Timken Profits Miss Expectations

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Feb 10,2006

Timken Co.’s fourth-quarter profits fell short of expectations, hurt by obsolete inventory write-offs, rising manufacturing costs and increased reserves set aside for automotive industry credit exposure. Fourth-quarter net income for the Canton-based steel and ball bearings maker rose 47% to $94.8 million, or $1.01 per share, from earnings of $64.4 million, or 71 cents per share in the like quarter a year ago. But the figure includes income gained from the Continued Dumping and Subsidy Offset Act and a gain on the sale of assets. Timken’s net income was just 54 cents per share, up from 44 cents per share a year ago, when the boost from special items is excluded. The consensus estimate of eight analysts polled by Reuters Estimates was 63 cents. Revenue for the quarter was up 8% to $1.28 billion from $1.19 billion in the year-earlier period, helped by increased sales in all three business units: industrial, automotive and steel. For the year, Timken posted record sales of $5.17 billion, up 15% from $4.51 billion in revenues in 2004. Excluding special items the company reported adjusted 2005 profits of $234.2 million, or $2.53 per share, up 91% from earnings of $122.3 million, or $1.35 per share in 2004. Eight analysts polled by Reuters Estimates estimated earnings of $2.63 per share for the year. "In 2005, demand across a broad range of industrial markets drove record sales,” said James W. Griffith, president and CEO in a statement. “The combination of strong markets and our execution translated into significantly improved results.”

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