Timken Boosts 2018 Outlook As Q1 Results Top View - Quick Facts

(RTTNews) - Timken Co. (TKR) on Tuesday raised its 2018 outlook for earnings to a range of $3.80 to $3.90 per share and adjusted earnings to a range of $3.90 to $4.00 per share from the prior projection for earnings in the range of $3.35 to $3.45 per share and adjusted earnings in the range of $3.50 to $3.60 per share.

The company now expects 2018 revenue to be up about 17 percent from last year, up from the previous projection of a 12 to 13 percent growth.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.59 per share on revenue growth of 12.6 percent to $3.38 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, the company posted net income of $80.2 million or $1.02 per share, sharply higher than $38.2 million or $0.48 per share in the year-ago quarter.

Excluding special items, adjusted net income was $80 million or $1.01 per share, compared to $43.7 million or $0.55 per share in the prior-year quarter.

Sales for the quarter grew about 25 percent to $883.1 million from last year, driven by strong organic growth across most end-market sectors led by industrial distribution and off-highway, as well as the benefit of acquisitions and currency.

Analysts expected quarterly earnings of $0.84 per share on revenues of $836.56 million.