Release time : 2015-06-11 13:51:09
The Timken Company (NYSE: TKR) raised its estimate for third-quarter 2008 earnings per diluted share, excluding special items, to $1.00 to $1.10, above its prior estimate for the quarter of $0.65 to $0.75 per share. During the third quarter, Timken benefited from continued strong global industrial demand and its capacity-expansion initiatives, as well as declining scrap prices and resulting lower LIFO charges.
???Our investments in new industrial capacity in rapidly growing global markets and our ability to recover high raw-material costs have pushed our performance well beyond our own expectations for the quarter,??? said James W. Griffith, Timken???s president and chief executive officer. ???Despite continued challenges in automotive markets and softening in some sectors of the global economy, we expect record full-year earnings in 2008 and with our improved execution to carry that momentum forward into 2009.???
The company increased its full-year 2008 earnings estimate to $3.30 to $3.45 per diluted share, excluding special items, up from its previous estimate of $2.95 to $3.10 per diluted share, excluding special items. The company is maintaining its implied fourth-quarter earnings estimate of $0.52 to $0.57 per diluted share, excluding special items, reflecting strength in industrial markets, weakness in automotive markets, seasonal plant shutdowns and the timing of recovery of raw-material costs, which are expected to remain at historically high levels.
Timken will announce its complete quarterly financial results before the New York Stock Exchange opens for trading on Oct. 24.
Conference Call Information
The company will host a conference call for investors and analysts today to discuss financial results.
Friday, Oct. 24, 2008
9 a.m. Eastern Time
800-344-0593 or 706-634-0975
(Call in 10 minutes prior to be included.)
Conference ID: 24735640
Replay Dial-In through Nov. 3, 2008:
800-642-1687 or 706-645-9291
About The Timken Company
The Timken Company (NYSE: TKR, www.timken.com) keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers to perform faster and more efficiently. With sales of $5.2 billion in 2007, operations in 27 countries and approximately 25,000 employees, Timken is Where You Turn? for better performance.