Your location:  Home  >  Bearing News  >  
<<  Back

Timken Pre-Announces Earnings Rise for First Quarter 2004

Resource from:  www.ebearing.com Likes:2966
Apr 13,2004
The Timken Company (USA) pre-announced first quarter 2004 earnings, estimated at USD $0.25 to $0.30 per share (approximately $25 million), up from the previous forecast of $0.15 to $0.20 per share (approximately $16.5 million). For the full year 2004, Timken said it has now raised its forecast earnings from the range of $0.85 to $1.00 per share, up to $1.00 to $1.10 per share. Timken will announce first quarter 2004 operating results on April 22, 2004. Several factors are working to help results. While the company's steel business had been suffering from high scrap costs -- a universal problem for steelmakers as insatiable scrap demand from China's steelmakers drives up prices -- the scrap surcharges it began putting in place toward the end of 2003 are now bearing fruit. Demand is also up, the higher capacity utilization helping boost both absorption and manufacturing efficiency. For bearings, Timken said it is seeing strong sales in construction and agricultural markets. The Automotive Group results are picking up, traceable to both stronger sales and improvements on the manufacturing side. Jim Griffith, President and CEO, said, "While we had planned for our end markets to improve during the year, we are pleased to see this occurring earlier than expected. 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."
(www.ebearing.com)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.