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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