Your location:  Home  >  Bearing News  >  
<<  Back

Timken revenue beats as demand for industrial parts rises

Resource from:  Reuters Likes:222
Oct 29,2014
Oct 28 (Reuters) - Timken Co, a maker of ball bearings and gearboxes, reported a better-than expected rise in quarterly revenue, driven mainly by higher sales in its process industries business. Sales in the unit, which makes bearings and power transmission components for industrial machinery and equipment, rose 16 percent in the third quarter as the company gained market share in the wind energy sector. Timken's shares rose as much as 3.5 percent in early trading. The company said it expected full-year 2014 sales in the unit to grow by about 11 percent. Process industries sales fell 8 percent to $1.2 billion last year, hurt by lower demand. Net sales rose 7.7 percent to $788 million in the third quarter ended Sept. 30, beating the average analyst estimate of $783.1 million, according to Thomson Reuters I/B/E/S. Timken reported a net loss attributable to the company of $14.8 million, or 16 cents per share, hurt by $91 million in impairment and restructuring charges. Excluding these items, the company earned a profit of 77 cents per share. Timken said earlier this month that it would restructure its aerospace business, which accounts for about 10 percent of total sales, citing a weak performance. The company said it would include the unit in its mobile industries business from the current quarter. Timken narrowed its full-year 2014 earnings forecast range to $2.45-$2.55 per share from $2.40-$2.60. Analysts on average expected the company to earn $2.50 per share. The company's shares were up about 2 percent at $42.22 on the New York Stock Exchange. Up to Monday's close, the stock had risen 5 percent this year.
(Reuters)
【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.
Previous  Zero-Max Load Adaptors Connect Pump Impellers in Underwater Applications
Next  Aug 17 Bearing Steel Price in Different Regions of China

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.