Timken revenue beats as demand for industrial parts rises

Resource from: Reuters Likes:255

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)

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