Timken Pre-Announces Earnings Rise for First Quarter 2004
The Timken Company (USA) pre-announced first quarter 2004 earnings, estimated at USD $0.25 to $0.30 per share (approximately $25 million), up from the previous forecast of $0.15 to $0.20 per share (approximately $16.5 million).
For the full year 2004, Timken said it has now raised its forecast earnings from the range of $0.85 to $1.00 per share, up to $1.00 to $1.10 per share.
Timken will announce first quarter 2004 operating results on April 22, 2004.
Several factors are working to help results. While the company's steel business had been suffering from high scrap costs -- a universal problem for steelmakers as insatiable scrap demand from China's steelmakers drives up prices -- the scrap surcharges it began putting in place toward the end of 2003 are now bearing fruit. Demand is also up, the higher capacity utilization helping boost both absorption and manufacturing efficiency.
For bearings, Timken said it is seeing strong sales in construction and agricultural markets. The Automotive Group results are picking up, traceable to both stronger sales and improvements on the manufacturing side.
Jim Griffith, President and CEO, said, "While we had planned for our end markets to improve during the year, we are pleased to see this occurring earlier than expected. We remain confident that as the economic recovery continues to materialize, our rationalization efforts and the Torrington acquisition have positioned us well to leverage an upturn."
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