Timken Co. posts second quarter gains
Resource from: http://www.indeonline.com/news/20180731/timken-co-posts-second-quarter-gains Likes:183
Aug 01,2018
Timken Co. reported improved earnings and revenue for the second quarter, and raised its earnings outlook for the rest of the year.
JACKSON TWP. Timken Co. saw improved profits and sales during the second quarter and raised its projected outcome for the rest of the year.
The company had profits of $91 million, or $1.16 per share, for the quarter that ended June 30. That’s up 10 percent from $82.5 million, or $1.04 per share, last year. Net sales jumped 20.7 percent to $906.3 million compared with $750.8 million for the second quarter of 2017.
Through the first six months, Timken profits have jumped 42.8 percent to $172.4 million, or $2.17 per share, compared with $120.7 million, or $1.53 per share, last year. Net sales climbed 23.4 percent to $1.79 billion compared with $1.45 billion during the 2017 first half.
The company said it benefited from higher volume, favorable pricing and product mix, manufacturing performance and revenue from acquisitions the company has made in recent years.
Acquisitions will continue adding to Timken’s revenue and profits, Richard G. Kyle, Timken president and chief executive officer, told stock market analysts during a conference call Tuesday morning. The new operations are growing and contributing at a high rate, Kyle said, adding that the company is “excited to build on this successful track record.”
The company announced last week it would acquire Cone Drive, a gear maker based in Michigan, and Rollon, an Italian company that makes linear motion products. Timken expects to complete the acquisition of Cone Drive and of ABC Bearing Ltd., based in India, in August, and close the Rollon purchase in September.
Timken also has seen growth in its existing business. “As a result, we posted significant revenue gains, expanded operating margins and reported record earnings per share,” Kyle said in a statement.
The results prompted Timken to project annual earnings per share will range from $4.10 to $4.20, which at the midpoint represents an increase of 58 percent from 2017, Kyle said. “We continue to see strong growth in our markets and are successfully capturing new business,” he said.
Timken has benefited from tax cuts and doesn’t expect to be negatively impacted by tariffs, Kyle said.
little raw steel into the United States. It does expect domestic steel prices to rise in 2019, but expects to recover the increase through pricing and other actions. Bearings and other components are among products subject to U.S. tariffs, but Timken expects only a small direct impact.
The company's two business segments both have seen increased sales and the trend is expected to continue through the rest of the year.
"We're getting indications the year is going to finish strong and (next year will) start off positively as well," Kyle told analysts.
Investors had a positive reaction to Timken's results, closing at $49.25, up $3.25 during Tuesday's trading.
(http://www.indeonline.com/news/20180731/timken-co-posts-second-quarter-gains)
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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.
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