Timken Raises 2Q, Full-Year Earnings Estimates
Jul 21, 2008 1:34 PM
The Timken Company announced estimated second-quarter 2008 earnings per diluted share of approximately $0.92. Excluding the impact of special items, the company estimates second-quarter earnings per diluted share of approximately $0.96. This compares favorably with the company's previous estimate for the second quarter of 2008 of $0.73 to $0.83 per share, excluding special items.
The difference between reported and adjusted earnings per diluted share is due primarily to manufacturing rationalization, impairment and restructuring charges, net of tax. Second-quarter performance benefited from the company's ability to capitalize on strong industrial markets, with higher volume, improved mix and better execution more than offsetting the impact of declining automotive demand.
"We continue to build momentum as we shift the company's profile toward attractive global industrial market sectors where demand remains at historically high levels," said James W. Griffith, Timken's president and chief executive officer. "As we improve our ability to leverage this strong demand with business process improvements, better execution and new capacity, we expect to achieve record earnings in 2008."
The company increased its full-year 2008 earnings estimate to $2.95 to $3.10 per diluted share, excluding special items, up from its previous estimate of $2.75 to $2.95 per share. Timken expects continued strong global industrial demand to more than offset weakness in North American automotive markets.
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