Timken profit boosted by demand from energy industry

Resource from: Reuters Likes:161

Apr 25,2014

* Sees full-year adj shr $3.60-$3.90 vs. est $3.67 * Expects full-year sales to rise 7 pct * Adj Q1 EPS 88 cents vs. est 79 cents (Adds forecast, background, share price) April 24 (Reuters) - Timken Co reported an 11 percent rise in quarterly profit, beating expectations, as the maker of ball bearings and specialty steel benefited from higher demand by the energy industry. Timken also forecast adjusted earnings of $3.60-$3.90 per share for the whole of 2014. The company expects sales to rise about 7 percent, implying full-year sales of about $4.64 billion. Analysts on average were expecting earnings of $3.67 per share on revenue of $4.57 billion, according to Thomson Reuters I/B/E/S. The company said the results reflect improved shipments to the oil and gas and industrial market sectors, as also higher demand from the wind energy sector. Timken said it expected higher earnings in 2014 compared with 2013, primarily due to higher demand and cost-cutting initiatives. Caterpillar Inc, to which Timken supplies tapered roller bearings, said in January it expected construction equipment sales to rise about 5 percent in 2014. Net income attributable to Timken rose to $83.5 million, or 90 cents per share, for the first quarter ended March 31, from $75.1 million, or 77 cents per share, a year earlier. Excluding items, Timken earned 88 cents per share. Revenue rose 1 percent to $1.10 billion. Analysts were expecting earnings of 79 cents on revenue of $1.12 billion. The company's shares closed at $59.68 on the New York Stock Exchange on Wednesday. They have risen about 4 percent so far this year.

(Reuters)

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