Timken Raises Earnings Outlook; Company to Announce Quarterly Results April 19
Resource from: CBCC Likes:2945
Apr 01,2005
CANTON, Ohio, March 31 /PRNewswire-FirstCall/ -- The Timken Company (NYSE: TKR) today announced increased earnings expectations for the first quarter and full year, based on strong industrial market demand, price increases, raw material surcharges and increased productivity. The company estimates earnings per diluted share of $0.57 to $0.62 for the first quarter of 2005 and $2.05 to $2.20 for the full year, excluding special items. The company's previous estimates were $0.38 to $0.43 per diluted share for the first quarter and $1.70 to $1.85 for the full year, excluding special items.
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Said James W. Griffith, president and CEO: "The strength of the global industrial market is continuing into 2005, and the company continues to leverage this volume and improve earnings performance. The recent slowdown in North American light vehicle production has been more than offset by strong industrial markets. We are seeing stronger-than-expected sales volume within our Steel Group, especially in the general industrial, oil and aerospace end markets. Annual contracts with Steel Group customers have provided for price increases and improved surcharge mechanisms."
The company will announce its 2005 first quarter financial results on April 19, 2005, prior to the opening of the New York Stock Exchange. The financial results will be available through the Internet at www.timken.com. The company will host a conference call that day for investors and securities analysts to discuss the financial results.
Conference Call: Tuesday, April 19, 2005
3:00 p.m. Eastern Time
All Callers Live Dial-In: 706-634-0975
(Call in 10 minutes prior to be included)
Replay Dial-In through April 26, 2005: 706-645-9291
Conference ID: 3420178
Live Webcast: www.timken.com
The Timken Company (www.timken.com) is a leading global manufacturer of highly engineered bearings and alloy steels and a provider of related products and services with operations in 27 countries. The company reported record sales of $4.5 billion in 2004 and employed approximately 26,000 at year-end.
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