $1 for the year, excluding special items.

“While we had planned for our end markets to improve during the year, we are pleased to see this occurring earlier than expected,” said James Griffith, Timken president and CEO. “We remain confident that as the economic recovery continues to materialize, our rationalization efforts and the Torrington acquisition have positioned us well to leverage an upturn.”

The company reported that sales have been strong in several of its Industrial Group segments, including construction and agriculture and that the Steel Group is also benefiting from increased demand by industrial customers. In addition, changes to the company’s surcharge provisions to offset increases in scrap prices are proving effective. Performance in the Automotive Group reflects continued manufacturing improvements and strong sales, said the company.

For more information about Timken, go to: www.timken.com.

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